Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.

Should I ditch Santander 123 due to the fee increase?

edited 30 November -1 at 1:00AM in Martin's Blogs & Appearances & MoneySavingExpert in the News
26 replies 13K views
2

Replies

  • matty_artmatty_art Forumite
    217 Posts
    Part of the Furniture 100 Posts Photogenic Name Dropper
    ✭✭
    the2ems wrote: »
    Does anyone know if there is an exit fee for leaving Santander?
    Wouldn't have thought so, it's just closing a current account
  • I'm definitely closing mine.

    Torn between First Direct and TSB Plus for an alternative. TSB looks like it would pay more for me if I stay over a year, but First Direct has the much better service ratings.

    Does anyone know how the TSB online banking is?
  • Was going to switch to santander, but not sure now. Doesn't bank of scotland give the same interest on 3x£5k? Surprised to not see them listed as an option.
  • KingGoonerKingGooner Forumite
    16 Posts
    Tenth Anniversary 10 Posts Combo Breaker
    no charge - it is a current account so can leave at any time.
  • edited 24 September 2015 at 8:15PM
    KingGoonerKingGooner Forumite
    16 Posts
    Tenth Anniversary 10 Posts Combo Breaker
    edited 24 September 2015 at 8:15PM
    I got in at the beginning of the 123 promotion and have 4 accounts (we have two each) and I could probably go and get another joint one if possible.
    I will DEFINITELY NOT be leaving - I am just thankful the charge has taken so long to go up.
    I am hopeful that a lot of current members will leave so that Santander will put off any other raise in the future.

    It is true that the 123 account is probably best for those with at least £20,000 per account and I split my bills across all four so I probably won't make up the charge in the cash back but a I am receiving approx £200 a month in interest which will go up again in April - I am still quids in. Easily the highest interest and also the safest no risk investment with immediate access to funds ... what more can you ask?

    All the other banks that offer free current accounts with offers limit the amount to something not worth switching for. I had a spare £3,000 so opened a TSB account to get the 5% which I only get on the first £2k anyway. So I use whatever remains as my "spending money".

    I am on the 1st year of the Santander Credit Card so I don't pay a charge. I will probably cancel that in December (one months notice required!!) as I get a better cash back deal from Barclaycard.

    PS for those moaning about poor customer service - I received 4 letters in the post on the same day last week - one for each account.

    As a Gold customer (and now unemployed) I find the customer service terrific compared to when I was working and just had a salary going in. Best Bank around by far... increase in charges or not.
  • KingGoonerKingGooner Forumite
    16 Posts
    Tenth Anniversary 10 Posts Combo Breaker
    thrope wrote: »
    Does anyone know how the TSB online banking is?

    TSB Online service is good. No access problems in the year I have been with them.
    They also have a phone app for Android (and I assume iPhone) that works properly as well.
    I have a free SMS on a weekly basis to remind me of my current balance and also inform me if at any time it falls below £2,000.

    Santander provides the above as well.
  • I currently have a Virgin One account, and using online banking, I can split that account into smaller virtual accounts. So although all my money is in one account, I can create little accounts within that account, for different things, and easily transfer money between them. if you see what I mean. Does the 123 account have that facility?
  • I currently have a Virgin One account, and using online banking, I can split that account into smaller virtual accounts. So although all my money is in one account, I can create little accounts within that account, for different things, and easily transfer money between them. if you see what I mean. Does the 123 account have that facility?

    No the Santander 123 doesn't have that feature.
  • i hear rumours that Natwest is going to start a 3% cashback on household bills in a couple of weeks.
    And only a 3 pound fee pcm..

    Anybody else heard this??
    Will it force santander to drop it 5 increase to 3??

    Anybody??
  • grumpycrabgrumpycrab Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Bake Off Boss!
    ✭✭✭✭
    KingGooner wrote: »
    I am receiving approx £200 a month in interest
    Before tax. Show off. We've only a couple of accounts with £30K in. Still a bargain.
    If you put your general location in your Profile, somebody here may be able to come and help you.
This discussion has been closed.