Santander free forever bank account changes

Jumblebumble

climpies said:

Just got a letter in the post that Santander are changing my business account to £9.99 a month. I've had it a very long time and remember Santander trying this move before only to be told they can't because the original sign up material pushed it as being free forever.

Does anyone have any thoughts?

How odd that HSBC business are doing the opposite

We're removing your £8 monthly account fee

Dear Customer

As part of our commitment to supporting small businesses, we're removing the £8 monthly account fee from your Small Business Banking Account(s).

This means as a valued customer, you'll no longer be charged the monthly account fee from your first charging cycle that begins on or after 1 July 2025.

Seems a no brainer for us to complain fitrst about the "Free forever" and then move if no joy
( Dont want to move in case HSBC follow suit)

IanManc

Since @amyfairweather posted all those documents the people who have been saying that Santander can change the T&Cs to remove free banking or close the accounts altogether seem to have gone very quiet ........

Jumblebumble

Hoenir said:

Customers that complain cost them money. Even more reason to terminate the relationship. No love lost when it comes to business. 

Only dodgy companies make promises, dont keep them and then terminate the relationship if someone complains
Santander will  to be taken to the ombudsman by us to help focus their mind on their obligations to treat customers fairly

Jumblebumble

noitsnotme said:

Looks like they've made a judgement call and calculated that the amount they will have to pay out in respect of FOS complaints offset against how much they will save by closing the free banking accounts, is worth taking the risk of proceeding.

As mentioned above, I don't know why people are wasting energy over this when there are other (better?) free banking options out there.

Who is going to pay me for the effort in switching?

Jumblebumble

Lightning360 said:

ice70 said:

 we can only reiterate that our general terms & conditions (Section E, 14) allow us to migrate your account to a different product, but we must provide at least 2 months notice before we do. We’ve sent a letter to all impacted customers, alongside an email where possible.

These changes would not fall into scope for a complaint as we have given more than the recommended notice period for this to allow plenty of time for you to consider and act upon what is best for you and your business going forward and to avoid any financial disadvantages.

So any thoughts on this or are people going to continue to ignore the fact that their aren't adding fees to the product, but essentially closing the product and transferring you to a different one?

Santander are under an obligation to treat customers fairly if I understand correctly

noitsnotme

Jumblebumble said:

noitsnotme said:

Looks like they've made a judgement call and calculated that the amount they will have to pay out in respect of FOS complaints offset against how much they will save by closing the free banking accounts, is worth taking the risk of proceeding.

As mentioned above, I don't know why people are wasting energy over this when there are other (better?) free banking options out there.

Who is going to pay me for the effort in switching?

As mentioned earlier, Tide will if you switch to their free business account - https://www.tide.co/bca100

janusdesign

noitsnotme said:

Jumblebumble said:

noitsnotme said:

Looks like they've made a judgement call and calculated that the amount they will have to pay out in respect of FOS complaints offset against how much they will save by closing the free banking accounts, is worth taking the risk of proceeding.

As mentioned above, I don't know why people are wasting energy over this when there are other (better?) free banking options out there.

Who is going to pay me for the effort in switching?

As mentioned earlier, Tide will if you switch to their free business account - https://www.tide.co/bca100

** but only if you spend £1,000 in the first two months **
they do have a £50 referral offer too - though with that, you need to spend £500 in 3 months to get it.

ForumUser7

Jumblebumble said:

climpies said:

Just got a letter in the post that Santander are changing my business account to £9.99 a month. I've had it a very long time and remember Santander trying this move before only to be told they can't because the original sign up material pushed it as being free forever.

Does anyone have any thoughts?

How odd that HSBC business are doing the opposite

We're removing your £8 monthly account fee

Dear Customer

As part of our commitment to supporting small businesses, we're removing the £8 monthly account fee from your Small Business Banking Account(s).

This means as a valued customer, you'll no longer be charged the monthly account fee from your first charging cycle that begins on or after 1 July 2025.

Seems a no brainer for us to complain fitrst about the "Free forever" and then move if no joy
( Dont want to move in case HSBC follow suit)

Wonder if HSBC have done this to try and hoover up customers if they leave Santander 

Smurrfmo

Gimletree said:

As they are using the Business Banking General Terms and Conditions section E(14) which only allows them to make the change if they no longer offer the account type, they are breaking those conditions unless they no longer offer any Business Current Accounts, as that is the type of account!

Just because they call the present one an Everyday Current account and the replacement a Current Account - Classic doesn't make them different account types, they are still both Current Accounts.

Absolutely right.

solidpro

I have just printed off the template earlier in this threat and will post it to Santander's complaints dept. From my recollection, when I took up their offer of 'free forever' business banking in 2008 they had already become Santander, and the fact they still offer business bank accounts mean they can't just sunset a business account with an offer they made which they no longer like. Depending on the response I will then raise a complaint to the FSA.  I really don't see the why the previous two U-Turns no longer count in their eyes because I can see no fundamental change which would mean the rules now mean they can close my forever account.