Santander 123 - is it worth the hassle?

innovate

davethorp wrote: »

Hassle? What hassle?

Santander do get a bad rep and whilst it may be deserving we haven't had any issues with them in nearly 1 year of having a 123 account with them.

Precisely, my experience too. Initially, I admit, I was swayed by the MSE anti-Santander brigade but I made up my own mind about 2 years ago when Santander were offering the best cash ISA rate I could get. Somewhat to my surprise, nothing went wrong. I then jumped on the 123 as soon as it got launched, and I haven't regretted it once.

Don't forget (like me!!!) to apply via Quidco/Topcashback for about £45 cashback.

davethorp

innovate wrote: »

Don't forget (like me!!!) to apply via Quidco/Topcashback for about £45 cashback.

You aren't the only one. I forgot to go through cashback sites when I opened my 123 account :mad:

homerhotspur

Well, thanks for all the answers. I have to admit I also have ISA's with Santander and have had no problems, although a current account switch is clearly more vunerable to issues. I suppose you just have to take your chances on them ending the 3% interest. I can't help thinking that, once they have hit a certain number of customers, they will withdraw it and how sustainable will it be to keep paying 3% in the current climate?

innovate

homerhotspur wrote: »

Well, thanks for all the answers. I have to admit I also have ISA's with Santander and have had no problems, although a current account switch is clearly more vunerable to issues.

Please point us to any posts where people have complained about their 123 current account, or the switching.
The only negative post that I can recall was from someone who was fuming because he didn't know he could upgrade from his existing Santander current account and keep his account number, sort code, debit car and cheque book, and all his DDs. He blamed Santander for it but admitted that he had not asked them. Just the kind of complaints I have seen about Santander here on MSE, apart from the unqualified emotional "don't touch them with a bargepole" comments.

homerhotspur wrote: »

I can't help thinking that, once they have hit a certain number of customers, they will withdraw it and how sustainable will it be to keep paying 3% in the current climate?

Well, we shall see. They would most likely experience a mass exit if they worsened the perks. No idea whether they would care or not if people left in droves. Until any worse conditions get announced, I am happy to cash in on the 3% (and my cashback). The account netted me about £600 by now. Only place I could have got more in an instant access account would have been a cash ISA or Lloyds Vantage 4%, but I am maxed there.

homerhotspur

It wasn't really intended as an anti- Santander post. I have already said I have had no problems with my ISA's. There was, however, certainly a time, going back, when I could easily have found such posts to 'point' you towards, although not specifically the 123 account. I was just talking generally about problems with changing an account after 30+ years without problems to a new bank which as we know has had customer service issues in the past.

I wouldn't be considering doing it if I had serious concerns.

innovate

Nobody forces you to close your old account, so you could keep it open as a fallback.

I have about a dozen current accounts, any of which I could fallback to literally instantly....of course I would have to change the DDs and SOs, but that's a minor annoyance as and if I have to make a switch.

I treat current accounts a bit like clothes ---- I have lots of them, some I use more than others, some I get rid of, and sometimes I get some new ones. Usually I get value for money, but occasionally I buy something that looked good but is actually naff.

YorkshireBoy

innovate wrote: »

occasionally I buy something that looked good but is actually naff.

You bought an M&S Everyday Savings Account too then?

innovate

Actually yes, I did. Still got the £1 opening deposit to withdraw, thanks for the reminder!

knightstyle

We changed to the 1-2-3 current account a couple of months ago, all seems fine.
Don't forget to do all your shopping with a Santander credit card to maximise the return on this account.
Plus have you a different pin number for all your cards? If not you will not be protected in case of fraud!

Hominu

knightstyle wrote: »

Plus have you a different pin number for all your cards? If not you will not be protected in case of fraud!

Where does it say this in the T&Cs ?

All I see is the following:

Santander wrote: »

20.4 You and each additional cardholder must:
a) make sure that each Card is signed as soon as you receive it;
b) keep your Personal Security Details and Card safe and not let anyone else know them or use them;
c) learn your Personal Security Details, PIN and other security information and keep them secret at all times, including never writing them down and destroying the notification we send you; and
d) take care when storing or disposing of information about your Account.

I doesn't seem to say anything like "Your PIN must be different to every other card you hold".