The Cashback for Bank or Investment Accounts Discussion Thread

friolento

flaneurs_lobster said:

masonic said:

It is the nature of the beast. 

This, unfortunately, is the actual truth. We can moan, complain, threaten or plead but the Terms say "our call".

The upside seems to be that anyone who's invested £100 in the last week would have had to have been extraordinarily unlucky to have actually seen a loss.

That’s true.

Be aware though that you cannot get your money out of Santander investments without having sent them a wet signature. Watch out for a letter to that effect from Santander. I got mine yesterday.

artyboy

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

clairec666

artyboy said:

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

Not sure what kind of regulation is covering this, but agree that it ought to be regulated in some way - I'm not too fussed if I don't get cashback for opening a current account, I haven't really lost out, apart from a hard credit check which I don't really care about. But if you commit to locking your money away in return for a cashback reward, you'd be pretty mad if they didn't pay out.

It's probably all covered in the small print, which hardly anyone will bother reading.

masonic

artyboy said:

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

Not really. TCB is abusing an affiliate marketing scheme by offering to pay cashback to the customers it advertises the product to. The incentive is meant for TCB and not the consumer. But if FCA gets pulled in it could mean a ban on such commission payments to third parties, just like happened for the sale retail investments by investment providers and financial advisers.

I'd add there is no evidence anything was pulled. TCB may simply have breached its contract with Santander.

Zekko

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

flaneurs_lobster

Zekko said:

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

By FP? There should be a reason given for the rejection, anything?

Zekko

flaneurs_lobster said:

Zekko said:

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

By FP? There should be a reason given for the rejection, anything?

Yes, by FP.

Text received from sending bank after payment bounce:

"Your payment to xxx hasn't been made. It looks like an issue at their end."

Weird, because the payment to the Sunny Day Saver account went through fine.

sidev93

Both mine and OH declined £75 TCB are now showing as confirmed 

s71hj

sidev93 said:

Both mine and OH declined £75 TCB are now showing as confirmed 

Ditto for both of us!! 

ThePirates

Wow, wasn't expecting that! 
My £75 has confirmed but my Cahoot Saver is now £0