S@nt@nder 123: To do or not to do?

hollie.weimeraner

I had a Halifax reward account for years which I used for paying my wifes weekly takings into via their ATM as it was convenient but since last september I've had problem after problem with this (so much so they credited me £50 to the account last month as a good will gesture). Anyway I've decided to switch to the 123 account as I have money in other accounts that will attract the 3% interest when I move it. I will also move my direct debits to the 123 so will easily make back the £60 annual payment from the Halifax.

Anyway I applied last friday - the account was up and running on Saturday and I have just received an email to confirm the full switch will occur on 1st April. So far I can't fault them.

As far as the convenience factor is concerned I can now pay in at my local Post Office which for me is nearer and more convenient so it should be a win win for me.;)

Limara

I have recently switched to the 123 account should have done it a long time ago, the switch went very smoothly no problems at all, I have never personally had any problems with them and have been banking with them since being switched from alliance and leicester. The cash back on the direct debits more than pays for the monthly fee and the interest is a bonus!

keeley1973

I have the 1,2,3 account and cant fault it. I have had £500 from them in interest and cashback so far outweighs the monthly account fee. Only snag is having to have all my "savings" in my current account. Just have to be disciplined not to spend and to know roughly how much is to be used for day to day stuff. The only thing I would say is that this account works okay because i was already with them and they just hit a button to transfer it over but when i initially went to them from Barclays a year previous, they did spectacularly !!!! up. As soon as i started the moving process lots of people warned me there would be issues and they were right. They messed up transfering 2 x standing orders (although got the direct debits right), they lost a portion of money i transfered in and kept back tracking on the status of the move even though they acknowledged things at certain points so i had stuff in writing! Also, my purse was stolen and i had a stop put on the debit card and it took them nearly 8 weeks to get the new one to me. They kept saying they had put another (plus pin no separately) in the post. Well im sorry, but i fail to see how three lots of the same. (Ie 6 separate items) can go missing in the post.

Good luck if you decide to try it

eskbanker

Thistlewhistle wrote: »

I've had a couple of friends who've been with Sr and they've found them to be not so helpful when problems have arisen, just quoting regs but not actually helping to resolve issues and complaints.

Just looking for people who have experience to get a balanced picture

Along with other posters above, I'm in the 'happy with Santander and the 123' camp myself, but I guess a lot comes down to how much you value the opinions of random anonymous internet strangers versus real friends! Also, it may be worth observing that what appears to some to be "quoting regs but not actually helping to resolve issues and complaints" may be perceived by others as "complying with product terms and conditions and/or legislation"!

hmdiow1985

Hi
I was with Halifax and found the same problem they do not reward loyalty. I approached them for a mortgage and they were the most expensive, I complained that a television advert said a free overdraft for a year, yet existing customers get nothing, and they gave me the same offer but for 6 months.
I moved over to Santander and they have been great. Easy to view finance online, the cashback even on a few DDs is worth it, even with the £2 per month deducted. I am using the account to save for my mortgage, and by the time I get to the £14000 I need, Santander would of given me roughly £400 for doing so.
No problems here, and friendly service received in branch

classy69

Hazzanet wrote: »

Who are S@nt@nder and H@lif@x?

They @re High Street [EMAIL="b@nks"]b@nks[/EMAIL].

cherryblossomzel

I've had a good experience with Santander. Got a 123 curent account and about to swich my credit card to 123 as well. 123 customers can also get low interest personal loans and decent ISA % rate (I think).

The original switch wasn't quite as smooth as it should have been (abuot 3 years ago), and I went into overdraft the first month because they messed up, but they stayed true to their word and didn't charge me for that and it didn't affect my credit record, so all's good.

They also recently gave me a good will payment of £75 about a different "mistake" that they had made. It wasn't even a proper mistake on their part, but a mistake in their records. Either way, I'm quids in and happy.

sharnap

HI
can you help, I have 123 account that I could keep the balance above £3k, does this work out better for me than putting my money into an ISA?

I usually have a good understanding of finances but for some reason ISA's confuse the hell out of me (just the transfer and why you would keep more than one open as the interest rates always fall off to nothing?),
and I don't know how to work out what actual interest rate I would get if the account is paying 3% but is tax deductible??
can someone give me a quick lesson/ explanation please
Thanks

LXdaddy

Another +1 for the "I'm with Santander and happy with them"

I also have a Halifax Rewards account and I'm happy with that. The reward account did get changed to a different type because I didn't have 2 direct debits set up on it at the time they moved that particular goal post. But they turned it back to Rewards once I set them up.

I don't have overdrafts with either institution so I can't comment on how they treat people who do.

Neither the Halifax nor the Santander accounts are my "current" account. The Halifax has funds passing throught it just enough to be able to pay the two direct debits and meet the funding requirement. The Santander account is actually a saving account to earn the 3% interest - the funding that flows to it (from Halifax as it happens) pays the direct debits on the 123 account and increases the savings value.

None of these accounts were set up by switching services, in each case standing orders and direct debits have been created by me "manually" as required. So again I can't comment in their efficency at that process.

Thistlewhistle

Archi_Bald wrote: »

Anyway, I will stop rambling and just say I have been a Santander 123 customer for as long as the account has been available. I think it is a fantastic account because it pays me cashback and interest, it's got a decent online banking and a good mobile app, my branch folks go out of their way and have even given me their direct phone number, and I got my contactless card with up the £750 daily withdrawal because they have made me a "Select" customer a while ago. I don't go overdrawn and I don't need loans, so have no practical experience with debts but I am very happy with my 123 accounts.

Thanks Archi Bald, that's the bit I was after.
T:D