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MSE News: Santander scraps packaged accounts – check if you should ditch and switch
Former_MSE_Helen
Former MSE 2.4K Posts
"Santander is axing packaged accounts in a bid to simplify its current account range and improve customer service..."
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Santander scraps packaged accounts – check if you should ditch and switch
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Santander scraps packaged accounts – check if you should ditch and switch
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Oh well lol!
Mortgage Free: 1st October 2014 :j
I held a Lloyds reward account and used the phone insurance, travel insurance and AA cover throughout the life of the account.
For me it certainly worked out cheaper than buying the products separately. I also used all three policies and claims were settled promptly and fairly.
Again mis-selling means a potentially useful product for some gets withdrawn because of the unscrupulous actions of some banks!
Scrapping the product doesn't mean you are no longer liable for mis-selling claims. You could still claim if you have a case and wanted to.
Santander clearly believe the 123 is at the heart of their business model, and are slowly removing other products.
Nationwide do a very good packaged account, so they are still around.
It's not so much that. It's the fact that these accounts are often sold face to face where there is no documentation of what the staff said, so mis-sale complaints are hard to defend against even when there is no wrongdoing. Even where there is documentation where the customer has signed a bit of paper which quite clearly says what they're signing up for and the exclusions, they'll still make a complaint of "I just signed what was put in front of me" and possibly win.
In the current culture there is a tendency for people to make complaints of mis-sale just on the offchance that they get a payout, rather than because of any real reasons. Packaged account mis-sale is the new "big thing" in this regard, after bank charges and PPI. MSE is already pushing people to make complaints and the texts and calls from reclaiming companies are already being made. That's why Santander is doing this.
~~joosy jeezus~~
It makes sense.
As my wife and I are both in our seventies travel insurance will now cost us considerably more and I suppose that this is what Santander call progress as it will no doubt considerably increase their profits.
Now I've got the option of moving to a service that will charge me £22/month (as I usually bump just into my overdraft from the 10th day after payday and re-surface on payday!), though I've worked out I'll get about £6 cashback... so £16/month but with no insurance?
I think I'll be looking to switch, although I don't have the best credit rating and will need them to match my current overdraft - any suggestions people?
All I was trying to imply was that for some the products actually make financial sense and were fit for purpose. Clearly others were mis-sold the accounts and they were of little or no use.
PPI was the same.