Santander 123 account - 4% cashback

maggiesoup

Hi,
Am I right in thinking that if I vastly increase my monthly payments to my utility supplier for the months of Sept & October only then reduce it again from November, I benefit from 4% cashback (as advertised)  Am I missing a trick?
Thanks.

D924

The trick is it's capped at £10.

maggiesoup

Yes, just re-read it.... there's no such thing as a free lunch!   

MX5huggy

Yes but there is a limit on the cash back of £10 per month so don’t pay more than £400 per month. Normally it’s £5 per month on utility bills. Also look at the qualifying dates it’s a bit confusing. 

eskbanker

MX5huggy said:

Yes but there is a limit on the cash back of £10 per month so don’t pay more than £400 per month.

Surely £250?

maggiesoup

Yes, surely £250?  That's what I've reduced it to.

london21

I closed down my Santander 123 account a while back, was just breaking even the fees and interest earned after a while.

Was nice when they paid 3% on £20k

eskbanker

maggiesoup said:

Yes, surely £250?  That's what I've reduced it to.

Why reduce it?  £250 also hits the cap exactly when this temporary incentive isn't running, so if your bill is normally above that then there's no reason to do anything differently during the next two months....

Daliah

london21 said:

I closed down my Santander 123 account a while back, was just breaking even the fees and interest earned after a while.

Was nice when they paid 3% on £20k

Those were the days, when you still were allowed multiple 'full fat' 123s, too! Many people went from the 3% 123 to the 123 Lite, which doesn't pay interest but pays the same cashback as the full fat one, and it costs just £2 a month. Depending on the size of your bills, it's still a profitable account for many. I generally keep a very low balance in my 123 Lite, only upping it from an instant access account on an as required basis, and I average £5 net a month. That's £60 a year that no other current account would pay me for my bills.

RG2015

maggiesoup said:

Hi,
Am I right in thinking that if I vastly increase my monthly payments to my utility supplier for the months of Sept & October only then reduce it again from November, I benefit from 4% cashback (as advertised)  Am I missing a trick?
Thanks.

Make sure you get the correct month for the DD.

Depending on your statement date your double cashback may be for DDs in October and November. See the table on the link below.

https://www.santander.co.uk/landing/current-accounts/campaign


Furthermore this may be affected by the Government energy rebates of £66 in each October and November.

MACKEM99

maggiesoup said:

Yes, just re-read it.... there's no such thing as a free lunch!   

Or government money 😄