Santander phone call - not good

gorbyuk

Sorry if I confused you I already have 11/12 isa allowance filled so I am transferring an additional 10k from Santander to HSBC making it 15k+ in the HSBC account I have managed to get HSBC to give me a higher rate than normal as I believed that the balance of 15k rather than isa amount of 15k for higher rate. So I said if I transfer that amount take 12/13 allowance out and add to my 11/12 then on April 6th take out another for 13/14 allowance they agreed so I'm going on Monday to make arrangements. I had been a HSBC customer for over 20 years and decided to move last July as I believed I had become a number rather than a person. I think hearing from them they want my business back so we will see

aleph_0

Probably being over-cautious here, but DotMatrix, did you give out any personal details? If a scammer found out you had said account, ringing about a rate reduction sounds like a good excuse for ringing you.

BobQ

typistretired wrote: »

This is currently showing on their website update 4th February 2013.

eSaver (Issue 5) Including bonus Excluding bonus Including bonus Excluding bonus


1+ 3.20% 0.50% 2.56% 0.40%

Rates effective from 9 June 2012. Includes variable rate bonus for 12 months from account opening. Monthly rates are 3.15% (including bonus) and 0.50% (excluding

bonus) gross and 2.53% (including bonus) and 0.40% (excluding bonus) net.

DESPITE THEIR FAULTS I DON'T BELIEVE SANTANDER WOULD RING YOU ABOUT THE REDUCTION UNLESS YOU ARE A SPECIAL CUSTOMER. I SPOKE TO CUSTOMER SERVICES YESTERDAY ABOUT A DIFFERENT MATTER AND THEY WERE UNAWARE OF A REDUCTION.

I EXPECT A LETTER FROM THEM ABOUT ANY REDUCTION AS I BELIEVE THEY ARE ATTEMPTING TO RAISE THEIR CUSTOMER SERVICE PROFILE

It may be that the local branch is taking the lead in this. Some Branch managers seem to have a lot of scope to do their own thing.

innovate

gorbyuk wrote: »

Sorry if I confused you I already have 11/12 isa allowance filled so I am transferring an additional 10k from Santander to HSBC making it 15k+ in the HSBC account I have managed to get HSBC to give me a higher rate than normal as I believed that the balance of 15k rather than isa amount of 15k for higher rate. So I said if I transfer that amount take 12/13 allowance out and add to my 11/12 then on April 6th take out another for 13/14 allowance they agreed so I'm going on Monday to make arrangements. I had been a HSBC customer for over 20 years and decided to move last July as I believed I had become a number rather than a person. I think hearing from them they want my business back so we will see

OK, seems we're getting somewhere. Firstly, the 2.75% for over £15K is not a special deal for you - anyone with an HSBC current account and £15K in an ISA can get it. http://www.hsbc.co.uk/1/2/savings-accounts/cash-isa

I am still unclear though how you would get your ISA balance to £15K before April 6, and therefore can't understand why you plan to transfer more than £5,640 this Monday.

Are you saying HSBC will give you 2.75% immediately if you deposit an additional £5,640 into the ISA for the current year, and show them that you have another lot of money to put into the ISA on April 6th? By depositing it now into HSBC, into a non-interest bearing account?

gorbyuk

innovate wrote: »

Are you saying HSBC will give you 2.75% immediately if you deposit an additional £5,640 into the ISA for the current year, and show them that you have another lot of money to put into the ISA on April 6th? By depositing it now into HSBC, into a non-interest bearing account?

Yes

But I have several saving accounts where the money can be placed in at the HSBC in the meantime

rb10

gorbyuk wrote: »

Yes

But I have several saving accounts where the money can be placed in at the HSBC in the meantime

If this is really the case, ensure that you have it in writing, and that it is completely clear that this is what they are doing.

Personally, I believe that you are mistaken. Happy to be proven wrong though.

gorbyuk

Just to give a quick update as was predicted HSBC went back on what they assured me they would do so I transferred the cash back out and have also made arrangements to move the isa.

Well done HSBC! You have just lost 15k I know that's tiny in the bigger scheme of things but anyway I refuse to be led on by them

innovate

Don't cut yourself off entirely - - the 2.75% for over 15K does sound a good deal, and it might stay top of the league despite the impending ISA "season".

If it's still about in the first week in April, it might be worth putting your £5,640 in then, and follow it immediately with another £5K or thereabouts on April 6.

HSBC won't even shrug their shoulders if you pull out your ISA, and they won't miss your £15K. So the only one hurting would be you, by getting a worse interest rate elsewhere.

savetilibleed

neil324 wrote: »

Will there be written notice of this or will it just happen.

I have an issue 5.

Me too issue 5. Would have thought Santander would not want to get caught by cutting rates then sometime later, tell people (or not) like the Post Office did(n't). They were forced to keep rates up for longer.

I'm keeping an eye out just about every day on their link re accounts no longer available. Keep toying with the idea of moving some money to Santander to gain another £2/month for a few weeks, but sort of suspecting them to do the deed soon.

SpanishBlue

neil324 wrote: »

Will there be written notice of this or will it just happen.

I have an issue 5.

I expect enforcers to start coming round with sticks in the next phase of repression.

I got a letter from Santander yesterday informing me my Issue 5 account rate would drop from 3.2% to 0.5% on July 10th. I was already expecting this drop as that is the 12 month anniversary of the account, but surprised that letters are being sent out in April for rate changes in July.

Call my cynical, but are Santander hoping that by sending letters out so early, some of us will have forgotten to switch their money elsewhere by the time the bonus ends? :huh: