£160 cashback for Santander Switch for new and existing customers

pfpf

i *think* i saw this question on the last round of Santander's offering which i didn't go for as i'd done the Amazon thing (on mass), but it looks like many did that and a normal switch offer too.

does it actually matter if the 2 DD's are transferred along with the switch or do they need setting up directly on the new account?

thank you.

PRAISETHESUN

youngretired said:

Can anyone confirm that it actually does take the 60 days and then the further 30 days before receiving the incentive from past switches with the same timeframe?

Also does it effect the switch incentive if you upgrade the account from a Everyday to the 123 Lite before the 60 days?

I think from memory the average payout was about ~50 days from the date of initiating the switch. Someone was keeping track of it in the thread discussing the previous Santander offer: https://forums.moneysavingexpert.com/discussion/6296624/santander-130-switch-offer

PRAISETHESUN

pfpf said:

i *think* i saw this question on the last round of Santander's offering which i didn't go for as i'd done the Amazon thing (on mass), but it looks like many did that and a normal switch offer too.

does it actually matter if the 2 DD's are transferred along with the switch or do they need setting up directly on the new account?

thank you.

I'd play it safe and make sure the DDs are set up on the account you transfer to Santander, but the terms don't explicitly require it. They just say that they "Within 60 days of telling us to switch your account... set up 2 active Direct Debits", which implies you can set them up after the switch as long as you do so within 60 days. I'm sure someone who did it that way will be around to post their experience at some point.

[Deleted User]

I'm just waiting for my first DD to go out for Ecology (finally got it setup!) at the beginning of September then triggering it, already initiated the Nationwide switch, hoping they will give me the £125 as I have a savings account with them (with 52p in it!) - optimistic as the customer number was the same

phillw

oldagetraveller1 said:
For the 123 Lite I would receive a massive £1.77/month after the £2 was deducted! 

You would also qualify for their 2.5% monthly saver.

After you have the maximum natwest/rbs accounts, then what else are you going to do to monetize your DD?

If the choice is just £1.77 or £0 then why wouldn't you go with the £1.77?

oldagetraveller1

"You would also qualify for their 2.5% monthly saver."

Got that with the Everyday account. First deposit already credited.

"If the choice is just £1.77 or £0 then why wouldn't you go with the £1.77?"

Because that £1.77 nett was calculated on ALL the DDs I have being in the account. They are not. Only two low value ones to qualify for their £160.

"After you have the maximum natwest/rbs accounts, then what else are you going to do to monetize your DD?"

Sorry, don't understand the question. What is the relevance of NatWest and R.B.S.?

pfpf

i did do the Amazon offer but nothing since. so having seen other's experiences iv'e opened a new account (but an existing customer) and done a switch. (online).

i setup 2 DD's on the switching account and have funded the new Santander account with £1k+ from an external source.

the switch is complete with DD's and balance from old account transferred.

do the 2 DD's have to payout from the Santander account before i become eligible?

now i guess its a waiting game to see if i get the bonus.

what are others experience of timelines once at this stage?

thanks.

oldagetraveller1

"60 days after you tell us to switch your account, we’ll check to make sure you are eligible and then pay £160 cashback into your account within the next 30 days."

It's an up to 90 days wait going by the above.

They specify 2 x active DDs. Presumably exactly that.

Both my active DDs are monthly payout, hopefully no issue with those.

https://www.santander.co.uk/assets/s3fs-public/documents/h242105_p512026_coremc0933aug22h_digital.pdf

zagfles

I see Santander have increased it to £175. Wonder if that applies to people who've already started a switch...

EarthBoy

zagfles said:

I see Santander have increased it to £175. Wonder if that applies to people who've already started a switch...

Probably not, because the PDF with the full terms and conditions has also been updated to show today as the start date, so it seems that Santander are treating it as a different offer to the £160 one.

1. The Terms
 These terms and conditions (‘Terms’) govern our switcher cashback offer (‘Switcher Offer’) of £175 (‘Cashback Payment’) in respect of qualifying switches. The Switcher Offer starts on 23 August 2022

https://www.santander.co.uk/assets/s3fs-public/documents/h244366_p519505_coremc0933aug22h2_digital_1.pdf