Switching banks from HSBC to Santander?

tranceical

Hi all,

i am interested in taking up Santanders 5% interest + cashback account. (my current bank account gives only 0.1%)

My question is can i still switch even though i currently have a loan, credit card and savings account with HSBC?

I understand all standing orders switch over automatically but because these are connected to my current bank does that cause problems at all?

Thanks so much for your time

scott_lithgows

You can switch but perhaps a bit more research on Santander might be a good idea.

adamc260

Your committing Banking Suicide.... Santander have a dreadful reputation.... thats the only reason their accounts offer 'attractive' rates... because when you see how bad the service is you end up running back to where you were

rb10

Try:

Lloyds at 4% interest, if you have between £5000 and £7000; or
Halifax which gives you £5 per month (after tax), and £50 cashback if you go via Moneysupermarket.

Both are infinitely better than Santander.

huw01

I have HSBC as my main current account, although it doesn't pay any interest I find them easy to deal with and their internet banking is excellent. I've kept them as my main account but I've opened a Bank of Scotland (HBOS) Reward account for the free monthly £5 and I've also opened 2 x Lloyds TSB Vantage Current Accounts for the 4% interest on balances between 5k and 7k.

I cycle £1000 from HSBC to BOS, then BOS to Lloyds Acc 1 then to Lloyds Acc 2 before arriving back in the HSBC. Easiest way to have the best of all worlds. As I have a Lloyds current account I now qualify for their 5% regular savings account. This really is the best option in my opinion. I wouldn't close my HSBC account as it has served me well and around here they have far superior branch access and far superior knowledgeable staff.

I have not been tempted to add Santander into the equation as of yet and based on the concensus here I'll steer well away from them

southantrim3

I'll echo others here and advise you not to go to santander, just look through the boards on mse and there are way too many horror stories. I'm with the halifax and have no hesitation on recommending them with their £5 per month reward as rb10 has done.

Cash-Strapped.T32

huw01 wrote: »

I have HSBC as my main current account, although it doesn't pay any interest I find them easy to deal with and their internet banking is excellent. I've kept them as my main account but I've opened a ...

..exactly the same here & for the same reasons too, but swap-out Lloyds for First Direct (for the reg-saver rather than the £5 bonus).

I've not deal with Santander personally, but after reading even a fraction of the posts here I can't imagine why the OP would want to do this on purpose (some episode of temporary insanity I could understand )

take out an additional account with them for a bonus, like the guy above me with Lloyds & Halifax, but trusting them with your real-actual financial security?

tranceical

Thanks everyone for your advice, i wont bother with Santander now. I'm now thinking about halifax, although i've heard mixed reviews on them..?

If i do decide to switch to halifax can anyone advise me on what will happen to my loan & credit card that i currently have with HSBC?

Thanks again