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Santander Zero Account Details + A Few More (Good) Bits!
IrishGypsy
Posts: 353 Forumite
Hey all,
Today - as an Abbey/Santander employee - I noticed more concise details on our system as to how the new Zero Current account will work when it launches on the 11th January (the day Abbey officially becomes Santander).
Available to existing Abbey Mortgage holders only (B&B mortgages won't be eligible as Santander only bought the savings arm of B&B), the account offers - genuinely - good benefits that, if you stay within the T's and C's, won't cost you a penny to take advantage of! :T So I thought I'd share with you all what's in store for those who bank and/or have their mortgage with Santander/A&L.
(Please note: I'm pulling this from memory and I have a crap cold just now, so bear with me if I don't get everything 100%)!
The Benefits and Conditions:
Benefits:
- Currently 6% Credit interest for 12-months (then 1% after that) on positive balances from £1 up to a maximum of £2,500.
- Fee-free withdrawals from ATM's worldwide and fee-free chip and pin transactions. A point of note here, is that some ATM's may charge you themselves, however, Santander will not charge you (I.e. if you spot a charge on your statement, blame the ATM provider)! And if you withdraw cash from a Spanish Santander ATM, you definitely won't be charged!
- And probably a big one (due to the previous ruling), there are no fees/bank charges for going into any unauthorised/Instant overdrafts. Instead, if a payment request is cleared/paid by Santander you'll just be charged 12.9% APR a (which is also the same rate as the Authorised Overdraft for this account).
- Counter Cheques or Bankers drafts from your current account from over the counter (subject to a 'Fair Usage Policy' that hasn't yet been detailed). Counter issued cheques and BD's must exceed £1,000.
- If you already have an existing Abbey/Santander current account (I.e. Preferred in Credit, Preferred Overdraft or Reward), then it's a simple matter of popping into a branch, speaking to an advisor and let us run over the T's and C's before we give you the documents (and so we can answer any questions you may have).
Note to EXISTING Santander current account holders: ALL numbers (account, card, PIN, e-banking, overdraft amount etc) will ALL stay the same! Nothing will be changed! So DON'T panic about that.
- Most important one: It's FREE to upgrade if you meet (and stick to) the criteria!
- Also of note: Certain services such as CHAPS, duplicate statement requests, copies of cheques etc, still have their current fees. I don't have the full list to hand, but tbh, it actually wasn't that big.
The Conditions:
In a nutshell, the benefits stay active as long as you continue to satisfy the following requirements. If any of them change, the system will convert the account back to the account type that it was before it was upgraded. The system will apparently do automatic checks every month on Zero Accounts to ensure the criteria is still being met. To be fair, the following conditions is how the majority of our eligible bank account + mortgage customers handle their accounts anyway (from those who I've spoken to about this already), so they won't need to do anything different.
- The Zero account MUST be your Primary bank account. I.e. You need to credit a minimum of £1,000 into the account every month and have a minimum of 2 active DD's and/or S/O's on the account. If the credits in drop blow £1,000 for any particular month you will no longer be eligible.
- You MUST have an existing Abbey/Santander mortgage before the account can be set-up/upgraded into a Zero Current Account. If you have a Santander bank account already, it cannot be upgraded until the mortgage has completed! If you wanted to switch both your bank account and your mortgage to Santander then we'd have to open up a regular bank account until the mortgage was completed, then we could upgrade it to the Zero Account.
- Speaking of which, if your main bank account isn't with Santander already then it must be 'switched' using our own switcher team (I.e. for bringing your mandates across to Santander). If you try and bring your mandates across yourself, you won't be eligible for the benefits. Also, if your salary/income is already being paid into an Abbey account but your mandates aren't coming out from it, then you must also use the switcher service to bring them across before you can be eligible for the benefits.
- Your mortgage with Abbey/Santander must not currently be in arrears (or I believe within the last 12 months either, but I can't confirm that with 100% certainty just now). If it goes into arrears, you no longer become eligible for the benefits.
- If you move your mortgage away from Abbey/Santander to anyone else, you will no longer be eligible for the benefits (seeing as you no longer have a mortgage with Santander).
Basically: If you keep/start getting your income paid in to a Santander current account (£1,000 minimum every month), have your bills also coming out of it (a minimum of 2), keep your mortgage with Abbey/Santander/A&L and keep the mortgage payments up to date, you'll get the benefits above at no extra cost! :j
If you can't, the account either isn't for you or your account reverts back to what it was before you upgraded it. You can book appointments in the branch and I think you can also upgrade your existing Santander account (if applicable) over the phone.
Beginning from the 11th January, Santander will offer the following benefit free of charge to all existing adult Current Account holders (I'm not sure if Basic Accounts or Instant Plus accounts are included in that tbh, would need to check again on Monday) as long as you credit a minimum of £1,000 into the current account each month:
- FEE-FREE cash withdrawals from any Santander ATM in Spain! Transfers from Santander UK to Santander Spain still incur the usual £25 fee, but it'd be nice to see that also become free in the future (we can only hope!). Great for those who have homes out there or travel there on holiday.
- Got a Santander Current Account (Preferred In Credit, Preferred Overdraft, Reward or Zero) or an Abbey/Santander/A&L mortgage? Then also from the 11th January, if you apply - and are accepted - for a Santander credit card (I believe both the Zero and the Organic variations are applicable) you won't have to pay any balance transfer fees! (Usually 3%) :j This offer will only be available for those who meet the requirements mentioned above.
I have to be honest, from a personal perspective it's actually good to see loyal customers being rewarded for their continued custom (hence the focus on Current Account and Mortgage holders). You don't see it happening in too many industries at the minute, so it's rather refreshing to see Santander step-up to the plate and give people a reason to stay. :beer:
If anyone has any questions, I'll do my best to answer them, but I'm not back in again until Monday, so some answers may have to wait until then.
Otherwise, Happy New Year!
Today - as an Abbey/Santander employee - I noticed more concise details on our system as to how the new Zero Current account will work when it launches on the 11th January (the day Abbey officially becomes Santander).
Available to existing Abbey Mortgage holders only (B&B mortgages won't be eligible as Santander only bought the savings arm of B&B), the account offers - genuinely - good benefits that, if you stay within the T's and C's, won't cost you a penny to take advantage of! :T So I thought I'd share with you all what's in store for those who bank and/or have their mortgage with Santander/A&L.
(Please note: I'm pulling this from memory and I have a crap cold just now, so bear with me if I don't get everything 100%)!
The Benefits and Conditions:
Benefits:
- Currently 6% Credit interest for 12-months (then 1% after that) on positive balances from £1 up to a maximum of £2,500.
- Fee-free withdrawals from ATM's worldwide and fee-free chip and pin transactions. A point of note here, is that some ATM's may charge you themselves, however, Santander will not charge you (I.e. if you spot a charge on your statement, blame the ATM provider)! And if you withdraw cash from a Spanish Santander ATM, you definitely won't be charged!
- And probably a big one (due to the previous ruling), there are no fees/bank charges for going into any unauthorised/Instant overdrafts. Instead, if a payment request is cleared/paid by Santander you'll just be charged 12.9% APR a (which is also the same rate as the Authorised Overdraft for this account).
- Counter Cheques or Bankers drafts from your current account from over the counter (subject to a 'Fair Usage Policy' that hasn't yet been detailed). Counter issued cheques and BD's must exceed £1,000.
- If you already have an existing Abbey/Santander current account (I.e. Preferred in Credit, Preferred Overdraft or Reward), then it's a simple matter of popping into a branch, speaking to an advisor and let us run over the T's and C's before we give you the documents (and so we can answer any questions you may have).
Note to EXISTING Santander current account holders: ALL numbers (account, card, PIN, e-banking, overdraft amount etc) will ALL stay the same! Nothing will be changed! So DON'T panic about that.
- Most important one: It's FREE to upgrade if you meet (and stick to) the criteria!
- Also of note: Certain services such as CHAPS, duplicate statement requests, copies of cheques etc, still have their current fees. I don't have the full list to hand, but tbh, it actually wasn't that big.
The Conditions:
In a nutshell, the benefits stay active as long as you continue to satisfy the following requirements. If any of them change, the system will convert the account back to the account type that it was before it was upgraded. The system will apparently do automatic checks every month on Zero Accounts to ensure the criteria is still being met. To be fair, the following conditions is how the majority of our eligible bank account + mortgage customers handle their accounts anyway (from those who I've spoken to about this already), so they won't need to do anything different.
- The Zero account MUST be your Primary bank account. I.e. You need to credit a minimum of £1,000 into the account every month and have a minimum of 2 active DD's and/or S/O's on the account. If the credits in drop blow £1,000 for any particular month you will no longer be eligible.
- You MUST have an existing Abbey/Santander mortgage before the account can be set-up/upgraded into a Zero Current Account. If you have a Santander bank account already, it cannot be upgraded until the mortgage has completed! If you wanted to switch both your bank account and your mortgage to Santander then we'd have to open up a regular bank account until the mortgage was completed, then we could upgrade it to the Zero Account.
- Speaking of which, if your main bank account isn't with Santander already then it must be 'switched' using our own switcher team (I.e. for bringing your mandates across to Santander). If you try and bring your mandates across yourself, you won't be eligible for the benefits. Also, if your salary/income is already being paid into an Abbey account but your mandates aren't coming out from it, then you must also use the switcher service to bring them across before you can be eligible for the benefits.
- Your mortgage with Abbey/Santander must not currently be in arrears (or I believe within the last 12 months either, but I can't confirm that with 100% certainty just now). If it goes into arrears, you no longer become eligible for the benefits.
- If you move your mortgage away from Abbey/Santander to anyone else, you will no longer be eligible for the benefits (seeing as you no longer have a mortgage with Santander).
Basically: If you keep/start getting your income paid in to a Santander current account (£1,000 minimum every month), have your bills also coming out of it (a minimum of 2), keep your mortgage with Abbey/Santander/A&L and keep the mortgage payments up to date, you'll get the benefits above at no extra cost! :j
If you can't, the account either isn't for you or your account reverts back to what it was before you upgraded it. You can book appointments in the branch and I think you can also upgrade your existing Santander account (if applicable) over the phone.
Beginning from the 11th January, Santander will offer the following benefit free of charge to all existing adult Current Account holders (I'm not sure if Basic Accounts or Instant Plus accounts are included in that tbh, would need to check again on Monday) as long as you credit a minimum of £1,000 into the current account each month:
- FEE-FREE cash withdrawals from any Santander ATM in Spain! Transfers from Santander UK to Santander Spain still incur the usual £25 fee, but it'd be nice to see that also become free in the future (we can only hope!). Great for those who have homes out there or travel there on holiday.
- Got a Santander Current Account (Preferred In Credit, Preferred Overdraft, Reward or Zero) or an Abbey/Santander/A&L mortgage? Then also from the 11th January, if you apply - and are accepted - for a Santander credit card (I believe both the Zero and the Organic variations are applicable) you won't have to pay any balance transfer fees! (Usually 3%) :j This offer will only be available for those who meet the requirements mentioned above.
I have to be honest, from a personal perspective it's actually good to see loyal customers being rewarded for their continued custom (hence the focus on Current Account and Mortgage holders). You don't see it happening in too many industries at the minute, so it's rather refreshing to see Santander step-up to the plate and give people a reason to stay. :beer:
If anyone has any questions, I'll do my best to answer them, but I'm not back in again until Monday, so some answers may have to wait until then.
Otherwise, Happy New Year!
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Comments
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IrishGypsy wrote: »Today - as an Abbey/Santander employee - I noticed more concise details on our system as to how the new Zero Current account will work when it launches on the 11th November (the day Abbey officially becomes Santander).
11th January I think you mean0 -
IrishGypsy wrote: »
- If you already have an existing Abbey/Santander current account (I.e. Preferred in Credit, Preferred Overdraft or Reward), then it's a simple matter of popping into a branch, speaking to an advisor and let us run over the T's and C's before we give you the documents (and so we can answer any questions you may have).
except if you live near me, the local branch's reception desk has been closed and unmanned for most of 2009, all transactions have to go through the cashiers (all 3 of them) and our rather large branch has queues to the door.things arent the way they were before, you wouldnt even recognise me anymore- not that you knew me back then
MercilessKiller wrote: »BH is my best mate too, its ok
I trust BH even if he's from Manchester..
all your base are belong to us :eek:0 -
sorry no good bits with santander, your customer service is hopeless at Abbey and A&L and I wouldnt give any money to a company who cant process applications correctly, tell you cards are in the post and then when you call for the fifth time be told are you sure you were told the cards are in the post. If you are a customer of one of these get out there are much better places to give your money to.0
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Abbey is just no good, I'm sorry.
I've been with them for nearly 6 years and have had nothing but issues, lies and problems with them.
Now they've changed to Santander, half their login sites don't work, are UNSECURED (i.e. you log off and into another tab, it's still open, or you log in and can't get back to the login screen) and just screams error messages at me in Spanish for no apparent reason.
IrishGypsy - I think for some reason my account is in preferred overdraft rate - how do I change it to preferred in credit since I never ever use my overdraft? Or what do these effects have on my interest?0 -
FridgeFreezer wrote: »Abbey is just no good, I'm sorry.
I've been with them for nearly 6 years and have had nothing but issues, lies and problems with them.
Now they've changed to Santander, half their login sites don't work, are UNSECURED (i.e. you log off and into another tab, it's still open, or you log in and can't get back to the login screen) and just screams error messages at me in Spanish for no apparent reason.
IrishGypsy - I think for some reason my account is in preferred overdraft rate - how do I change it to preferred in credit since I never ever use my overdraft? Or what do these effects have on my interest?
With all due respect to those who've had problems, it's impossible for any company of a large size to not make mistakes (I certainly haven't ever come across one yet). Usually the better measure of a company is more of how well they resolve said complaint(s). And if Santander haven't recitified them to your satisfaction then I'm sorry.
To FridgeFreezer:
If you want to switch the account type across to the Preferred in Credit account (and you haven't changed account types in the last 12 months), then you can ask a banking advisor in the branch to do it for you free of charge (it's a 2 minute job to do). If you've already have your account transferred from any other type of account in the last 12 months (other than the Reward Account) then there's a fee of £10 for changing it a second time in12 months. Hope that's of help. 0 -
IrishGypsy wrote: »If you want to switch the account type across to the Preferred in Credit account (and you haven't changed account types in the last 12 months), then you can ask a banking advisor in the branch to do it for you free of charge (it's a 2 minute job to do). If you've already have your account transferred from any other type of account in the last 12 months (other than the Reward Account) then there's a fee of £10 for changing it a second time in12 months. Hope that's of help.
how do i do that? our branch has an unmanned reception desk? can the cashiers do it?things arent the way they were before, you wouldnt even recognise me anymore- not that you knew me back thenMercilessKiller wrote: »BH is my best mate too, its ok
I trust BH even if he's from Manchester..
all your base are belong to us :eek:0 -
IrishGypsy wrote: »With all due respect to those who've had problems, it's impossible for any company of a large size to not make mistakes (I certainly haven't ever come across one yet). Usually the better measure of a company is more of how well they resolve said complaint(s). And if Santander haven't recitified them to your satisfaction then I'm sorry.
sorry but their method of handling complains is to first blame the customer and second when complaining to head office send they send you Abbey pen as an appology but never say the words themselves.0 -
I have a Post Graduate Current account with an £1800 OD facility until July 2011- Been with Abbey for about 15 years now and defo pay in over £1000 per month.
Wouild I be able to switch over or do I have to stick with my current AC as it's a PG account?Noli nothis permittere te terere
Bad Mothers Club Member No.665
[STRIKE]Student MoneySaving Club member 026![/STRIKE] Teacher now and still Moneysaving:D
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Thanks for the advice though!0
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You'd preferrably want a Personal Banking Advisor to do it unless the cashier you're speaking to has the relevent authority on the system to process it on the system.before_hollywood wrote: »how do i do that? our branch has an unmanned reception desk? can the cashiers do it?
@elisebutt65: Depends on the rate of interest you're paying on the O/D. If it's at Preferred In Credit rate (19.9% APR on the O/D) though, then switching it to a Preferred Overdraft account that offers 12.9% APR on the O/D facility would be a better idea.0
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