£160 cashback for Santander Switch for new and existing customers

eskbanker

Newman2 said:

Can anyone tell me if switching a current account affects a savings account.  Got both with the current bank so would I be able to switch current and leave savings in the old bank?

The Current Account Switching Service switches one current account and nothing else.

If your savings account is linked to the existing current account, i.e. you need to hold a current account with the same bank to handle withdrawals or it's a condition of the savings account, then you'd need to consider your options....

Newman2

PRAISETHESUN said:

Newman2 said:

Can anyone tell me if switching a current account affects a savings account.  Got both with the current bank so would I be able to switch current and leave savings in the old bank?

The clue is in the name - Current Account Switch Service. Only the specific current account you nominate will be switched to your new bank. Any savings, credit cards, etc will be left alone.

That said, there may be implications if your savings account requires a linked current account with your old bank in order to function. You'll need to check the T&Cs of your savings account to know for sure.

This is basically what I was asking but I can't find T&Cs for the standard saver account with Lloyds

Bridlington1

Newman2 said:

PRAISETHESUN said:

Newman2 said:

Can anyone tell me if switching a current account affects a savings account.  Got both with the current bank so would I be able to switch current and leave savings in the old bank?

The clue is in the name - Current Account Switch Service. Only the specific current account you nominate will be switched to your new bank. Any savings, credit cards, etc will be left alone.

That said, there may be implications if your savings account requires a linked current account with your old bank in order to function. You'll need to check the T&Cs of your savings account to know for sure.

This is basically what I was asking but I can't find T&Cs for the standard saver account with Lloyds

https://www.lloydsbank.com/assets/media/pdfs/savings/standard_saver_conditions.pdf

2. Deposits and Withdrawals
2.1 You can open the Account with a deposit of at least £1.
2.2 You can pay money into the Account in one of our branches with a counter, or by transferring money from another account with us or another bank.
2.3 You can make payments from this Account at any one of our branches with a counter or online if you are registered for Internet Banking. However, you can only make payments to another Lloyds Bank current or savings account in your name (or in the case of a joint account, in any of your names). You cannot set up standing orders from your Account to make these payments.
2.4 You can ask us for a Cashpoint® 

So yes, you can make deposits into your standard saver online or in branch after the switch, but you will need to go into branch to make withdrawals unless you have another Lloyds account.

I would recommend ditching the standard saver anyway. 0.2% is a poor interest rate these days.

danlightbulb

Phoned up and initiated my switch as an existing customer over the phone, no issues its all going through nicely.

EarthBoy

Bridlington1 said:

Newman2 said:

PRAISETHESUN said:

Newman2 said:

Can anyone tell me if switching a current account affects a savings account.  Got both with the current bank so would I be able to switch current and leave savings in the old bank?

The clue is in the name - Current Account Switch Service. Only the specific current account you nominate will be switched to your new bank. Any savings, credit cards, etc will be left alone.

That said, there may be implications if your savings account requires a linked current account with your old bank in order to function. You'll need to check the T&Cs of your savings account to know for sure.

This is basically what I was asking but I can't find T&Cs for the standard saver account with Lloyds

https://www.lloydsbank.com/assets/media/pdfs/savings/standard_saver_conditions.pdf

2. Deposits and Withdrawals
2.1 You can open the Account with a deposit of at least £1.
2.2 You can pay money into the Account in one of our branches with a counter, or by transferring money from another account with us or another bank.
2.3 You can make payments from this Account at any one of our branches with a counter or online if you are registered for Internet Banking. However, you can only make payments to another Lloyds Bank current or savings account in your name (or in the case of a joint account, in any of your names). You cannot set up standing orders from your Account to make these payments.
2.4 You can ask us for a Cashpoint® 

So yes, you can make deposits into your standard saver online or in branch after the switch, but you will need to go into branch to make withdrawals unless you have another Lloyds account.

Yes, that's what the terms and conditions say, but it's not what's been programmed into Lloyds' computer system. 
I have managed to set up external payments from my Lloyds Standard Saver account direct to my account at a different bank, without the need to transfer the money to my Lloyds current account first. 

Olinda99

Given that the interest rate is only 0.2% I feel compelled to ask... why?

vacheron

I'm looking to join them again, but the kicker is that I have been with them once before (joined about 2010-11, left about 2017), but I can't remember if I got a switching incentive 11-12 years ago!

... were there even switching incentives 11-12 years ago?  that would provide some confidence?

It also looks from the small print that they will only verify that you have not had an incentive 60 days after opening the account, and IF you qualify they will pay it 30 days later (so 90 days in total). This is far longer to wait than other switched I have received lately (Halfax paid me in full the day after they opened the account!).

Most annoying were that they were paying £130-140 to everyone including previous customers just a few months ago. I'd rather take £100 guaranteed now instead of having to go to the trouble of transferring and then wait 2 months to see if I am worthy of the £160.

MEEKUS

Can I switch my everyday account with santander to 123 lite, in order to get the bonus? 

WillPS

vacheron said:

I'm looking to join them again, but the kicker is that I have been with them once before (joined about 2010-11, left about 2017), but I can't remember if I got a switching incentive 11-12 years ago!

... were there even switching incentives 11-12 years ago?  that would provide some confidence?

It also looks from the small print that they will only verify that you have not had an incentive 60 days after opening the account, and IF you qualify they will pay it 30 days later (so 90 days in total). This is far longer to wait than other switched I have received lately (Halfax paid me in full the day after they opened the account!).

Most annoying were that they were paying £130-140 to everyone including previous customers just a few months ago. I'd rather take £100 guaranteed now instead of having to go to the trouble of transferring and then wait 2 months to see if I am worthy of the £160.

99.9% sure you'll be eligible. Switching bonuses were indeed a thing back then (Alliance & Leicester, one of Santander's forerunners ran them quite a bit) but nobody who enjoyed a historic Santander switching incentive reported having any trouble getting the bonus last time.

90 days isn't an extreme amount of time, NatWest Group switching offers are typically a long way off, and in the past we've even see split payments with half within a few months and half at the end, or even split evenly over 12 months was one M&S Bank used to do.

There's no reason you can't get both bonuses either, by the way, for a tiny bit of additional upfront effort.

adindas

If you already got switching incentive, has anyone tried this, you apply as a new customer without using your existing logging ? So at the end of the day you have two separate internet bankings logging credential.

To be read between the lines:  I know Santander, Nationwide, Halifax, TSB is not Good in spotting offenders.