Santander to slash 123 account interest and shake up overdrafts
Comments
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Not sure if anyone has posted the full press release
https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-announces-current-account-changes-january-2020
It seems that only 2% of customers will find the changes mean they will not earn enough to pay the monthly fee and 9/10 customers will be unaffected by the change in the cap. That makes me wonder why they did not just reduce the interest rate and write to the 2%.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
only 9/10 customers will be affected by the change in the cap
"Nine in ten customers will be unaffected by the cap".
I would have expected more customer to be affected by the £5 cap on 1% items where they spend over £500 per month on a Santander mortgage, council tax and water? That would only require a mortgage balance of around £100k.
Alex0 -
"Nine in ten customers will be unaffected by the cap".
I would have expected more customer to be affected by the £5 cap on 1% items where they spend over £500 per month on a Santander mortgage, council tax and water? That would only require a mortgage balance of around £100k.
Alex
Thank you Alex for the correction.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
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"Nine in ten customers will be unaffected by the cap".
I would have expected more customer to be affected by the £5 cap on 1% items where they spend over £500 per month on a Santander mortgage, council tax and water? That would only require a mortgage balance of around £100k.
Alex
Its not that unreasonable that only 10% of 123 account holders have a Santander mortgage.
There'll be loads who are either renting or mortgage paid off so wont have a mortgage. And those that do could most could probably get a better rate elsewhere even after factoring in cashback.0 -
whattochoose wrote: »It wasn't as easy as I thought. I rang First Direct. The upshot is I mistakenly (and no doubt naively) thought I could open a First Direct current account without fully realising I'd have to close my Santander account and transfer all my DD's and incomings to a newly opened First Direct account - that is if I expected to receive the £100 opening offer. [...]0
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joining incentive is conditional on using CASS to switch another current account to FD, a process which unavoidably entails closure of the old account.
Is that true?
I switched current accounts using that service about 18 months ago and I'm sure there was an option to leave the old account open.
(I didn't use it, but I assume it would have worked).0 -
Is that true?
I switched current accounts using that service about 18 months ago and I'm sure there was an option to leave the old account open.
(I didn't use it, but I assume it would have worked).
There may well be with some, however you wont get the switching bonus leaving old one open.0 -
joining incentive is conditional on using CASS to switch another current account to FD, a process which unavoidably entails closure of the old account.
I switched current accounts using that service about 18 months ago and I'm sure there was an option to leave the old account open.
(I didn't use it, but I assume it would have worked).
https://www1.firstdirect.com/banking/switching-bank-accounts/#at-a-glance:To get the £100 cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account.
https://www.currentaccountswitch.co.uk/helpandsupport/Pages/Help.aspx:Q. Do I have to close my old account?
A. Your old bank will close your old account as part of the switching process. This ensures that any payments made to your old account are automatically redirected to your new account.
If you want to, you can switch and keep the old account open, but you won’t be able to use the Current Account Switch Service.0
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