santander rewards current account

bobbyblade

we joined this account due to the extras given at time of saving , travel insurance basic plus breakdown cover for a small extra premium we received a letter today that from the 19th october all these benefits must be stopped which will have me looking elsewhere in a few months time .:mad:

cruesfan

bobbyblade wrote: »

we joined this account due to the extras given at time of saving , travel insurance basic plus breakdown cover for a small extra premium we received a letter today that from the 19th october all these benefits must be stopped which will have me looking elsewhere in a few months time .:mad:

We did the same. Poor show from Santander, with absolutely no rationale for why they are doing this.

Looks like a move to Halifax or Nationwide is on the cards.

ses6jwg

Four rationales I think, in no particular order:

1) Santander have a huge number of "back-book" savings and current accounts from the Abbey and A&L days. This can make things confusing for both customers and staff as all literature has mountains of small print relating to the many different accounts. They want to simplify the range.

2) Santander want to focus everything around the 123 current account and it's related offers and reward customers who have their "main" account with Santander.

3) As more and more people have moved from the "back book" products to the 123 account and everyday account it has probably become less and less cost effective to run the older accounts with insurances.

4) There is a big mis-selling scandal on the horizon for fee-paying accounts just like with PPI and as with everything... the ambulance chasers have spoiled the party for the people who genuinely benefited from these accounts. Santander like most other banks have moved out of insurance-related accounts now before the eye of the storm hits.

BobQ

bobbyblade wrote: »

we joined this account due to the extras given at time of saving , travel insurance basic plus breakdown cover for a small extra premium we received a letter today that from the 19th october all these benefits must be stopped which will have me looking elsewhere in a few months time .:mad:

Why should they maintain an account forever? Have they broken a promise to maintain it to a specific date?

ManAtHome

Pretty sure the main reasons given in post #3 will catch up with all banks soon enough. Recent article on the Santander changes here http://www.thisismoney.co.uk/money/saving/article-2366565/Santander-kick-nearly-half-million-customers-paid-perk-accounts.html