Santander 123 account - 4% cashback

Vortigern

fletcher1985 said:

MX5huggy said:

fletcher1985 said:

i received this message about the 4% but mine has just gone through and its not even showing the two percent that i should have got?

Cash back is credited once a month, not after each transaction. 

yes i know but i already got the 1% and the 3% this month but not the 2% for energy. i normally get all three the same day on my statement. 

Check your normal DD date and your statement date. They should not be close together. If your DD is delayed by falling on a nonbanking day, you might get no cashback in one month, but double cashback in the next month. Remember Santander's statement month is not necessarily a 1st to 31st calendar month.

AlwaysLearnin

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

Notepad_Phil

As has Outfox The Market. 

https://help.outfoxthemarket.co.uk/hc/en-gb/articles/5637320974364-Energy-Bills-Support-Scheme-FAQs would indicate that "If you pay by Direct Debit, you'll receive the discount automatically as a refund to your bank account following a Direct Debit payment."

Which I think is good news for any OTM people out there.

Daliah

Notepad_Phil said:

As has Outfox The Market. 

https://help.outfoxthemarket.co.uk/hc/en-gb/articles/5637320974364-Energy-Bills-Support-Scheme-FAQs would indicate that "If you pay by Direct Debit, you'll receive the discount automatically as a refund to your bank account following a Direct Debit payment."

Which I think is good news for any OTM people out there.

It's obviously good news if you get the money refunded into your bank account but it's no good for the cashback, unless your net amount remains above £250

homemover2020

AlwaysLearnin said:

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

So if they send a £66 refund via dd, how would this affect the Santander cashback I wonder?

Would you get the full cashback on the original dd payment? Or would they deduct the £66 from the original payment to work out the cashback?

Daliah

homemover2020 said:

AlwaysLearnin said:

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

So if they send a £66 refund via dd, how would this affect the Santander cashback I wonder?

Would you get the full cashback on the original dd payment? Or would they deduct the £66 from the original payment to work out the cashback?

I posted the answer to your question in the post before yours.

RG2015

homemover2020 said:

AlwaysLearnin said:

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

So if they send a £66 refund via dd, how would this affect the Santander cashback I wonder?

Would you get the full cashback on the original dd payment? Or would they deduct the £66 from the original payment to work out the cashback?

I don't believe Santander will connect the refund to the DD.

Section62

RG2015 said:

homemover2020 said:

AlwaysLearnin said:

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

So if they send a £66 refund via dd, how would this affect the Santander cashback I wonder?

Would you get the full cashback on the original dd payment? Or would they deduct the £66 from the original payment to work out the cashback?

I don't believe Santander will connect the refund to the DD.

I'm minded to agree.

I think that T&C was written more in relation to DD reversals, rather than at some point in the future the government would introduce a scheme to help people with their energy bills by giving the energy companies money to pass on to their customers.

It was a long time ago, so may not be relevant anymore, but I have previously had refunds from energy companies (built up excessive credit) which didn't affect the DD cashback for that month.  I'd be surprised if Santander's systems are smart enough to link two separate transactions together, and if they were, it would be at the risk of making false linkages.

We'll find out for sure in a couple of months.

ZeroSum

Daliah said:

Notepad_Phil said:

As has Outfox The Market. 

https://help.outfoxthemarket.co.uk/hc/en-gb/articles/5637320974364-Energy-Bills-Support-Scheme-FAQs would indicate that "If you pay by Direct Debit, you'll receive the discount automatically as a refund to your bank account following a Direct Debit payment."

Which I think is good news for any OTM people out there.

It's obviously good news if you get the money refunded into your bank account but it's no good for the cashback, unless your net amount remains above £250

British gas give you the option to inflate your DD & refund the excess. The cashback Santander pay out, is on the initial DD. There's no deduction on the refund. I've tried it & it works

Daliah

Section62 said:

RG2015 said:

homemover2020 said:

AlwaysLearnin said:

Might be of use to some - OVO have recently announced how they will be dealing with the grant payments / DD's:

https://www.ovoenergy.com/energy-bills-support-scheme

So if they send a £66 refund via dd, how would this affect the Santander cashback I wonder?

Would you get the full cashback on the original dd payment? Or would they deduct the £66 from the original payment to work out the cashback?

I don't believe Santander will connect the refund to the DD.

I'm minded to agree.

I'm minded to disagree.

But even if you are right and I am wrong, why chance it and wait to find out until there is nothing you can do to correct it? Especially with Ovo, it doesn't matter if you pay enough to be left with a net payment of £250, as Ovo pay you 5% interest up to £1,000 (assuming you haven't already maxed the £1,000 - - - but even then there's no real reason to skimp)