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Switching from Santander after 3 months...or not?
melf67
Posts: 3 Newbie
Hello,
About 3 months ago, I switched our current account from Barclays to Santander. At the time, it was a toss up between Santander and First Direct, the incentive being the £100 switch and another £100 for having an A&L mortgage at the 31st August 2011 (I switched to an HSBC mortgage in early October
) and the 5% AER interest for 12 months. We received the switching bonus last month.
Anyway, we are now on the verge of moving house and I am probably going to change mortgages to First Direct. The mortgage requires you to have a First Direct account for the life of the mortgage, so I am thinking of either:
a) switching current accounts from Santander to First Direct
or
b) leaving the Santander account open and transfer £1500 every month to First Direct to get the switching bonus (then probably transfer £1400 straight back to Santander to benefit from the interest), then close the Santander account when the 5% interest ends.
Which one makes more sense?
Does anyone know if there is any penalty for leaving Santander after only a few months?
Your replies are appreciated.
Thanks.
Mel
About 3 months ago, I switched our current account from Barclays to Santander. At the time, it was a toss up between Santander and First Direct, the incentive being the £100 switch and another £100 for having an A&L mortgage at the 31st August 2011 (I switched to an HSBC mortgage in early October
) and the 5% AER interest for 12 months. We received the switching bonus last month.Anyway, we are now on the verge of moving house and I am probably going to change mortgages to First Direct. The mortgage requires you to have a First Direct account for the life of the mortgage, so I am thinking of either:
a) switching current accounts from Santander to First Direct
or
b) leaving the Santander account open and transfer £1500 every month to First Direct to get the switching bonus (then probably transfer £1400 straight back to Santander to benefit from the interest), then close the Santander account when the 5% interest ends.
Which one makes more sense?
Does anyone know if there is any penalty for leaving Santander after only a few months?
Your replies are appreciated.
Thanks.
Mel
0
Comments
-
If you have got your £100 switch to first direct.
They are lot's of posters on mse who say they are first class.
Santander........Just the name makes me cringe.
If I was you go with first direct.Let the sunshine.0 -
A lot of people moan about Santander with no direct experience of them... Every company makes mistakes including First Direct!
My mum/dad recently moved their account to Santander using the switcher service and it was handled in 5 days, all DD's moved across and they were kept up to date! Card/Pin arrived very quickly too!
So Santander have 2 happy customers there... too many people jump on the bandwagon now! Do you all seem to think that Santander are unable to improve the service they offer!?0 -
I have a lot of direct experience with Satander and am just celebrating the end of my final account with them (loan). Moved current account to First Direct two years ago and not a second of regret since.0
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