Santander discriminates against Cahoot customers

gareth71

Hello all.

Been enjoying reading Martin's regular e-mails for some time, and thought I'd register on the forum in order to share this bit of information. Not sure how much use it'll be to anyone, but you never know ...

(Not sure whether it's more appropriate here or in the Banking sub-forum, so apologies if I'm posting in the wrong place.)

I've had a Cahoot current account for several years - Cahoot being, as I'm sure you know, part of the Santander group. Recently I've been thinking about perhaps switching my current account to another bank, and I've also been looking at investing in a cash ISA before the end of the financial year.

Santander had an interesting-looking offer for switching to one of their current accounts - a £100 'welcome' payment for new customers who don't already bank with Santander. Sadly, it turns out that, for the purposes of this offer, they consider a Cahoot account to effectively be a Santander a/c, so I'm not eligible for that offer.

Additionally, they were (and may still be) offering a cash ISA with an additional 0.15% interest for existing Santander customers, taking it to a pretty decent 3%, so I thought I'd investigate this. The thing is, for the purposes of this offer, my Cahoot account is NOT considered to be a Santander a/c.

Basically, because I've got a Cahoot current account, I can't take advantage of Santander's offers for new customers, because I'm an existing customer ; but neither can I take advantage of their offers for existing customers, because I'm a new customer. It seems they can pick and choose whether or not they recognise a Cahoot a/c as a Santander product, depending on whether or not it'll cost them anything to do so. What a bunch of chancers .

So, I'm off to find myself a new current account, I think ...

DrSyn

There attitude towards their exsisting customers must tell you someting about the value they put on them!

Are you really are thinking about switching? Then chose a bank who their own customers like.They get over 80% customer satifaction in the polls. Also do good switching deals and some respectable savings offers. They are of course

FIRST DIRECT

dunstonh

What a bunch of chancers .

I think its quite logical what they are doing.

They are offering an incentive to attract accounts that are not already within their group. There is no point paying those that already are. As you have chosen to be a cahoot customer rather than Santander then you get the deals that are applicable to cahoot. Not Santander.

gareth71

dunstonh wrote: »

As you have chosen to be a cahoot customer rather than Santander then you get the deals that are applicable to cahoot. Not Santander.

Unless I was interested in becoming a Santander customer - in which case they consider me to already be one because it suits them better to change their minds.

DrSyn - I've already looked into First Direct, and I think I like what I see ...

jimjames

dunstonh wrote: »

I think its quite logical what they are doing.

They are offering an incentive to attract accounts that are not already within their group. There is no point paying those that already are. As you have chosen to be a cahoot customer rather than Santander then you get the deals that are applicable to cahoot. Not Santander.

I'm also a cahoot customer and chose to be one over 10 years ago when it was part of Abbey.

It makes no sense that they can say you are already a Santander customer on one hand but are not a customer on the other. Either you are a customer or you are not, they can't logically have it both ways.

You can't get the deal applicable to Santander customers but can't get the deal that applies to non Santander customers so stuck in no mans land. But realistically having read all the posts about Santander I wouldn't want to be one of their customers anyway!

dunstonh

It makes no sense that they can say you are already a Santander customer on one hand but are not a customer on the other. Either you are a customer or you are not, they can't logically have it both ways.

They are looking to get new people into the group. Not pay to move customers around the group. There would be no logic in that.

barak

dunstonh wrote: »

They are looking to get new people into the group. Not pay to move customers around the group. There would be no logic in that.

I agree that cahoot customers cannot expect to get £100 for opening a different Santander account, but cahoot customers are now Santander customers, so its not surprising that they might expect to enjoy the same benefits.

It may not be widely known that cahoot cheques now show a Santander address.

jimjames

With all their efforts to close down the cahoot brand - no new accounts opening and no new products available - it seems strange that they aren't actively trying to get people to switch. I guess customers have to leave and then reapply if they want any of these other "benefits"

Personally I have no real need for a high st bank and the cahoot site does pretty much all I need at the moment. 1% interest on current account is not bad.

premierfella

I ditched the last remnants of my links to Cahoot within the last few months, just in case a Santander offer comes up that I want for "new customers".

Going back to the OP, I suspect the reason for Cahoot customers not being treated as an existing Santander customer for the cash ISA interest bonus might simply be a technical one. I could be mistaken but I thought Cahoot was still being run off a separate platform to Santander/ex A&L with a view to either selling it off or amalgamating it into a Santander system for online accounts - it may simply be that they can't automate the process of recognising Cahoot customers as Santander customers for the interest bonus to be paid until they bring Cahoot accounts "in-house".

Milarky

I've had £100 for switching to Santander - the previous offer but 2, not the most recent one - and have held a cahoot current account throughout. I suppose they have spotted a 'loophole' and closed it.

LesU

What is interesting is that Cahoot appear to no longer be taking any new current account customers. Looking at products, they have a 'savings' account which can be opened, but the Current account product says 'Not currently on sale'.
Santander winding down the operation?