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Santander £150 switch offer 04/11/2024

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Comments

  • PRAISETHESUN
    PRAISETHESUN Posts: 4,519 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 December 2024 pm31 7:20PM
    I have everything in and out of the current chase account except the DD`s on the Lite account which attract 1/2/3% which i would transfer to the Santander Edge account (with the £150 incentive) If I went to Santander it would mean the end of my banking with chase so I don't understand why you recommend a burner account with chase

    Chase allow you to open 10 current accounts so you don't have to switch your primary account. Open a few secondary current accounts and switch them instead
  • ronbell101
    ronbell101 Posts: 182 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    edited 29 December 2024 pm31 7:08PM
    s71hj said:
    I have everything in and out of the current chase account except the DD`s on the Lite account which attract 1/2/3% which i would transfer to the Santander Edge account (with the £150 incentive) If I went to Santander it would mean the end of my banking with chase so I don't understand why you recommend a burner account with chase
    It would be the newly created account you'd switch 
    but then id have to manually switch my DD`s salary etc 
    My question  is the 1% on DD`s and debit card spending plus the £150 incentive worth the hastle ??

  • PRAISETHESUN
    PRAISETHESUN Posts: 4,519 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 December 2024 pm31 7:26PM
    s71hj said:
    I have everything in and out of the current chase account except the DD`s on the Lite account which attract 1/2/3% which i would transfer to the Santander Edge account (with the £150 incentive) If I went to Santander it would mean the end of my banking with chase so I don't understand why you recommend a burner account with chase
    It would be the newly created account you'd switch 
    but then id have to manually switch my DD`s salary etc 
    My question  is the 1% on DD`s and debit card spending plus the £150 incentive worth the hastle ??

    Why would you need to move your salary and DDs? You only need to set up 2s DDs on your new Santander account after the switch, and these can be token low value ones such as PayPal or a recurring charity DD (which you can promptly cancel after the incentive is paid). And for the £1500 can be from a bank transfer from your own account - no need for salary to be moved.

    Completely up to you if you decide it's more hassle than you're willing to put up with, but for I'd gladly take £150 for a fairly trivial amount of work. The recurring cashback on DDs is completely optional and is not a part of the switch incentive, so you can leave that part aside if you'd rather not bother moving everything around. If you're like me and have low monthly bills, then you might not actually generate enough cashback to cover the monthly fee anyway.
  • Setting up DD`s on the edge account initiates the monthly charge I currently have 2 x Edge accounts with no DD`s to take advantage of the edge saver 7% I don't think Santander will allow me to open a 4th current account (the everyday account) so i would need to switch to one of my existing edge accounts and a condition of the switch is 2 active direct debits so I would then use the edge account as my main account i currently get 1% on debit card spending at chase and most months hit the £15 max i currently get around £5 from the Santander lite account after the fee so i hit £20 most months so TBH i have answered my own question it would only be a £150 "bonus" as I would probably get the £20 max cash back from the edge account
  • Emily_Joy
    Emily_Joy Posts: 1,414 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    I requested a switch to be completed on 30th of December, the request was made about a month in advance. As far as I can see it has not been actioned. The old account is still open, the balance is still there. *sigh* no email/message/mail or other warning about possible delay. 
    How do I chase it, once the banks are open?
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,519 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Emily_Joy said:
    I requested a switch to be completed on 30th of December, the request was made about a month in advance. As far as I can see it has not been actioned. The old account is still open, the balance is still there. *sigh* no email/message/mail or other warning about possible delay. 
    How do I chase it, once the banks are open?

    You chase the switch with the receiving bank (ie. Santander) as they should be handling everything. Switches only progress on working days, so maybe the bank holidays over Xmas/NY have slowed things down?
  • Emily_Joy
    Emily_Joy Posts: 1,414 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Emily_Joy said:
    I requested a switch to be completed on 30th of December, the request was made about a month in advance. As far as I can see it has not been actioned. The old account is still open, the balance is still there. *sigh* no email/message/mail or other warning about possible delay. 
    How do I chase it, once the banks are open?

    You chase the switch with the receiving bank (ie. Santander) as they should be handling everything. Switches only progress on working days, so maybe the bank holidays over Xmas/NY have slowed things down?
    One would have thought that since the switch was requested a month in advance, the receiving bank could start it on time to make sure it is completed on the day specified.

  • PRAISETHESUN
    PRAISETHESUN Posts: 4,519 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    Usually that's exactly the case - the date you specify is the switch finish date when your old account should be closed. I have a vague recollection though that Santander is one of the minority that uses the date you specify as the start date instead. Someone else might be able to correct me here? Might be worth contacting Santander either way.
  • lyle1993
    lyle1993 Posts: 81 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    Take it nobody has had the switch money yet?
  • theonenonly
    theonenonly Posts: 136 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I've signed up, however how do I find out what my account number and sort code is? The switch has been completed, one of the letters received for online banking and debit card pin number. Does the account number/sort code come in a separate letter?
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