Santander £240 switch offer (01/09/2026 to 07/10/2026)

danny13579

ST£V£ 2 The other one I have is for Northumbrian Water however the direct debit transactions are marked as "NWL & ESW WATER".
Question. Would that confuse Santander and be deemed as not being on their list?

No, if it's on the list it's on the list. Doesn't matter what text is on the DD. They'll know it's Northumbrian Water.

Question. Has anybody successfully used Sky Mobile for an incentive?

The only Sky service on the list is Sky Digital. I do not know whether they mean Sky and all its products including Sky Mobile, or just Sky TV and maybe broadband. Sky Digital as a brand doesn't seem to exist anymore - like a lot of the brands on the list.

I know they mention Sky in the blurb, but Sky as a brand isn't on the list. Just Sky Digital, whatever that is.

ST£V£

Thank you for the reply Danny.

Regarding Sky. To be on the safe side I think I will just look for an alternative direct debit.

Belenus

Can anyone help me with calculating the extra interest I will earn over a year with £200 per month invested in a Santander Regular Saver at 8%, less 20% income tax, versus a CHIP Cash ISA at 4.42% tax free.

Different on line compound interest calculators are giving me widely different results.

Is it as simple as 8% less 20% tax = 6.40% less 4.42% = 1.98% more compounded over 12 months?

As far as I know CHIP adds interest daily and pays it monthly. I am unsure how Santander add interest.

Thanks.

danny13579

Belenus Can anyone help me with calculating the extra interest I will earn over a year with £200 per month invested in a Santander Regular Saver at 8%, less 20% income tax

£200 saved per month, deposited on the month-iversary of account opening, in the Santander Regular Saver with no withdrawals will earn you £104 (before tax) in interest, which is paid after a year.

How much is in the Chip Cash ISA?

Belenus

Thanks Danny.

My CHIP ISA has about £13,000 in it so there is plenty of headroom for the £20,000 annual limit. My wife also has a CHIP ISA with a similar amount in it.

We have opened a joint account with Santander and set a switch in motion from our Lloyds joint account in order to benefit from the £240 switch offer.

We could each open a £200 per month Regular Saver at 8%. I have checked with Santander
that we are allowed to open two individual savings accounts funded from our joint account.

£104 is £83.20 after tax. I estimate that the CHIP ISA would earn about £58 so that is a difference of about £25.

That is a total of about £50 if we open two accounts.

I will give it some more thought but it probably isn't worth (edit: opening more than one Saver account) it as we may need to buy a new car or have another large expense in the next twelve months, We can withdraw cash from CHIP without penalty whereas if we withdraw from Santander Saver we lose the 5% bonus.

Thanks for your advice.

VXman

https://forums.moneysavingexpert.com/discussion/comment/82158427#Comment_82158427

I have Sky Broadband (only) and it comes up on my direct debit on my Santander account as 'Sky Digital.'

Google says it is used for 'non television services' so possibly would include mobile phones.

Pmarmalade

Does anyone know how diligent are they with checking if you've ever had a switching bonus before?

I last banked with Santander 10 years ago, and I probably would have applied 5 years before that (so 15 years ago). I think I probably got a switching bonus back then, but I'm note sure. I also live at a different address now.

danny13579

Belenus whereas if we withdraw from Santander Saver we lose the 5% bonus.

You don't lose the 5% bonus for withdrawing money from the Regular Saver. It's calculated on a daily basis at 8% for the year and then the total is paid to you on the anniversary of account opening.

danny13579

Pmarmalade Does anyone know how diligent are they with checking if you've ever had a switching bonus before?

They are diligent in checking. But it would depend on how far back they hold records for. I believe that banks can delete records 6 years after account closure.

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82161435#Comment_82161435

6 years is a recommendation, banks can hold data as long as they can justify it, even just to say your name and the date you had a switch, or archive it away