Santander

mashauk

Grrr, I rarely go in a branch anymore as the lines are so long but had to go in to get some cash today as I needed more than my daily allowance, but was in a hurry, I couldn't get out of there before they'd tried to sell me a new bank account and change my mortgage to them, when did they become pushy sales assistants, I won't be going in again unless it's an emergency:)

InsideInsurance

Since basic current accounts were no longer profitable and effectively used as a loss leader to cross sell other products that are more profitable to the customer

ses6jwg

I made a customer £1700 a year better off yesterday by inviting her for a review on the counter last week.

She had £56,000 in a savings account paying 0.1%. And an ISA paying 0.15%.

We upgraded her bank account to the 123 current account and put 20k in there.

We moved the remainder into a Branch Saver paying 2.3%. We used her ISA allowance and upgraded it to 3% instant access.

We set her up with a 123 credit card to save money on fuel and shopping (she used her debit card for these things anyway).

The customer was extremely pleased that I had the courtesy to invite her in to review her accounts.

dr_adidas01

ses6jwg wrote: »

I made a customer £1700 a year better off yesterday by inviting her for a review on the counter last week.

She had £56,000 in a savings account paying 0.1%. And an ISA paying 0.15%.

We upgraded her bank account to the 123 current account and put 20k in there.

We moved the remainder into a Branch Saver paying 2.3%. We used her ISA allowance and upgraded it to 3% instant access.

We set her up with a 123 credit card to save money on fuel and shopping (she used her debit card for these things anyway).

The customer was extremely pleased that I had the courtesy to invite her in to review her accounts.

So really you sold her a lot of stuff she didn't need, so that your monthly selling figures look good!!!!

innovate

I can see how that woman now has a much better deal than she had before. Pretty daft to have £56K quietly losing money every day on 0.1% and 0.15%..........you got to wonder how she was ever smart enough to accumulate £56K (no rude suggestions, please!).

Unfortunately, she got far from the best deal - - - just goes to prove once more that bank sales people sell what they are incented to sell (as if proof was needed).

Mind you, as long as there are people who allow themselves to be sold to, without doing a proper shop about themselves beforehand, the banks salespeople aren't a threatened species.

With apologies to ses6jwg - I know you are only doing your job.

opinions4u

dr_adidas01 wrote: »

So really you sold her a lot of stuff she didn't need, so that your monthly selling figures look good!!!!

The facts stack up though. That customer is better off for talking to her branch.

She could be better off by shopping around for the best available elsewhere, but values the convenience of her branch.

The alternative? Do nothing and chuck away close to £150 a month.

I've no problem with somebody achieving their sales targets if the customer wins like that.

Have you?

innovate

May be I was a little harsh in my earlier comment, so I'd like to clarify

• I value ses6jwg's contribution to the MSE forums a lot - they are always constructive and honest
• the Santander 123 current account is probably the best current account in town right now (I have had one myself ever since it first launched). Not sure I would have £20K in there, though - - there are other places that pay more for large sums
• the Santander credit card is great for someone who doesn't already have a cashback credit card, and for UK purchases. There are other good cashback cards, and for use abroad, the Santander credit card is definitely not the best you can get.
• the Santander ISAs are great value at present, and they did beat some other banks in this year's ISA "season" (so I do have one of those)
• the Santander Branch Saver gets beaten by the Santander esaver (of which I have one myself, too)
• and there are other banks whose offers beat Santander's now and then
• and saving isn't the only thing you can do with your money - - you can also invest it. Different story altogether - - and definitely not something you would want to discuss with any bank

Bottom line, though, for someone who is quite oblivious about what £56K can make for them, and still has the (mis-)concept of having to stick with one single bank, there are many worse banks than Santander, and probably none better.

ses6jwg

dr_adidas01 wrote: »

So really you sold her a lot of stuff she didn't need, so that your monthly selling figures look good!!!!

So this customer did not need £1700 extra in their pocket? How on earth could anyone not "need" more money?

Banks are a business just like any other company. Would you expect Tesco employee's to tell their customers to go and buy their ice cream/ meat/ fruit and veg from a competitor because its cheaper?

Would you expect Currys to tell their customers to go and buy a TV down the road in Comet as its cheaper, or their giving away free dvd players? No that would be a ridiculous assumption.

At the end of the day I did what was best for the customer, whilst still achieving the aims and goals of the company and its shareholders.

The point I was trying to make is that yes its all very well and good that you are on mse and I am as well. But members of mse represent 0.000001% of the British public. A lot of people need help and a little bit of guidance when it comes to finance.

The customer was happy, I was happy, the company was happy.

ses6jwg

innovate wrote: »

May be I was a little harsh in my earlier comment, so I'd like to clarify

• I value ses6jwg's contribution to the MSE forums a lot - they are always constructive and honest
• the Santander 123 current account is probably the best current account in town right now (I have had one myself ever since it first launched). Not sure I would have £20K in there, though - - there are other places that pay more for large sums
• the Santander credit card is great for someone who doesn't already have a cashback credit card, and for UK purchases. There are other good cashback cards, and for use abroad, the Santander credit card is definitely not the best you can get.
• the Santander ISAs are great value at present, and they did beat some other banks in this year's ISA "season" (so I do have one of those)
• the Santander Branch Saver gets beaten by the Santander esaver (of which I have one myself, too)
• and there are other banks whose offers beat Santander's now and then
• and saving isn't the only thing you can do with your money - - you can also invest it. Different story altogether - - and definitely not something you would want to discuss with any bank

Bottom line, though, for someone who is quite oblivious about what £56K can make for them, and still has the (mis-)concept of having to stick with one single bank, there are many worse banks than Santander, and probably none better.

I sold to the customers needs, within the best of the tools I had avaliable, after listening to them. They needed instant access for a house purchase and don't like online banking so a branch saver was a good compromise. They use their debit card for purchases so the 123 card was quite good for them.

I am actually quite grateful at times to work for a company with fairly competitive products.

It must be so frustrating to work for Natwest or HSBC and be trying to flog ISAs and Bonds at 1% and current accounts that do diddly squat. I've had customers come to me who have been sent over from HSBC because these "Premier" customers can't get more than 2% on the 60k in their HSBC cash isa.

sscott5581

I opened a 123 current account three months ago. On application the account was approved with £500 overdraft, I did not take the overdraft. I changed my mind and went to apply for £250 online the other day, a message appeared stating the amount was above the maximum allowed. I phoned telephone banking and was told no overdraft was available at present.

When does the monthly cra feed change pre-approved limits?

Regards
Steven

ses6jwg

sscott5581 wrote: »

I opened a 123 current account three months ago. On application the account was approved with £500 overdraft, I did not take the overdraft. I changed my mind and went to apply for £250 online the other day, a message appeared stating the amount was above the maximum allowed. I phoned telephone banking and was told no overdraft was available at present.

When does the monthly cra feed change pre-approved limits?

Regards
Steven

If you don't take what's offered at opening, then you need to have 3 months turnover through the account before you can apply for an overdraft. Overdraft limits in Santander are primarily based on credit turnover, with a monthly cra feed having some influence as well. However somebody with 1000 a month going through their account and a default on their credit rating is more likely to get an overdraft than someone who has 10 a month going through the account and a flawless credit rating.