Moving our current account after 25 years

thatwilldo

A few weeks ago I started a thread about a buffer/credit balance I had built up in the joint current account my wife and I hold with Natwest. The balance was £3k and although I used some of this money to pay towards a holiday, it is very likely the balance in this account is set to increase over the forthcoming year.

My wife and I have other savings in Isas etc

The consensus on the forum was that I was missing out on interest by not switching my current account from Natwest to another provider such as TSB, Lloyds vantage/club or Santander 123.

I have since looked into these and I am interested in the 123 account especially with the cash back offers and access to other products that this offers.

I used to work for Natwest, have held a current account for 25 years with them, they have always been excellent with me, I have a £10k overdraft facility which is never used. I also have a mortgage with them, a small savings account and a credit card with them.

I am seriously considering moving my account but I have a few concerns/questions:

1 Is Santander 123 the account to consider in terms of cashback and access to other products compared to what else is on offer? I have multiple direct debits and expect a decent credit balance to be built up.

2. I understand that Santanders customer service is erratic, would anybody advise me to stick clear? I cannot afford to miss any payments with regard to my mortgage or anything else linked to my credit file. What are peoples experience of the switching service.

3. What are Santanders online banking facilities like? Natwest are excellent and this is a factor as we do a lot of our banking online.

I think I have covered everything and I hope I have left enough information for people to provide opinions.

Many thanks

Drp8713

If you are totally happy with your bank, and more interested in cashback than interest, why not just apply for a cashback credit card, do all of your spending on that and then pay it off with your Natwest debit when you get your statement.

I haven't used my debit card pretty much ever since I got my American Express Platinum Cashback Everyday. I've already got £110 of cashback since January.


http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

Nick_C

I moved to Santander 123 last year. I didn't use the switching service, as I've kept my Halifax account for the £5 monthly reward. Moving DDs myself was straightforward and not much work (need to contact the companies you are paying, but I was able to change all mine quickly on line).

If you are happy to use the Switching service (which is fully guaranteed), then go through Top Cashback for an additional £36.75 cash back.

(If you are not already a Top Cashback member, then if you join using my link, I will get £7.50 from them for referring you http://www.topcashback.co.uk/ref/ANC )

Nick_C

Drp8713 wrote: »

If you are totally happy with your bank, and more interested in cashback than interest, why not just apply for a cashback credit card, do all of your spending on that and then pay it off with your Natwest debit when you get your statement.

I haven't used my debit card pretty much ever since I got my American Express Platinum Cashback Everyday. I've already got £110 of cashback since January.


http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

I get cash back on Direct Debits where I couldn't use a credit card. Water company, Council gym membership, Mobile Phone, Virgin Media phone/cable/internet. I typically get £8 or £9 a month, which covers the [STRIKE]£3[/STRIKE] £2 fee and leaves me in profit.

ffacoffipawb

Nick_C wrote: »

I get cash back on Direct Debits where I couldn't use a credit card. Water company, Council gym membership, Mobile Phone, Virgin Media phone/cable/internet. I typically get £8 or £9 a month, which covers the £3 fee and leaves me in profit.

The fee is just £2 a month!

Nick_C

ffacoffipawb wrote: »

The fee is just £2 a month!

Quite right, thanks for correcting that.

Archi_Bald

The 123 is fabulous, I have enjoyed the benefits from it for over 2 years. The folks harping on about bad customer service must have some axe to grind. I have never had any serious problem with the 123. Their online banking is at least as good as Natwest's, though they do have different rules. One is their annoying security feature that sometimes holds up new payments for up to a working day - - but apart from that, everything is honkey dorey. I have made a huge amount of money from cashback and in-credit interest. I also have a Natwest current account (two, actually) but I haven't used it much as there has been no benefit to me of doing so in years.

No need to give up your Natwest account - you can change some DDs over at your convenience.

Though you should consider your options. Much better rates than Santander 123: TSB Current Plus and Lloyds Club. I have all of them because they are worth it (sorry, L'Oreal).

Dustykitten

I have just helped my mother switch her smile account to the 123 using quidco and the switching service. After banking with them for decades she had her concerns but the entire thing went very smoothly, all done within a week. The amount of letters, information they sent was a little daunting for her but now I have written it on one piece of paper for her she is happy.

I would say their internet banking is very basic in terms of customer interface compared with other banks but works perfectly well.

Stubod

I did have some issues with Santander customer Service a couple of years ago, but recently re-tried and have not had any problems...been operating a 123 account for the last few months with no probs, and benefiting from one of the best "savings"interest rates around....also a bit of cash back on utility DD's...just opened one for MOH. We are also maintaining our "normal" current accounts, but only keeping the minimum amount in....the rest all goes to Santander.

Archi_Bald

Dustykitten wrote: »

I would say their internet banking is very basic in terms of customer interface compared with other banks but works perfectly well.

Are you referring to Santander internet banking? If so, which banks are you comparing them with? you mention smile - surely there is nothing on smile that beats Santander's online banking?

G_M

Santander do make errors from time to time, but are excellent at both correcting them when you raise a complaint, and giving out compensatory £25 - £75 freebies.

One time they overcharged me on an international transfer. After complaining, they promised me a refund of the overcharged amount, plus £50.

A month later I complained I had not received either. They immediately gave me both, plus another £50 for failing to compensate me.

I've made far more from them by complaining than from the interest and cashback!

But seriously, I would stick with NatWest (I find them efficient, and like the internet banking), but transfer your excess balance into a decent parallel account earning interest.

If you do transfer, I would organise moving your SOs and DDs yourelf. Get a list from Natwest and set them up. It is straight forward and you the know it's been done propoerly.