Santander ZERO: Are ineligible accounts about to be pulled?

Gizmo247

I notice April's interest payment has not been made on my ZERO account. It is only a few pence but I meet all the eligibility criteria (pay in £10000 + 2 standing orders) except for the £10,000 deposit, as I use my 123 account for instant access savings instead.

The account title still says "ZERO CURRENT ACCOUNT" but I wonder if this as a sign they have done an elibility check and a downgrade letter is on it's way giving 30 days notice.

Has anyone else's interest payment disappeared?

johncr

With my March statement was an announcement that from June 1 'we won't be paying you interest on your zero current account'. Of more concern was an announcement with ny April statement that 'Fees apply when you use your debit card abroad'. Will query if this is a mistake.

colsten

johncr wrote: »

With my March statement was an announcement that from June 1 'we won't be paying you interest on your zero current account'. Of more concern was an announcement with ny April statement that 'Fees apply when you use your debit card abroad'. Will query if this is a mistake.

This sounds like notification of T&C changes, which they are entitled to under the T&Cs you agreed to.

Unless you can find anything in the T&Cs that disagrees with the notification, you only have two choices - accept the changes or close your account.

johncr

Went into my local branch (amazingly, within walking distance), and they confirmed that the statement re charges for foreign transactions was a 'general' statement, which would not apply to Zero Accounts.

Gizmo247

Strangely, interest was paid this month but not last. I'm beginning to think that it is because the February interest was paid at the beginning of March due to 28 days in Feb. Aprils interest does not appear to include the missing March interest but I'm not going to complain as it is only 10p and I don't want to rock the boat.

Jhoney_2

Gizmo247 wrote: »

I notice April's interest payment has not been made on my ZERO account. It is only a few pence but I meet all the eligibility criteria (pay in £10000 + 2 standing orders) except for the £10,000 deposit, as I use my 123 account for instant access savings instead.

The account title still says "ZERO CURRENT ACCOUNT" but I wonder if this as a sign they have done an elibility check and a downgrade letter is on it's way giving 30 days notice.

Has anyone else's interest payment disappeared?

Hi Gizmo,

I didn't know you could have a zero and still take out a 123? I was reluctant to apply if I lost the zero - is it a good idea?

I think it's a favourable account as they always try to make me change it, lol -

Also, I cannot remember why it's a favourable account tbh anyone know where to find out to compare?

Gizmo247

Jhoney: Yes, you can have both. If you have a good number of qualifying household bills and over £3000 of cash to earn interest on then it does not get much better than a 123 account.

Back to no interest payment again on my ZERO account. Maybe it is just me. :-( I've still not worked out if it is something to do with the payment order to a Santander bug.