Satanander Current Account - Any good

xirokx

Hi there,

Just wondered if anyone had switched to the new Satanander current account that pays you £100 for switching and offers 0% interest on overdrafts?

I am about to take the plunge I do deposit around £1100 per month

Just wanted to know if theres a catch or hidden costs with this account?

Thanks...

intranicity

I've done it and except for a problem that meant I've lost the 5% rate, disagree with that, but nothing I can do. It's been an OK experience.

The whole process went through very easily, the transfer process went smoothly too.

Most people though seem to think that you are better off staying well clear of Santander! And I am now in the process of going to another bank because I lost the 5%.

Pays your money, takes your chance I guess

xirokx

how quickly did you get the £100 switch bonus?

when do they pay that 5% after a year? like my account is choppy so goes from being incredit to overdrawn how do you think they agree on what 5% is? and when do they pay it?

thanks for your help

intranicity

Took about 4 months to get the £100 credit, interest is paid monthly, but how they work it out, god knows?

Have you considered the Halifax, thats where I'm off, the gave me £50 for switching and that was paid in on the day, and you get £5 a month for paying in £1000, if your account yoyo's all the time it might be worth looking at as well, not sure about the overdraft side though, I was given a £1000 free OD for 3 months to help with the switch, but after problems in the past I NEVER go OD now lol

adamjamesdavies

I switched away from Halifax as they changed t&c's from interest on arranged overdraft to fees on arranged overdraft.

Moved to Santander Preferred interest overdraft. Now they have also changed to fees. Halifax it was £1 a day for using your Arranged overdraft. Santander want 50p a day.

I got my £100, the switching team were a nightmare and moving was not straightforward. They missed DD's set some up too early. Did not set up the arranged overdraft before moving some of the DD's etc. A right mess basically. I got £100 out of them for the !!!! up.

Anyone recommend where I move now. I refuse to pay fees for using an arranged overdraft. Interest is fine. But the whole concept of fees does not sit well with me.

xirokx

I did look at the Halifax account however they charge more for OD facilities I believe

Also the added advantage with Santander is that they will match your current OD

However I did not know they charge 50p a day even for your "arranged overdraft" but I do believe thats for a maximum of 10 days only per month which still equates to £5 per month

What I find hard to understand is that you have to open the Santander Acct online as its an online deal but with poor level of customer services and potential Direct debit errors could be more hassle then its worth

Anyone had a bad experience with switching over?

Thanks

BreamoreBoy

Going to Santander for banking is rather like going to Auschwitz for a holiday circa 1943.

intranicity

After 12 months Santander will start charging, at the mo, it's 50p a day, capped at £5 and the interest rate drops to 1%, Halifax is £1 a day and no cap but the £5 bonus has no end date at present, guess it depends how often you go overdrawn in the month....

My switch was hastle free, but many people's appear to have been far from easy, so from the sounds of it, it's just luck of the draw sadly

intranicity

BreamoreBoy wrote: »

Going to Santander for banking is rather like going to Auschwitz for a holiday circa 1943.

Pmsl...... Think thats a slight exaggeration.... I hope that closing my account won't be like getting out of Stallag Luft 4!

paulmcerlean

I would rather gouge my eyeballs out than bank with Santander. Expect a strong chance of them losing your money, not allowing you to have your money, damaging your credit file for no reason within the first 12 months.

DrSyn

:eek: :shocked: :rotfl: