Santander £185 Switch Offer: 18/03/24

jadex

surferstar said:

Does anyone know if Santander run a hard credit check when opening the free current account? I don’t want an overdraft. My credit file has had a slight battering with all the recent switch offers, Ulster did at least one hard search. 

yes, they do

eastcorkram

Re the recent Nat west switch thread, there was a lot of talk of switching from a second chase account, and just saying you don't have a card.

Would that work for this switch? 

I did the nat west switch, but from a FD account I wasn't using. 



I do not want to risk my main chase account in anyway. 

GlasgowExpat2

I’ve opened an Edge account yesterday and got the account number and sort code but it’s not appearing in online banking. Spoke to a CS adviser and she told me the account won’t appear until the switch has taken place. I did query it with her but she was adamant - is she correct?

Rawrzy

GlasgowExpat2 said:

I’ve opened an Edge account yesterday and got the account number and sort code but it’s not appearing in online banking. Spoke to a CS adviser and she told me the account won’t appear until the switch has taken place. I did query it with her but she was adamant - is she correct?

No, mine showed up in online banking as soon as the account was open. That said I was a customer already due to the limited edition saver they came out with last autumn.

eastcorkram said:

Re the recent Nat west switch thread, there was a lot of talk of switching from a second chase account, and just saying you don't have a card.

Would that work for this switch? 

I did the nat west switch, but from a FD account I wasn't using. 



I do not want to risk my main chase account in anyway. 

You can input the chase card number fine, it won't close your main account as long as you still have another chase account which isn't being switched out.

Andrewh22

gwiddecommbe said:

Yeah I have existing account with them. Last got a switching reward in 2015. I wonder if they will go back as far as then to check? 

I think I can beat that, looking at some old bank statements (paper in those days), I may have and a switching bonus in 2012

You wonder how long back their customer records actually go

Dom3663

Doesn't look like using a donor Chase account.
The application asks if there is a card with the account - selecting no ends the online application process.

WillPS

Dom3663 said:

Doesn't look like using a donor Chase account.
The application asks if there is a card with the account - selecting no ends the online application process.

I know the details aren't printed on the card, but there's a way of getting them out of the app isn't there?

Dom3663

There is; however, from the Natwest thread I seem to remember it was advised against inputting card details, as this was likely against the main accoub.

No panic for me, I've used my Natwest account to transfer 

danny13579

Once you have at least one Chase account in addition to the one you're switching, then it's fine to put in the card details. The card will still be usable with your main Chase account.

pecunianonolet

SaveTheEuro 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
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?