Santander

[sungchiahao]

Does anyone have the Santander $20/month account? I didn't see a thread on the page so I ask here.

 

[madage]

Yeah, it works fine, though earlier this year Santander made it a little tougher for transfers to qualify as direct deposits.

Doctor of Credit has details:
http://www.doctorofcredit.com/warning-about-santander-extra20-deal-ach-transfersdirect-deposits/

 

[sungchiahao]

Thanks,
I’m comparing this to the other 5k 5% APR options. Am I correct that this Extra20 account do not require money to be tied up inside the account, unlike the Netspend option.

Here’s the plan, please correct me if I am wrong:
1. ACH $1500 as Direct Deposit : $1500
2. Bill Pay #1 : $1499
3. Bill Pay #2 : $1498
4. ACH Pull remaining $$ : $0
5. ACH pull out the $20 from the savings.

Repeat monthly.

 

[madage]

Thanks,
I’m comparing this to the other 5k 5% APR options. Am I correct that this Extra20 account do not require money to be tied up inside the account, unlike the Netspend option.

Here’s the plan, please correct me if I am wrong:
1. ACH $1500 as Direct Deposit : $1500
2. Bill Pay #1 : $1499
3. Bill Pay #2 : $1498
4. ACH Pull remaining $$ : $0
5. ACH pull out the $20 from the savings.

Repeat monthly.

Well, except for the fact that you're trying to pay $2,997 in bills with only $1,500 in the account, you have the gist of it.

 

[sungchiahao]

Well, except for the fact that you're trying to pay $2,997 in bills with only $1,500 in the account, you have the gist of it.

Thanks. Can't do math....

 

[raenye]

Also you could BP $1 twice and ACH push the rest. Funds get there next morning.

 

[sungchiahao]

I funded with Citi AA Platinum Select MC, after confirming my CA is set to $0. The bank application of $500 went through. Hopefully that means it will code as purchase?

 

[Sesq]

I have had an account for 18 months. I send a $380/wk from my paycheck (total 1520 most months, sometimes 1900, paid weekly). Initially I had auto bill payments pushing it to two 529 plans. Then I was able to fund those with Evolve (which eventually became less useful, though I had funded my 2015 contributions by then), so I added a few real bills and credit cards. I don't ACH anything out of it, I just pay bills. $20 pops up each month. They are a little slow to set up the account (a lot of mail). I have been procrastinating setting up another account for my wife. Especially since I have earned my new account bonus at PNC and could redirect some of my DD to handle another account. My work lets me split my checks 5 ways.

The $20/month is interest and you do get a 1099.