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Santander Current Account new T&C's
Comments
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Why do you need to wait with opening a 123 account until you remortgage? Don't understand.Will now move it to a 123 account which is better for us overall but cant do so until our remortgage completes early next year.Need to do the same with our RBS royalties gold account - guess December is the month for messing about with current accounts. The sceptic in me wonders whether the banks are doing it at this time of year to try and sneak it past people who are pre-occupied with Christmas!
Nobody is messing about with current accounts. T&Cs can change any time of year. But more importantly, you can change and/or add current accounts just about any time you like. There is nothing that says you can have just one current account.0 -
I got the same T&Cs changes for the current account I have with Santander. I have had the same account since 1998, when it was still Abbey national. I have never explored the possibility to move to another account before, probably because I remember the problems experienced when the switch was made from Abbey to Santander, so in my mind it's a question of "if it's not broken don't try to fix it".
But I must admit that 123 account sounds good. Maybe too good to be true and/or to last?I can see at sometime in the future Santander will stop all these incentives such as cash back once they have most people swapped. Given that the T & C's are changing every few weeks then before you know it what was a good deal becomes a cost.
That's what I was thinking, though after trying the cashback calculator it looks like I would save a few bob and looks worthwhile switching.
Would the switch to a 123 account straightforward or has some people experienced some problems by doing so?
I suppose that also means a new card with another account and card number.0 -
I think you got that wrong, but please let me know if I missed a T&C update. I understand:
You have to pay £2/mth for a 123 account, regardless.
If you want cashback and/or interest, you have to- deposit at least £500/mth
- have at least 2 direct debits
If they really want people to move why insist on havuing two DDs. My Mum would be willing to pay £2 a month if she got interest and cashback. But she does not use DDs and has an old account. She also pays in well above the minimum. Actually thinking about moving to Nationwide!Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
I got the same T&Cs changes for the current account I have with Santander. I have had the same account since 1998, when it was still Abbey national. I have never explored the possibility to move to another account before, probably because I remember the problems experienced when the switch was made from Abbey to Santander, so in my mind it's a question of "if it's not broken don't try to fix it".
But I must admit that 123 account sounds good. Maybe too good to be true and/or to last?
That's what I was thinking, though after trying the cashback calculator it looks like I would save a few bob and looks worthwhile switching.
Would the switch to a 123 account straightforward or has some people experienced some problems by doing so?
I suppose that also means a new card with another account and card number.
Santander seem capable of switching their own customers without a change of account number these days.
I have to say that the 123 account is very good. If they do reduce the terms I will just move. But for most people the cash back on bills pays the £2 a month.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
If they really want people to move why insist on havuing two DDs. My Mum would be willing to pay £2 a month if she got interest and cashback. But she does not use DDs and has an old account. She also pays in well above the minimum. Actually thinking about moving to Nationwide!
They probably want customers to use the account as their main account, thus insisting on at least two Direct Debits and minimum funding to get the perks.
The top interest rate tier on a Santander 123 current account is 3% on balances of up to £20,000. I'd be surprised if your Mother couldn't get a better rate of interest elsewhere. And she wouldn't receive cashback on bill payments if they weren't paid by Direct Debit anyway.
Is she considering a Nationwide FlexDirect account? It's been discussed here already and doesn't seem to off anything special. It seems pretty poor really.0 -
Because they only want main account customers. They don't want people just grabbing the account for the interest, hence the 2 DDs and £500/month funding requirement. Like other banks though, they forget that 2 DDs means 2 savings accounts, and Tesco will oblige.If they really want people to move why insist on havuing two DDs
The Santander account is 3% if you have DDs to cover the £24 yearly charge, or 2.88% otherwise if your paying the charge from your interest (higher the less cash you put in)0 -
Because they only want main account customers. They don't want people just grabbing the account for the interest, hence the 2 DDs and £500/month funding requirement. Like other banks though, they forget that 2 DDs means 2 savings accounts, and Tesco will oblige.
The Santander account is 3% if you have DDs to cover the £24 yearly charge, or 2.88% otherwise if your paying the charge from your interest (higher the less cash you put in)
Yes of course you are correct. In fact it would be her only current account its just that she does not have any need for DDs since I deal with all of her bills.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
There's a decent incentive for moving all sorts of DDs - - the cashback. No other bank gives you cashback on your DDs (yet?).They probably want customers to use the account as their main account, thus insisting on at least two Direct Debits and minimum funding to get the perks.
There is no instant access savings account that comes even close to 3% AER. Nothing close either if you use 2.88% AER, taking off the £24 for 12 months account fee.The top interest rate tier on a Santander 123 current account is 3% on balances of up to £20,000. I'd be surprised if your Mother couldn't get a better rate of interest elsewhere.
You'll be extremely lucky if you get 2.35% AER for an instant access account. Except if you go for a Lloyds or BOS Vantage, another current account, which pays 3% on balances between £3K and £5K. No cashback from Lloyds though.
If you want 3% in a "proper" savings account, you have to lock your money away for at least 12 months.
A Flexaccount is a neat little current account to have because you get access to "Flexclusives". Not sure there will be future Flexclusive offers but what they had so far (e.g. 4.25% ISA last April) was pretty good, and I'd take a gamble on some other offers coming down the line. You also get decent European travel insurance cover thrown in. But no interest on your balance, and no cashback. I would definitely have a Flexaccount if I was able to meet the minimum requirements - but it wouldn't be my only current account. If I had to chose between 123 and Nationwide, I'd go with a 123.Is she considering a Nationwide FlexDirect account? It's been discussed here already and doesn't seem to off anything special. It seems pretty poor really.0 -
notbritishgas wrote: »With todays statement download was notification of new T&C's for a lot (perhaps all?) of existing non 123 accounts from Jan.
The information on my paper statement is that information on the new T & C will only be enclosed if it applies to my type of account. No information was enclosed so the Everyday Current Account is not affected.0
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