Santander £175 switch offer 14th May 2024

danny13579

morgmonster said:

I thought I could have two Edge accounts, one joint and one single, so was hoping to open a single one and switch in the Chase account but perhaps I can only do it if I don't already have an Edge account. (I didn't get a switch reward when I opened the Joint one, just converted an existing 123 account last year). I will read the small print for existing customers again! Thanks!

You can have both a single and joint Edge account.

mo32

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

Bridlington1

mo32 said:

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

If you've only got one current account I'd definitely recommend opening new accounts elsewhere. Aside from the fact that you're missing out on a whole host of freebies from the reward accounts, competitive regular savers etc only having one current account can prove to be problematic.

If your only current account gets frozen/bank suffers technical issues etc and you need to access money to pay bills etc you will probably run into difficulties very quickly, having a spare current account and savings elsewhere drastically reduces the potential impact such a scenario can have on you.

mo32

Bridlington1 said:

mo32 said:

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

If you've only got one current account I'd definitely recommend opening new accounts elsewhere. Aside from the fact that you're missing out on a whole host of freebies from the reward accounts, competitive regular savers etc only having one current account can prove to be problematic.

If your only current account gets frozen/bank suffers technical issues etc and you need to access money to pay bills etc you will probably run into difficulties very quickly, having a spare current account and savings elsewhere drastically reduces the potential impact such a scenario can have on you.

I'll have to see what perks there are for opening a new account only with no switching then! And then switch my main account to Santander! 

Bridlington1

mo32 said:

Bridlington1 said:

mo32 said:

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

If you've only got one current account I'd definitely recommend opening new accounts elsewhere. Aside from the fact that you're missing out on a whole host of freebies from the reward accounts, competitive regular savers etc only having one current account can prove to be problematic.

If your only current account gets frozen/bank suffers technical issues etc and you need to access money to pay bills etc you will probably run into difficulties very quickly, having a spare current account and savings elsewhere drastically reduces the potential impact such a scenario can have on you.

I'll have to see what perks there are for opening a new account only with no switching then! And then switch my main account to Santander! 

Which bank do you currently use? Many will let you open a second account with them online. If you do this you can either switch the new account to Santander and leave your old account as it is or switch your main account to Santander leaving the new account with your old bank for use as a spare.

As for perks in the interests of keeping this thread on topic this would probably warrant a new thread if you wished to discuss this further but to start you off there's NatWest, RBS, TSB, Halifax, Lloyds offering ongoing rewards for bouncing money through the accounts, paying out direct debits and making debit card payments (can be to savings accounts if you wish). Also have a look on the likes of quidco, topcashback, snoop etc as they often offer extra money/amazon vouchers for opening current accounts via them. NatWest, RBS, Lloyds, Nationwide, TSB etc all offer regular savers for current account holders. The list goes on.

mo32

Bridlington1 said:

mo32 said:

Bridlington1 said:

mo32 said:

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

If you've only got one current account I'd definitely recommend opening new accounts elsewhere. Aside from the fact that you're missing out on a whole host of freebies from the reward accounts, competitive regular savers etc only having one current account can prove to be problematic.

If your only current account gets frozen/bank suffers technical issues etc and you need to access money to pay bills etc you will probably run into difficulties very quickly, having a spare current account and savings elsewhere drastically reduces the potential impact such a scenario can have on you.

I'll have to see what perks there are for opening a new account only with no switching then! And then switch my main account to Santander! 

Which bank do you currently use? Many will let you open a second account with them online. If you do this you can either switch the new account to Santander and leave your old account as it is or switch your main account to Santander leaving the new account with your old bank for use as a spare.

As for perks in the interests of keeping this thread on topic this would probably warrant a new thread if you wished to discuss this further but to start you off there's NatWest, RBS, TSB, Halifax, Lloyds offering ongoing rewards for bouncing money through the accounts, paying out direct debits and making debit card payments (can be to savings accounts if you wish). Also have a look on the likes of quidco, topcashback, snoop etc as they often offer extra money/amazon vouchers for opening current accounts via them. NatWest, RBS, Lloyds, Nationwide, TSB etc all offer regular savers for current account holders. The list goes on.

Thanks. Currently with Virgin, who are dropping savings rates - hence why I’ve started looking into this

Bridlington1

mo32 said:

Bridlington1 said:

mo32 said:

Bridlington1 said:

mo32 said:

danny13579 said:

mo32 said:

Thanks - this would probably be my main account so I dont mind the fee as I'd be interested in seeing how much I get back through the 1% cashback etc etc

If you think you will have over £300 per month in qualifying payments between direct debits and debit card purchases then it's probably worth triggering the £3 fee.

Thanks Danny, VERY new to this...I've seen a way to dodge that fee...I only have the one account so not sure that would work for me...unless I start splitting to other accounts too. So much to decide!

If you've only got one current account I'd definitely recommend opening new accounts elsewhere. Aside from the fact that you're missing out on a whole host of freebies from the reward accounts, competitive regular savers etc only having one current account can prove to be problematic.

If your only current account gets frozen/bank suffers technical issues etc and you need to access money to pay bills etc you will probably run into difficulties very quickly, having a spare current account and savings elsewhere drastically reduces the potential impact such a scenario can have on you.

I'll have to see what perks there are for opening a new account only with no switching then! And then switch my main account to Santander! 

Which bank do you currently use? Many will let you open a second account with them online. If you do this you can either switch the new account to Santander and leave your old account as it is or switch your main account to Santander leaving the new account with your old bank for use as a spare.

As for perks in the interests of keeping this thread on topic this would probably warrant a new thread if you wished to discuss this further but to start you off there's NatWest, RBS, TSB, Halifax, Lloyds offering ongoing rewards for bouncing money through the accounts, paying out direct debits and making debit card payments (can be to savings accounts if you wish). Also have a look on the likes of quidco, topcashback, snoop etc as they often offer extra money/amazon vouchers for opening current accounts via them. NatWest, RBS, Lloyds, Nationwide, TSB etc all offer regular savers for current account holders. The list goes on.

Thanks. Currently with Virgin, who are dropping savings rates - hence why I’ve started looking into this

Virgin will only let you hold one of their M Plus accounts at any one time, making them less practical for opening spare accounts for switching, however there's nothing to stop you opening other current accounts elsewhere for switching purposes, many on here don't ever switch their main account, instead switching a spare current account that they use to hoover up the switching incentives. 

If you're looking for better savings rates moneyfacts has a very detailed list of different savings accounts (remember to click ``Rate Order" if you select a type of account as this will ensure they are sorted from top rate to lowest rate and to change the ``Investment Amount" so that you see more results):
https://moneyfactscompare.co.uk/savings-accounts/

danny13579

mo32 said:

Thanks. Currently with Virgin, who are dropping savings rates - hence why I’ve started looking into this

You can open up to 20 accounts with Chase. So you have a ready supply of burner accounts to use for switching and then go for as many switching offers as you like. Just make sure you always have at least one account open with them at all times. They also offer a 5.1% instant access savings account. This includes a 1% boost until next January. Far better than the lousy 2.5% rate that the M+ saver offers.

mo32

danny13579 said:

mo32 said:

Thanks. Currently with Virgin, who are dropping savings rates - hence why I’ve started looking into this

You can open up to 20 accounts with Chase. So you have a ready supply of burner accounts to use for switching and then go for as many switching offers as you like. Just make sure you always have at least one account open with them at all times. They also offer a 5.1% instant access savings account. This includes a 1% boost until next January. Far better than the lousy 2.5% rate that the M+ saver offers.

I can see! So I’m thinking of moving Virgin to Santander and maxing out the savings account for 12 months for max interest (and Quidco!), and having the current acc be my new main. Also open a chase account and making the most of the savings until Jan…seem like a good plan?

danny13579

mo32 said:

I can see! So I’m thinking of moving Virgin to Santander and maxing out the savings account for 12 months for max interest (and Quidco!), and having the current acc be my new main. Also open a chase account and making the most of the savings until Jan…seem like a good plan?

Sounds good to me. The 5.1% rate on the Chase Saver is directly linked to the BoE base rate. Including the 1% bonus it is 0.15% below the BoE base rate.