Santander £175 switch offer 14th May 2024

Johntea

Sadly I ended up being hit with the £3 fee as it turns out I did have 2 direct debits on the account I switched from and didn't notice until I just saw the fee on my statement

Not too bothered about it though as the pros of having a linked 7% £4000 saver and the switch offer plus a little bit of Quidco obviously mean I'm far better off already

But now my question is are the switched two direct debits 'enough' if they report in the app as Start Date 04 June but no 'Last paid' amount (as on the old account they were just set up as a one off probably for another switching offer!)

Or do I need to knock up 2 more direct debits and initiate an actual payment from them to count

EDIT:In fact I think I have answered my own question

Pay a £3 monthly fee to maintain the account

Pay at least £500 into your account each month

Have 2 active Direct Debits

So they must be counted as 'active' as they've charged the fee!

danny13579

Johntea said:

Sadly I ended up being hit with the £3 fee as it turns out I did have 2 direct debits on the account I switched from and didn't notice until I just saw the fee on my statement

Not too bothered about it though as the pros of having a linked 7% £4000 saver and the switch offer plus a little bit of Quidco obviously mean I'm far better off already

If you want to avoid paying the £3 fee in the future, you can downgrade the Edge current account to an Everyday current account and then within 2 months open a new Edge current account without setting any direct debits up on it.
If you haven't received your switch bonus yet hold off from doing this until you get it.

It all depends on whether you think you'll be getting more than £3 in cashback each month.

luverlyjuberly

danny13579 said:

luverlyjuberly said:

I recently applied for the recent switch over to Santander £175 offer. I just need to add two Direct Debits, etc. However I have received an email from them asking for proof of ID. Without this I will not be able to do online banking or Mobile banking. I believe I can still set up my Direct Debits and pay £1,500 into the account. Has anyone here not bothered registered for online banking with Santander.

it doesnt seem worth it for a temporary switch.

Am i missing something?

Thanks.

When we discussed this last week you said you were going to wait for the debit card and PIN for your new Edge account to arrive before deciding what to do next. Have these arrived?

Well, a pleasant surprise! I received log in details from Santander so I attempted to register for online banking and it was a success! I can now do online banking or at least see my statements, etc. I'll try a money transfer into the ccount later and see how that goes, but I'm optimistic.

I don't know what that email asking me for photo ID was all about!

UPDATE/EDIT: I have added two more Direct Debits to account (Council tax and Vodaphone) and also transfered £500 to Santander account and it went through fine. Will add the other £1000 later this week.

ThePirates

ThePirates said:

First month's statement issued, now time to set up those DDs!
#AvoidanceTactics

2 DDs setup, never put more than £500 into the account each month, I'll be putting £20 to cover my DDs.
Now just wait for the money to start rolling in!

Petriix

Philosophical question: suppose I cranked my energy DDs up to £100 per month but got regular refunds from my energy company, would they claw back the cashback? 

For context I've already triggered the cashback/account fees and currently just about break even with council tax, broadband and utility bills. 

[Deleted User]

Received my £175 this morning.

PRAISETHESUN

Petriix said:

Philosophical question: suppose I cranked my energy DDs up to £100 per month but got regular refunds from my energy company, would they claw back the cashback? 

For context I've already triggered the cashback/account fees and currently just about break even with council tax, broadband and utility bills. 

I think this has been asked before, and AFAIK Santander won't know/care about any refund of your credit balance from your energy supplier.

Biggest hurdle will probably be getting the energy company to refund the excess credit, especially on a regular basis. You're probably better off just putting the excess cash into a high interest savings account, rather than jumping through hoops to earn cashback on it.

WillPS

PRAISETHESUN said:

Petriix said:

Philosophical question: suppose I cranked my energy DDs up to £100 per month but got regular refunds from my energy company, would they claw back the cashback? 

For context I've already triggered the cashback/account fees and currently just about break even with council tax, broadband and utility bills. 

I think this has been asked before, and AFAIK Santander won't know/care about any refund of your credit balance from your energy supplier.

Biggest hurdle will probably be getting the energy company to refund the excess credit, especially on a regular basis. You're probably better off just putting the excess cash into a high interest savings account, rather than jumping through hoops to earn cashback on it.

I do this, requesting my credit back from Octopus every couple of months and they seem OK with it. Each time they offer to reduce my DD and I politely say I'd prefer for it to stay as it is. It's borderline worth it for 2% cashback via 123/123 Lite, but I probably wouldn't bother with Edge.

ThePirates

ThePirates said:

ThePirates said:

First month's statement issued, now time to set up those DDs!
#AvoidanceTactics

2 DDs setup, never put more than £500 into the account each month, I'll be putting £20 to cover my DDs.
Now just wait for the money to start rolling in!

£175 paid today!
Let's see if the charges ever appear!

Can I cancel my DDs and still keep the Edge Saver?

Johntea

Got my £175 today

Quidco cashback delayed though!