Santander Preferred Account

Boyer67

A brief history - I have been in my £2300 overdraft with Barclays since I left Uni 6 years ago and Until recently i have made no changes to my lifestyle to try and escape.

I have looked at the £100 offer and 12 month 0% overdraft i'd get with Santander if I switched which would save me paying £30 per month as interest with Barclays. I deposit at least £1000 into my account per month (however this is irregularly paid into my account as at least £200 per month comes from the tips I earn) Does this matter?

Any thoughts on this guys and gals? Would this be a prudent and (relatively) hassle-free move?

Thanks! :beer:

AndyJ52

Look around on this forum for anything with Santander in the thread title! The results will frighten the hell out you.
I wouldn't touch Santander with a bargepole! Why do you think they are offering such generous incentives to bank with them?
But don't simply take my advice, as I said, look around on the forum and draw your own conclusions.

Best wishes!

tafer2uk

Avoid Santander like the plague!

Search on here or just google 'santander complaint'

They are totally clueless and when things go wrong, which they probably will don't expect prompt or competent customer service. :mad:

I switched to FD from Santander just before Christmas and so far have been really impressed, although I appreciate it is early doors.

The wife and I still have an ongoing complaint with Santander that dates all the way back to August last year. This is despite them admitting they were at fault and agreeing a mutual agreeable solution in writing. Unsurprisingly they were unable to action their own suggestions! :wall:

anselld

Preferred ... ? I dont think so! :eek:

ses6jwg

Hi there.

Ignore the above. As long as you stick to a few certain "switcher rules" not a lot can go wrong.

Firstly, to answer your questions.

1) The Santander preferred account is a MoneyFacts best buy for a reason - because very few other high street accounts can match its features.

2) In order to qualify for the 0% OD and 5% in credit interest you need to switch a minimum of 2 active direct debits or standing orders from an external bank and agree to pay £1k per month into your account.

3) The funding period runs settlement date to settlement date, NOT per calender month. That is the date you open the account

4) If you do not fund the Preferred with £1k in any month, you will be charged £2.

5) After 12 months the interest rate drops to 1% and the OD is charged at 50p per day capped at £5 per month. So even with the underfunding fee you will still make significant savings.

Now for my "switcher rules" (I personally open and service these Santander switchers and only ever had 1 error out of more than 25 switchers, so I would say that my advice is to be taken seriously)

a) Forgo the £100 incentive, and Do the switching in branch or via the phone. If you do it via the phone, ask for the name of the person who personally opens your account. Branch is preferable, ideally a smaller branch, as they tend to have better customer service records and the whole process will be much quicker. Both of these channels also give you 1 person who can deal with any issues you get, if indeed you get any.

b) When you go to open the account, take with you a passport or driving license, your most recent bank statement and something proving your existing OD facility with Barclays.

c) Santander pledge to match your existing OD "subject to status". What usually happens, is the account will go to REFER, and the underwriters will come back and ask for your last months statement along with something proving your existing OD. The adviser will then need to fax these off, and then the underwriters will come back with a decicision within 48 hours. So when you go into branch be prepared to have to come back 2-3 days later to finish things off.

d) If all goes well and the underwriters are happy to match, the account will be opened in front of you, and you will be given a S/C and A/N there and then. Your card will be with you along with PIN 7-10 days. You can then choose a date for the switch to start. I usually delay the switch by at least 2 weeks, giving you a chance to get online, get your card etc.
A good adviser will also reccomend that the switch starts just after the bulk of your DDs go out, giving them plenty of time to set them up on the new account.

e) You will need to re-arrange any credits COMING IN, we can do these for you HOWEVER I STRONGLY reccomend you organise this yourself as each employer differs greatly.

f) If you get any problems with the switch, go back any see the person you processed it for you. the only problem I had is where Halifax IGNORED 3 LETTERS FROM SANTANDER requesting a change of details and a customer got a late payment on CC. He came back to see me with evidence, and we refunded his £12 charge and wrote a letter to Experian for him.

BIG DON'TS OF SWITCHING:

a) Do it online. I work for Santander and will readily admit online applications are hopelessly slow and inefficient. You also have nobody to come back to if any issues arise.

b) Start the switch straight away. Whats the hurry? Get your card and get online and used to your new account

c) Assume any CREDITS will be re-arranged for you. They wont.

d) Start the switch just before a big bulk of debits, asking for trouble.

e) Assume that every single direct debit will be moved. Some companies REFUSE to acknowledge the letters we send, and when this happens your only option is to call them yourself

f) Close your old account too quickly or drain all the money from it before the switch is complete. Asking for trouble.


Stick by these tips and YOU WILL BE FINE. TRUST ME.

I recently switched a guy from Natwest paying £49 a month for a £3500 OD he was living in. Now he pays 0% for 12 months and just a £5 a month thereafter. Saved him over £500 a year. He was chuffed to bits.

Good luck.

intranicity

ses6jwg wrote: »

Hi there.

Ignore the above. As long as you stick to a few certain "switcher rules" not a lot can go wrong.

a) Forgo the £100 incentive, and Do the switching in branch or via the phone. If you do it via the phone, ask for the name of the person who personally opens your account. Branch is preferable, ideally a smaller branch, as they tend to have better customer service records and the whole process will be much quicker. Both of these channels also give you 1 person who can deal with any issues you get, if indeed you get any.

Stick by these tips and YOU WILL BE FINE. TRUST ME.

Good luck.

Hmmmmm, I wonder if in branch advisors get paid commission!

Come to us, but don't bother with the £100 incentive.....

TRUST ME...... I work for Santander :rotfl::rotfl::rotfl:

Best advice though is the final bit......

Good Luck! Yes, you'll need it

ses6jwg

intranicity wrote: »

Hmmmmm, I wonder if in branch advisors get paid commission!

Come to us, but don't bother with the £100 incentive.....

TRUST ME...... I work for Santander :rotfl::rotfl::rotfl:

Best advice though is the final bit......

Good Luck! Yes, you'll need it

Do it on the phone then?

Whoever opens the account online gets paid a commission also.

When the OP is paying £400 a year in OD charges which will be wiped out, that's not something to be sniffed at.

the tips can be applied to any switcher between any bank

intranicity

ses6jwg wrote: »

Do it on the phone then?

Whoever opens the account online gets paid a commission also.

When the OP is paying £400 a year in OD charges which will be wiped out, that's not something to be sniffed at.

Totally agree, in principle and theory, the account is superb.

I signed up online, and had no problems at all, all DD's etc transfered, everything with the account is good

it's sadly the institution behind the account that is failing, and that is a shame for customers as well as employees like you who look like you care and do a good job, but the same can't be said for the group as a whole, or people would not be so anti Santander

Boyer67

Thanks to both of you! I am as yet undecided and as I'm faced with 72 hours of work whilst the rest of you (non)barstewards enjoy the sun, I shall let it lie until Monday... I'll let you know how I sway though, thanks again for your time and advice

:beer:

ses6jwg

intranicity wrote: »

Totally agree, in principle and theory, the account is superb.

I signed up online, and had no problems at all, all DD's etc transfered, everything with the account is good

it's sadly the institution behind the account that is failing, and that is a shame for customers as well as employees like you who look like you care and do a good job, but the same can't be said for the group as a whole, or people would not be so anti Santander

what sort of problems have you had?

Cmdr_Bond

Well all I have to say is Santander have lost my businees and I am slowly moving my accounts away.

I had no problems for 20+ years but all that came to and end, and what an end it came to (see signature).

There offers are VERY attractive, if only they had the support to back them up.