£160 cashback for Santander Switch for new and existing customers

Daliah

Racxie said:

I'm debating whether to switch to the Everyday Current Account with Santader for the £160 or go with Halifax for the £150.

123 would be pointless for me as I only have a phone bill, and I rarely if ever spend £500 in a month nor do I tend to hold that much cash (£5k) in my account as it's generally better served elsewhere e.g. stocks, but on the off-chance I did spend at least £500 on two months it'd equal Santader's offering and potentially more if I did that multiple times.

Would it possibly be worth me trying to switch Halifax, get the bonus, then switch to Santander after a month or two? or visa versa? Or just switch & stick with one for now? Was wondering what people's thoughts are.

You do not need a 123 for this offer. A bog standard Everyday account will do, as has been mentioned by the OP. See also the Santander announcement 

You are free to switch as often as you like. So you can do the Halifax and the Santander one. Switches to Halifax are much faster and efficient than most other banks, so I'd probably do that one first. Ideally, however, you have a couple of accounts to switch, as you never know how long a switch offer will be available.

k_man

As @daliah stated, it's not an either or.

Racxie

Daliah said:

Racxie said:

I'm debating whether to switch to the Everyday Current Account with Santader for the £160 or go with Halifax for the £150.

123 would be pointless for me as I only have a phone bill, and I rarely if ever spend £500 in a month nor do I tend to hold that much cash (£5k) in my account as it's generally better served elsewhere e.g. stocks, but on the off-chance I did spend at least £500 on two months it'd equal Santader's offering and potentially more if I did that multiple times.

Would it possibly be worth me trying to switch Halifax, get the bonus, then switch to Santander after a month or two? or visa versa? Or just switch & stick with one for now? Was wondering what people's thoughts are.

You do not need a 123 for this offer. A bog standard Everyday account will do, as has been mentioned by the OP. See also the Santander announcement 

You are free to switch as often as you like. So you can do the Halifax and the Santander one. Switches to Halifax are much faster and efficient than most other banks, so I'd probably do that one first. Ideally, however, you have a couple of accounts to switch, as you never know how long a switch offer will be available.

I know, that's why I mentioned I'm debating whether to switch to the Everyday Current Account with Santander or Halifax  I just mentioned not needing to switch to 123 so people wouldn't try to suggest this.

And thanks, I'll probably just do that then (switch to Halifax then Santander). I can't see anything T&Cs stating that we have to stay with them for x amount of time or they'll take the bonus away, so hopefully I won't get penalised for it.

I only have 2 bank accounts right now and one I intend to keep long-term just to build up some credit history on the side, and I don't have enough DDs to be able to switch multiple accounts at once unfortunately, otherwise would definitely make more sense switching to 2 at a time where possible.

Daliah

Racxie said:

I only have 2 bank accounts right now and one I intend to keep long-term just to build up some credit history on the side, and I don't have enough DDs to be able to switch multiple accounts at once unfortunately, otherwise would definitely make more sense switching to 2 at a time where possible.

One or two small (£1), annual DDs to a charity or to the Lottery would do. You can afford them from the bonus money you stand to get , and you can cancel them when no longer needed. Only thing is, if you don't have them already, that you might have to wait with your switch request until they have paid once, so you can be sure they are on the account to be switched (if that is actually required by the switch terms, like it is with Halifax).

Racxie

Daliah said:

Racxie said:

I only have 2 bank accounts right now and one I intend to keep long-term just to build up some credit history on the side, and I don't have enough DDs to be able to switch multiple accounts at once unfortunately, otherwise would definitely make more sense switching to 2 at a time where possible.

One or two small (£1), annual DDs to a charity or to the Lottery would do. You can afford them from the bonus money you stand to get , and you can cancel them when no longer needed. Only thing is, if you don't have them already, that you might have to wait with your switch request until they have paid once, so you can be sure they are on the account to be switched (if that is actually required by the switch terms, like it is with Halifax).

Wait, so if you setup a direct debit, switched, got the bonus, you can then cancel the DD afterwards and you won't be penalised in any way? I know when I switched to Nationwide I didn't get the switch bonus for a few months, but with banks like Halifax just paying it within 10 days that just seems too easy to get the money & leave...

Either way I've switched to Halifax for now (although the process was a nightmare), and hopefully the Santander offer will be around for a while still as that'd be a nice little bonus.

danlightbulb

studentsaver_889 said:

• 
  
• Within 60 days of telling us to switch your account, you’ll need to complete the switch, set up 2 active Direct Debits (this cannot include Direct Debits set up to fund a savings account you have with Santander, cahoot or Cater Allen), pay in £1,000 and log on to Online or Mobile Banking.
• 
  

Does this mean you have to set up 2 new direct debits, or can they be ones that are getting switched, or existing ones if you're an existing current account holder?

trickydicky14

soulsaver said:

trickydicky14 said:

Good point and having to go in branch if you already have an account, that's a pain in the butt.

So open a new Everyday current account and switch to that...

I've had a bonus in the past so that rules me out but thanks for your comment. 

Olinda99

Does anyone have the number of the Santander switching team - I would like to call them and find out if I have ever had a 'switching bonus' in the past

I remember a while back switching accounts to them and getting Amazon vouchers (quite a lot of them) so I expect this does count as a previous bonus but would like to check.

Scrounger

Olinda99 said:

Does anyone have the number of the Santander switching team - I would like to call them and find out if I have ever had a 'switching bonus' in the past

I remember a while back switching accounts to them and getting Amazon vouchers (quite a lot of them) so I expect this does count as a previous bonus but would like to check.

IME, the prior Amazon offer will not preclude you from the current bonus offer (regardless of what they tell you on the phone). 

Scrounger

Bridlington1

danlightbulb said:

studentsaver_889 said:

• 
  
• Within 60 days of telling us to switch your account, you’ll need to complete the switch, set up 2 active Direct Debits (this cannot include Direct Debits set up to fund a savings account you have with Santander, cahoot or Cater Allen), pay in £1,000 and log on to Online or Mobile Banking.
• 
  

Does this mean you have to set up 2 new direct debits, or can they be ones that are getting switched, or existing ones if you're an existing current account holder?

I've just spoken to one of Santander's chat agents and they said that you don't need to set up 2 new DDs. Any DDs getting switched will count.