Santander 123 cashback query

crumpet_man

First time I have seen this issue, interested to know if it has happened to someone else and resolved itself as otherwise I need to contact Santander.  For February, my direct debit to Gas/Electricity company was taken on 28th but the Santander cashback payments were made on 27th.  I received the 1% cashback for Council tax and Phone/Internet and 3% for water bills but no 2% cashback for the gas/electric.

For previous months, the gas/electric DD comes out a few days before end of the month, before the Santander cashback is paid.  I am concerned that I will not receive a cashback payment for February gas/electric but there is a chance that it will be included in March.

Has this happened to anyone else?

eskbanker

If you pay two energy bills in the period from 28 February to 27 March then you should receive cashback on both, up to the £5 category cap....

PRAISETHESUN

Sounds like you've missed the cut off for cashback for your statement month (fairly sure Santander goes on a monthly cycle from when you first opened the account, not calendar month). As eskbanker mentions, the cashback is paid on each qualifying DD so it doesn't really matter when the payment is taken to be honest, as it will get paid regardless. It's only really an issue if your bills are large enough to run up against the £5 cap in a single month.

molerat

PRAISETHESUN said:

Sounds like you've missed the cut off for cashback for your statement month (fairly sure Santander goes on a monthly cycle from when you first opened the account, not calendar month). As eskbanker mentions, the cashback is paid on each qualifying DD so it doesn't really matter when the payment is taken to be honest, as it will get paid regardless. It's only really an issue if your bills are large enough to run up against the £5 cap in a single month.

Quite a few people are going to be coming up against that one with energy bills in the near future - £250 per month - so 2 collections in one month could easily trigger the cap.

4justice2

If your DD was taken the day after the cashback was paid, should go in next months payment.

crumpet_man

This is the first time it's happened to me, guessing it's to do with the short month and that my DD day fell on a weekend and didn't pay out until two days later. Looking at previous Santander statements, DD is normally paid on 26th and Santander cashback paid on last or second to last day of the month.  In Feb 2021 it was paid on the 28th but this year on the 27th.

Two months gas/elec will be over £250 so I will miss out on a little cashback.  I think I will send Santander a message to query the variation of date for paying the cashback and also move my gas/elec DD forward a few days.

youngretired

I've just looked at my account and my cashback is always paid on the 27th of the month. My statement period is the 28th - 27th monthly and my fee is taken on the 24th monthly. I paid in £100 to make the £500 credit requirement on the 26th (normally I would do this before but have been away), but this doesn't show as credited until the 27th (1st time this has happened as normally shows in straight away). Has anyone else had this issue where cashback hasn't been given and if so been given it once their statement shows £500 was funded?

WillPS

This happened to me last month - direct debit timing was such that I *just* missed the window for Santander 123 Lite cashback. Octopus allowed me to skip a payment next month so at least I won't be missing out, and the DD has now been adjusted such that it should always fall within the correct period.

Section62

molerat said:

PRAISETHESUN said:

Sounds like you've missed the cut off for cashback for your statement month (fairly sure Santander goes on a monthly cycle from when you first opened the account, not calendar month). As eskbanker mentions, the cashback is paid on each qualifying DD so it doesn't really matter when the payment is taken to be honest, as it will get paid regardless. It's only really an issue if your bills are large enough to run up against the £5 cap in a single month.

Quite a few people are going to be coming up against that one with energy bills in the near future - £250 per month - so 2 collections in one month could easily trigger the cap.

Makes it important to have the DD going out well before the Santander month end....

youngretired

I'm not questioning the DD's as they go out in plenty of time before my statement period. I'm asking about the £500 funding requirement? 

blue.peter

youngretired said:

I'm not questioning the DD's as they go out in plenty of time before my statement period. I'm asking about the £500 funding requirement? 

The 123 Key Features says:

4. Monthly funding requirements
You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account.

So the first question here is "what is the monthly anniversary of the date on which you opened the account?"

My understanding is that if you don't qualify because you've missed the deadline for the required input, you'll never get it in respect of that month (account month, not calendar month).