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Santander current account

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    Santander current account

    Got various savings of varying risk. Need a bit more safe, so looking at cash ISAs. Then came across Santander's 123 current account - seems too good to be true!!!

    123 Current Account

    So all I have to do is pay in at least £500 pm and pay a £2 pm fee, I get 3% interest on a balance over £3k and get cashback on my utility bill payments (works out at £765 on their calculator).

    I know that's what it says but I DONT' BEEEEELEEEEEVEVE IT! Why would anyone take out a cash ISA paying 1.5% tax free if they can get 2.4% after tax + £700+ on an ordinary current account?

    Come on! What's the catch? Anyone got one?
    bloggoth

    If everything isn't black and white, I say, 'Why the hell not?'
    John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

    #2
    I've got two - one in my name, one in joint names.

    Opened the first one in the middle of March - £84.91 earned to date
    Opened the second one at the end of April - £57.63 earned to date

    If you are opening one, note that any transfers between accounts doesn't count towards the £500 a month paying in limit - I transfer from one to my First Direct account and then into the other one the next day. Balances over £20k earn no interest.

    Apart from that, until they have to abandon the accounts because they are losing money, I can't see a reason not to have one.
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      #3
      Originally posted by xoggoth View Post
      Come on! What's the catch? Anyone got one?
      It's Santander.

      Comment


        #4
        Santander customer service is terrible.

        I had a bond with them and they refused to payout on the maturity date, I kid you not, had to wait another 6 months to get the money out of them.

        In one of their shops the girl behind the counter broke into tears mid conversation, think she was being bullied by her manager or similar.

        Got fed up and moved all my extended families accounts elsewhere.

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          #5
          Garrrr. This is why Santander are tulip.

          Decided to go for it (have been thinking about switching to this account for some time). Switched our joint account last night.

          This morning, an email to myCo email address - Dear mudskipper, thank you for switching your retail account to Santander...

          I've had 'secure messages' meant for me show up in myCo's account too.

          They seem unable to separate me, the individual, and myCo the entity.

          Will call them now. (Wish me luck...)

          Comment


            #6
            And the result is, sod all. "It's because you're the account holder on both accounts, we just send the email to the first record that matches". FFS. They can't (won't) fix it, so myCo will continue to get emails relating to my personal accounts.

            Comment


              #7
              Yeh! I have a risk free pilot study! Ta MS.

              I have a business account with them, might be useful if the accounts can be linked. Linked is not confused of course. Do you get the option to keep your old account open?

              Ah. You just posted. Sounds pretty crazy, that's why I want to keep my old account open as all these perks are bound to go at some time and Natwest just works better. Plus I have had my account for so long I am rather fond of it.
              Last edited by xoggoth; 13 July 2014, 09:37.
              bloggoth

              If everything isn't black and white, I say, 'Why the hell not?'
              John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

              Comment


                #8
                Originally posted by xoggoth View Post
                Yeh! I have a risk free pilot study! Ta MS.

                I have a business account with them, might be useful if the accounts can be linked. Linked is not confused of course. Do you get the option to keep your old account open?
                If you use the switcher service, the old account is closed as part of the service.

                There are separate logons for personal and business (I already have my ISA with them). Just the communications that get confused.

                Comment


                  #9
                  Cheers. darn it! May have to move stuff manually. Sound a hastle.

                  PS Yer right. What fun!

                  http://www.paymentscouncil.org.uk/switch_service/faqs/
                  Last edited by xoggoth; 13 July 2014, 09:46.
                  bloggoth

                  If everything isn't black and white, I say, 'Why the hell not?'
                  John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

                  Comment


                    #10
                    I just logged on to my business account. Thereunder shows my nice shiny new 123 personal account.

                    Then logged on to my personal account. The 123 account also shows there (with the same number). So seems you can link business and personal to the same login (whether or not you actually want to!)

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