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Santander £185 Switch Offer: 18/03/24

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  • pecunianonolet
    pecunianonolet Posts: 1,772 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    dealyboy said:
    dealyboy said:
    FIREmenow said:
    Lumiona said:
    I have been with Santander for years but haven't had any incentives from them so I'm planning on giving it a try, however the website is saying that current customers have to do the switch in branch which seems bizarre.
    Is this so that a staff member can review one's existing accounts with Santander and highlight how you never set up direct debits or paid a monthly fee on your Edge account (yet still qualified for the saver account earning 7% interests on balances up to £4,000)?
    Good point made here.

    The Edge current account was needed to get the edge saver at the time. 

    There were many pages of debate concluding that if you don't set up direct debits the fee will never materialise. Indeed I use my Edge current account regularly but as I don't have direct debits set up I never paid any fee.

    Santander says:
    We’ll take care of your switch, using the Current Account Switch Service. 60 days after you tell us to switch your account, we’ll check to make sure you’re eligible and then pay £185 into your account within the next 30 days.
    So, to me this sounds like from the day you initiated the switch, e.g. 20th March, they check in 60 days eligibility so 20th May and pay within 30 days after if all good. That would take it to 20th June (if they take the full 30 days).


    The Edge page says
    Pay a £3 monthly fee to maintain the account y
    Pay at least £500 into your account each month
    Have 2 active Direct Debits
    As I have to now set up 2 direct debits and have to make a £1500 one off pay in, it sounds like that for at least 1 month they would charge the fee (if I only pay in the £1500 in one month but stay under £500 the other 2 months).

    With regular use above the £500 monthly it looks like that I should better calculate with 3 months of having to pay a fee. Once the incentive has been paid I should be able to move the 2 direct debits and the account should be fee free again?

    Looks like the only other way would be to open a new Everyday Current account and switch into this one to avoid the fee at the expense of a hard search or accept that the incentive would be £176 (£185 incentive - £9 account fee over 3 months).

    Does this make sense or am I overcomplicating things? 
    I asked something similar on a thread about the Edge Saver when someone mentioned this no-fee loophole.
    At least one person said that on one of their 123 accounts, which also has the loophole, once you have started paying the monthly fee it doesn't stop again even if you stop meeting the terms, so I don't think you will be able to start and then stop the fees. But haven't seen anyone confirm for the Edge account.

    If it helps sweeten the deal, you can also get £25 from topcashback.

    I've applied as the £185+ £25 + about £40 pa more interest on the Edge Saver than my other easy access means it's worth it for as long as the Saver rate stays competitive even with the monthly fee.
    Thanks and if the fee doesn't stop even if the requirements are no longer met it has to be a new account, which I was trying to avoid and was hoping I can just switch in to my Edge account. The extra £25 cashback will be sweeten the deal indeed. Going to a branch would be easy for me as we as we still got one, even a newly refurbished branch.
    I suspect Santander are encouraging the take up of the Edge current account, because as has rightly been pointed out the criteria for the switch are similar to the requirements of the Edge C/A, however @pecunianonolet you should be able to avoid the triggering of the charge and pay-in requirement by paying in £1,500 in bits, each bit being less than £500.

    According to the key facts document ...





    Don't pay-in £500 and you won't meet the first condition for cashback for the first time.

    You may need to go to a branch to switch to your pre-existing Edge account according to the Switcher terms, but I have read you may be able to do this over the phone.

    Edit: On second thoughts I don't think this will work because you would have to keep your payment below £500 each month and you only have 60 days for the £1,500.
    I have opened just the simple current account and gave switch details. Was open in seconds, switch confirmed and account was visible in the app straight away. Was trying to avoid another hard search to clear up my credit file a bit but in the end the capitalist in me won.

    I have basically done all switches last year but missed out on Santander as I was on holiday so this is most likely the last one for me for the next couple of years and £185 + £25 TCB is £210 I don't want to miss.
    Hello Pecunia ... as you may now know my suggestion wouldn't have worked anyway (I edited my post) ... trying to help for old time's sake  :) Santander were my original bank before I started my switch run and I have done the same as you, shouldn't be too bad ... I guess you always say no to an overdraft, like me.
    Exactly that, no overdraft. Anyhow, I think it is good that we discussed it as it is too easy of a trap switching in to an existing Edge account and be left with the fee. For some it might not be an issue as they make enough back in cashback but for many it's the opposite. Would just been nice if they would pay out quicker but better late than never. Thanks for trying to help.
  • ClaraSolis
    ClaraSolis Posts: 71 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    Sorry for repeating my question: can a current account for 1 person be switched into a joint account? Or is this not possible?
    I wanted to open a joint Edge account for me and my husband before this switching deal showed up, but now I think I may as well switch my TSB account to Edge to get the offer. But I'm not sure if I can then turn it into a joint account?
  • harz99
    harz99 Posts: 3,723 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Sorry for repeating my question: can a current account for 1 person be switched into a joint account? Or is this not possible?
    I wanted to open a joint Edge account for me and my husband before this switching deal showed up, but now I think I may as well switch my TSB account to Edge to get the offer. But I'm not sure if I can then turn it into a joint account?
    I don't see why not, but I guess you'd have to visit a branch to do that after the switch had completed and the bonus has been paid.
  • So if they only check 60 days after the switch that the requirements have been fulfilled, I might as well set up the direct debit closer to the end so I don't get charged more than I need to, right? (As long as I set it up a few days before to give it time to set up.)
  • danny13579
    danny13579 Posts: 697 Forumite
    500 Posts Second Anniversary Name Dropper
    So if they only check 60 days after the switch that the requirements have been fulfilled, I might as well set up the direct debit closer to the end so I don't get charged more than I need to, right? (As long as I set it up a few days before to give it time to set up.)
    Once you set them up within 60 days of starting your switch it doesn't matter if it's day 1 or day 59.
  • ChewyyBacca
    ChewyyBacca Posts: 341 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    I have a solo and a Joint Edge CA with my partner opened last year. Joint acct has fee on it, solo doesnt- no DD, no fee.
    Ideally I would like to keep solo acct untouched, since the moment I get 2 DD in it and £1500 pay in, fees will kick in until I close the account. 

     What is acceptable scenario for switch payout for my Joint Edge CA?

    1. I switch a burner into Joint Edge, Partner doesnt do anything? Am I eligible for £185?
    2. I switch burner into Joint Edge, Partner switches into Joint Edge. Eligible for £185 or £185 x 2


  • pfpf
    pfpf Posts: 5,110 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    i absolutely realise that this has probably been asked already and i should read the entire thread but i'll chance it :)

    does anyone have a timeline of switch offers offered by Santander since the Amazon Vouchers Bonanza?
  • pecunianonolet
    pecunianonolet Posts: 1,772 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 21 March 2024 at 3:00PM
    pfpf said:
    i absolutely realise that this has probably been asked already and i should read the entire thread but i'll chance it :)

    does anyone have a timeline of switch offers offered by Santander since the Amazon Vouchers Bonanza?
    Funny you should ask that, I've recently began compiling a list of historic switching offers from various banks/building societies, with terms archived on the wayback machine along with amounts and dates that they ran for. For Santander I've so far got:
    Bank/
    Building Society------------------------
    RAF-------------- Amount-------------------------------- Date Launched------------------------------ Date withdrawn------------------------------ Link to terms
    Santander No £130.00 13/09/2021 02/12/2021 https://web.archive.org/web/20211019180117/https://www.santander.co.uk/assets/s3fs-public/documents/switcher_cashback_terms_and_conditions_sep21.pdf
    Santander No £140.00 24/01/2022 13/03/2022 https://web.archive.org/web/20220226072041/https://www.santander.co.uk/assets/s3fs-public/documents/switcher_cashback_terms_and_conditions_jan22.pdf
    Santander No £160.00 02/08/2022 22/08/2022 https://web.archive.org/web/20220818104542/https://www.santander.co.uk/assets/s3fs-public/documents/h242105_p512026_coremc0933aug22h_digital.pdf
    Santander No £175.00 23/08/2022 22/09/2022 https://web.archive.org/web/20230416172821/https://www.santander.co.uk/assets/s3fs-public/documents/h244366_p519505_coremc0933aug22h2_digital_1.pdf
    Santander No £200.00 23/01/2023 09/02/2023 https://web.archive.org/web/20230201230925/https://www.santander.co.uk/assets/s3fs-public/AD_documents/h257208_p562799_coremc0933jan23h_lr.pdf
    Santander No £185.00 18/03/2024 n/a https://web.archive.org/web/20240318203820/https://www.santander.co.uk/assets/s3fs-public/AD_documents/santander_switcher_offer_terms_conditions_coremc0933mar24ipgcd_lr.pdf

    The list probably won't be complete as I've only recently began compiling it. I plan to launch a thread with the completed list at some point over the next few months, in a similar format to the Archived list of regular savers thread
    @Bridlington1

    Maybe this helps: 
    https://forums.moneysavingexpert.com/discussion/comment/80237866/#Comment_80237866
  • If I am switching from a non-Santander account into an existing Edge account, do I need to have 2 active debits in the non-Santander account too? Or just in the the existing Edge account?

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