Is the Santander 123 Account Worth it?

marathonic

macman wrote: »

Why give your LA a year's interest free loan though?-this is MSE after all. The terms are that you must have two DD's set up on the account, that could be an annual DD if you wish-there's no requirement for it to be monthly.

Well my LA give a 4% discount if you pay upfront - which is a lot more than 4% APR considering the other option would involve paying a certain amount monthly, i.e. it's not an interest free loan of the entire amount for the entire year.

Santanderarehorrendous

I have just closed all accounts with Santander. MSE is right about Customer Service - they are awful. Twice their trigger happy security have intervened on legitimate payments. Last time I could not remember month and year of account opening, so failed their Security phone test. I received a text to validate the transaction and did so. However, my account remained blocked (although payment made). Security sent me to the branch. Arrived 09:50. Opening time 10:00am. Actually opened 10:04. Took 45 minutes to unblock account, then close them all in disgust. The branch staff said "don't blame us, the account you have a problem with is online" (After they opened the branch late?!). Their face to face, online and security channels are disjointed, and you will pay by wasting your time being bounced around. Do not bank with them.

dr_adidas01

Santanderarehorrendous wrote: »

I have just closed all accounts with Santander. MSE is right about Customer Service - they are awful. Twice their trigger happy security have intervened on legitimate payments. Last time I could not remember month and year of account opening, so failed their Security phone test. I received a text to validate the transaction and did so. However, my account remained blocked (although payment made). Security sent me to the branch. Arrived 09:50. Opening time 10:00am. Actually opened 10:04. Took 45 minutes to unblock account, then close them all in disgust. The branch staff said "don't blame us, the account you have a problem with is online" (After they opened the branch late?!). Their face to face, online and security channels are disjointed, and you will pay by wasting your time being bounced around. Do not bank with them.

So just because your experience has been bad doesn't mean everyone shouldn't bank with them.

Like any company with millions of customers there not going to get it right 100% of the time.

Personally I've not had a problem with them, but there not my main bank account, I simply use the 123 account for cash back on my qualifying direct debits. The everyday account I use to cycle money through my other accounts to get my rewards and other things.

ColdIron

Santanderarehorrendous wrote: »

I have just closed all accounts with Santander.
[SNIP]
Do not bank with them.

This seems an emotional rather than a considered reaction. If you want to cut off your nose to spite your face then that is your prerogative

I take security very seriously and I am pleased to see that so do Santander

I am new to the 123 account and am very happy so far, with the introduction of the 123 Exclusive Major ISA my estimation of them just gets better and better

innovate

Santanderarehorrendous wrote: »

Do not bank with them.

If you were that emotional on the phone and in Branch, they are probably glad to see the back of you.

macman

Your main beef is that they opened the doors 4 minutes late?
I would agree that the branch service can be very poor. But the online and telephone service I have had recently has been first rate and very fast. If you are just using this account as a substitute savings account, which is it's main appeal, then you should never need to go near a branch anyway.

oxters

My 123 current a/c is now up and running.
I forgot to use Quidco when opening (doh) but I thought I read somewhere on MSE about using quidco to open a Santander ISA (the 2 year 3% fix)?
I've been on to quidco and it seems the cashback from them is only on the 123's and a standard account.
Does any cashback site do a deal involving the Santander ISA?
I already have a recently opened ISA for the current year paying 2.8 guaranteed till December with a penalty for less than 60 days notice so I am thinking I will just keep it rather than transfer after 6 April for all the difference. I think I can open the 13/14 Santander Isa now for a deposit after the deadline?

Vortigern

ANGLICANPAT wrote: »

I see they say they are offering an esaver issue 9 at something like 1.5% . Why would anyone want one if they can save up to 2- 20k in the 123 @3%?

Because the eSaver can be used to set up direct debits from Halifax and any other bank that requires you to have active monthly DDs.

I'm surprised that innovate didn't say that.

macman

oxters wrote: »

My 123 current a/c is now up and running.
I forgot to use Quidco when opening (doh) but I thought I read somewhere on MSE about using quidco to open a Santander ISA (the 2 year 3% fix)?
I've been on to quidco and it seems the cashback from them is only on the 123's and a standard account.
Does any cashback site do a deal involving the Santander ISA?
I already have a recently opened ISA for the current year paying 2.8 guaranteed till December with a penalty for less than 60 days notice so I am thinking I will just keep it rather than transfer after 6 April for all the difference. I think I can open the 13/14 Santander Isa now for a deposit after the deadline?

Transfer requests must be received within 14 days or opening the account. However, you can specify that the notice period be served before the transfer is made, so you can apply now.
Quidco cashback is for opening the 123 a/c only (or the credit card). Not on the Major ISA.
If you use the online application and already have the 123 a/c open, it will take no more than a couple of minutes to get it open usually.

Jellybean_Jo

Santanderarehorrendous wrote: »

I have just closed all accounts with Santander. MSE is right about Customer Service - they are awful.....

I've had more than my fair share of issues with Santander in the past; quite serious at some point, resulting in all sorts of complaints, compensation etc. But this is unfair. One bad experience does not condemn the whole company! I'm still with them, even after everything I went through with them, and I now have my current account, savings and mortgage with them.

Why? Because they offer(ed) me the best deal available to me at the time, and I'm not in the habit of cutting my own nose off to spite my face. In fact, I've just completed my application for the 123 account. I don't know why it took me so long to be honest!

Their customer service has dramatically improved in recent years and months, particularly online and over the phone.