MSE News: Santander to charge for 'free' business accounts

ericthekidstoner

Absolutely disgusting that they're allowed to do this having sold the product with any association of "free forever".

I'll be switching that's for sure. HSBC option looks good, at least better anyway.

ericthekidstoner

Has anyone received the letter to say T&C are changing yet? I haven't :-s

juliusceasor

With Halifax's Pet insurance for life offer ?

Banking with Santander also and can see that subsequent changes to T&C's allow the Bank to make changes but whether reneging on the original offer to entreat is allowable I am not qualified to say.

Perhaps we can set up a joint switch such as Which organised for moving en mass thousands of gas/ electricity customers to whoever offered the cheapest deal.
Surely someone would welcome 230,000 potential customers, which if based on my approach to using the free banking was prudence (why pay for something that can be free), would no doubt be sensible potential customers...
I have to Say Santander have offered some of the worst service but I have successfully made them pay compensation for every failing so far £570 but what grief.
To state that it is a change to the benefit of clients is farcical. :rotfl:

opinions4u

Some links that include "free forever".

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223410026786&maxage=3600

http://www.santander.co.uk/csgs/Satellite?cid=1237863602021&cidAgrup=845616358929450&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateY2&posSel=2

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223400950639&maxage=3600

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223410025640&maxage=3600

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223411268755&maxage=3600

Get screen shots before the pages are pulled. Exhaust their complaints system. Deluge FOS, FSA and your MPs.

tim441

ericthekidstoner wrote: »

Has anyone received the letter to say T&C are changing yet? I haven't :-s

i have the letter... have also had a follow up call to confirm it. I lodged a complaint and also called the dedicated line above to register a formal complaint too.

Co-Op do a 'free' account for FSB members only. Will be interesting to see if Co-Op take the opportunity to extend... especially with their lloyds deal to take extra branches.

I will try and look out my original t&c from Abbey National - about 10 years ago.

rrobbo

Just had a call from Santander to discuss the letter about bank account changes (not actually received it yet). The girl asked me what I was likely to do and I said I would look around and if there was a better deal then I'd move (when I opened the A&L account the other option was the COOP and I'd look at them).

Because I often have a reasonable credit in the account she did point out that there were some new business accounts that might be of interest. One account pays 1.5% for instant access if you keep a balance of over £5k and another pays 2% if you don't make any withdrawals for a year (just 0.1% on entire balance for any month that has a withdrawal). This compares with what I think is 0.25% in the standard current account. I have a couple of fixed term bonds that have reasonable rates (3.4% and 3.8%) but I've struggled to find anything worthwhile for instant access (and opening new business accounts can be a pain in the neck), so this is quite positive for my particular situation.

If you average £20k in the current account over the year you should get £300 (£240 after Corporation Tax) in the 1.5% account, rather than the £100 (£80 after tax) in the existing current account. This makes me £160 better off for little effort, which offsets the £90 charge. For me it now looks as though it might actually be better to stay put for the time being.

Steveseven

GRRrrrrr looks like the public are shafted once again by the banks.
(Bank of Dave looked fun the other night on C4, but I digress.)

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237898427431&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Start-up Business Current Accounts
Free business banking to help get your business off to the best start
Unlimited day-to-day transactions and no hidden charges

"We understand that when you're starting up in business the last thing you want to worry about is your current account. So we've made it simple: we offer free and unlimited day-to-day business banking for 12 or 18 months."

Maybe I should close my account and open it up again...

tim441

with all the stink going on with banks now .... i think we should write to our MPs too.

I will... will you too please?!

Steveseven

loving this page on Santans web site
https://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&cid=1237898363309&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA1

Robin Foale.

tim441

tim441 wrote: »

with all the stink going on with banks now .... i think we should write to our MPs too.

I will... will you too please?!

my email to my MP is as follows. I believe it is best to write to your OWN MP and not to Vince Cable etc in their ministerial roles as they will simply kick it back to your MP.:

You are probably aware by now that Santander (which now owns Abbey National and Alliance & Leicester) have ended their free banking deal for existing customers. This is outrageous considering that their original marketing was ‘Free Banking For Ever’

http://www.moneysavingexpert.com/news/banking/2012/07/santander-to-charge-for-free-business-accounts
This gives a good summary and the forum also gives a good flavour of the anger felt:
https://forums.moneysavingexpert.com/discussion/comment/54527005#Comment_54527005


As a small business owner this seems another kick in the teeth and we must remember they pay almost nothing for credit balances, charge for any transgression and the banking is mostly via internet having a miniscule marginal cost.

I think this matter should be raised at the highest levels of government and with the BofE and FSA.

I look forward to your comments