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Santander £150 switch offer 04/11/2024

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  • where_are_we
    where_are_we Posts: 1,123 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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

    I have 2 Edge Current accounts plus a 123 lite current account and I was allowed to open a new everyday current account and set up the switch to it. I didn`t use one of my Edge CA`s because the new DD`s and £1500 deposit would have triggered the £3 fee which I have so far avoided.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,510 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 6 January pm31 7:47PM
    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.
  • where_are_we
    where_are_we Posts: 1,123 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    In my case the DD`s were already up and running in my donor account.
    I hope my records on not benefitting from a switch since before 2021 are correct.
    At what stage would I know if I have made a mistake and will not gain the £150?

  • 1stTimer
    1stTimer Posts: 171 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.
    Hi, my switch has just been completed and I have now moved the £1500 over. Do I set the DD’s up on the 8th Feb (exactly 1 month from today) or can it be done on the 1st Feb?
    Save £12k in 2025 #32 JAN- £695.23/£6000

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  • PRAISETHESUN
    PRAISETHESUN Posts: 4,510 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    1stTimer said:
    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.
    Hi, my switch has just been completed and I have now moved the £1500 over. Do I set the DD’s up on the 8th Feb (exactly 1 month from today) or can it be done on the 1st Feb?
    I believe Santander operate their accounts on a monthly cycle based on account opening date, so for safety I'd set up the DDs on 09 Feb.
  • 1stTimer
    1stTimer Posts: 171 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    1stTimer said:
    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.
    Hi, my switch has just been completed and I have now moved the £1500 over. Do I set the DD’s up on the 8th Feb (exactly 1 month from today) or can it be done on the 1st Feb?
    I believe Santander operate their accounts on a monthly cycle based on account opening date, so for safety I'd set up the DDs on 09 Feb.
    That’s great thank you for the quick response
    Save £12k in 2025 #32 JAN- £695.23/£6000

    Make £2025 in 2025 #28 JAN- £695.23/£2025
  • danny13579
    danny13579 Posts: 544 Forumite
    500 Posts Second Anniversary Name Dropper
    edited 8 January pm31 1:03PM

    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.


    Wait until your first monthly statement arrives in your online banking before setting up the DDs. Dates can change slightly with this account and though the 9th Feb will probably be OK, to be on the safe side of avoiding triggering the £3 fee, I would wait until it arrives. 

    You still have to wait for the 60 days from the date you asked Santander to start your switch for your account to be assessed for the bonus whether you set up the DDs on the 9th Feb or towards the end of Feb.
  • 1stTimer
    1stTimer Posts: 171 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    edited 8 January pm31 9:12PM

    It's the combination of paying £500 into the account and having 2x DDs pay out in a single month which triggers the monthly fee. If you don't do both of those things in the same month then the fee won't be charged.

    To get around this, you stagger the £1500 payin and DD set up over two months. In the first month you complete the switch and pay in the £1500, and then in the 2nd month (before the 60 day time limit) you set up the DDs but don't pay in £500. You have then qualified for the switch offer but won't be charged the monthly fee.


    Wait until your first monthly statement arrives in your online banking before setting up the DDs. Dates can change slightly with this account and though the 9th Feb will probably be OK, to be on the safe side of avoiding triggering the £3 fee, I would wait until it arrives. 

    You still have to wait for the 60 days from the date you asked Santander to start your switch for your account to be assessed for the bonus whether you set up the DDs on the 9th Feb or towards the end of Feb.
    That makes sense, thank you very much
    Save £12k in 2025 #32 JAN- £695.23/£6000

    Make £2025 in 2025 #28 JAN- £695.23/£2025
  • lyle1993
    lyle1993 Posts: 81 Forumite
    Tenth Anniversary 10 Posts Combo Breaker
    Anybody heard anything about getting paid incentive yet?
  • Emily_Joy
    Emily_Joy Posts: 1,414 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    I am somewhat puzzled by T&C. I read it as one should deposit 1500GBP within 60 days of the day when the switch was requested, i.e. if on the 1st of December you put a request for the switch on 1st of January, then you have entire December and most of January to deposit 1500GBP. I also understand that it doesn't matter when you ask for DD to be setup - as long they are there before 29th of January. Perhaps I misunderstood their wording?
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