Discussion
I currently bank with the paragon of customer service, First Direct. I have done since 2008 and like most, have no complaints.
However, I am have set some time aside this weekend to review my finances, especially given the incredibly poor rate of return I am receiving from my savings and ISAs. I usually switch around and keep on top of these to ensure I am earning the best available rates, but I've had a very busy year at work and have let it slip a bit.
I have looked into the Santander 123 current account and credit card, and after some basic calculations, know that I'd earn a few hundred quid in cashback from both accounts combined in a year. The account also pays interest up to 3% on balances up to £20k (in 1/2/3% stages) that would, even net of tax, pay me more than the best available ISA.
Never having banked with Santander before, I have heard lots of negative reviews about their customer service. Is it really as bad as made out in the media? Theoretically, once the account has been set up, pretty much everything is automated - salaries in by BACS, all other regular payments by DD and I'd simply need to use the cards to buy things and pay the CC off monthly. Not really a lot that can go wrong.
Experiences - both positive and negative, welcome!
However, I am have set some time aside this weekend to review my finances, especially given the incredibly poor rate of return I am receiving from my savings and ISAs. I usually switch around and keep on top of these to ensure I am earning the best available rates, but I've had a very busy year at work and have let it slip a bit.
I have looked into the Santander 123 current account and credit card, and after some basic calculations, know that I'd earn a few hundred quid in cashback from both accounts combined in a year. The account also pays interest up to 3% on balances up to £20k (in 1/2/3% stages) that would, even net of tax, pay me more than the best available ISA.
Never having banked with Santander before, I have heard lots of negative reviews about their customer service. Is it really as bad as made out in the media? Theoretically, once the account has been set up, pretty much everything is automated - salaries in by BACS, all other regular payments by DD and I'd simply need to use the cards to buy things and pay the CC off monthly. Not really a lot that can go wrong.
Experiences - both positive and negative, welcome!
no negative experiences in my case but i know of plenty of people who claim them to be a complete ball ache.
i only had our isa's with them for a few years since they had by far the best instant access rates available but now they're much of a muchness with everyone else.
like you i could have saved a couple of hundred quid net of tax using the 123 acount but i heard enough grumbles about them to put me off.
i only recently moved out of their isa's for no other reason than i've thought over the last year or so if they did go pop, i couldn't be arsed with trying to get my money back (even though it's below the government cap). call me a cynic but should the government guarentee what i have in them (a large amount for us) i'm not overly sure that it would be the easiest of processes to get it back, certainly not stress free!
then when you think of how much i'd be gaining by keeping it with them it's just not worth the (admittedly little) worry of what would happen.
complaints from other people usually revolve around the whole money going missing between changing accounts, direct debits not being completed once changed etc etc
i only had our isa's with them for a few years since they had by far the best instant access rates available but now they're much of a muchness with everyone else.
like you i could have saved a couple of hundred quid net of tax using the 123 acount but i heard enough grumbles about them to put me off.
i only recently moved out of their isa's for no other reason than i've thought over the last year or so if they did go pop, i couldn't be arsed with trying to get my money back (even though it's below the government cap). call me a cynic but should the government guarentee what i have in them (a large amount for us) i'm not overly sure that it would be the easiest of processes to get it back, certainly not stress free!
then when you think of how much i'd be gaining by keeping it with them it's just not worth the (admittedly little) worry of what would happen.
complaints from other people usually revolve around the whole money going missing between changing accounts, direct debits not being completed once changed etc etc
Back when it was the Abbey National I moved my accounts over. I've now got a bond, e-saver, isa, credit cards and 123 account with Santander so I need to chat with customer services a few times a year to ensure each is getting the best rate of interest. Every time I've spoken to customer services they've been helpful and efficient so I have no concerns there. A few years ago they generally had the best interest rates for savings but unfortunately atm they're much the same as everyone else.
I did get a 123 credit card recently but I don't like the way you earn cashback as it means putting all groceries, petrol etc on a credit card and, personally, I prefer to keep a closer eye on my day-to-day spending and see it leave my current account the day it's spent. (if that makes sense)
I did get a 123 credit card recently but I don't like the way you earn cashback as it means putting all groceries, petrol etc on a credit card and, personally, I prefer to keep a closer eye on my day-to-day spending and see it leave my current account the day it's spent. (if that makes sense)
Utterly woefull. I had a couple of accounts with them. When I tried to move money between them online, the funds would disappear for days.
When you contact customer services (the name itself is a joke), they couldn't give a toss.
When I gave up and closed the accounts, it took over a week for the money to reappear.
Never, ever again.
When you contact customer services (the name itself is a joke), they couldn't give a toss.
When I gave up and closed the accounts, it took over a week for the money to reappear.
Never, ever again.
Elroy Blue said:
Utterly woefull. I had a couple of accounts with them. When I tried to move money between them online, the funds would disappear for days.
When you contact customer services (the name itself is a joke), they couldn't give a toss.
When I gave up and closed the accounts, it took over a week for the money to reappear.
Never, ever again.
A similar experience to mine.When you contact customer services (the name itself is a joke), they couldn't give a toss.
When I gave up and closed the accounts, it took over a week for the money to reappear.
Never, ever again.
Absolutely f
king dreadful.During and after the period of the merger between Santander and Alliance & Leicester their customer service was utter st. Actually it was so bad st looked good in comparison.
However they really seem to have turned their act around, and the last time I had to go into a branch I was seriously impressed (and this is from a long standing First Direct customer).
t. Actually it was so bad st looked good in comparison.However they really seem to have turned their act around, and the last time I had to go into a branch I was seriously impressed (and this is from a long standing First Direct customer).
Been with them for 4yrs and never spoken to anyone, all done online, never had a single problem.
I too moved my ISA when the "bankruptcy" story appeared. Now with the Cheshire paying 2.3 %
Also been with Ebico gas and leccy for several years, supplied by SSE but you pay NO standing charges, unlike the other greedy bar stewards.
I too moved my ISA when the "bankruptcy" story appeared. Now with the Cheshire paying 2.3 %
Also been with Ebico gas and leccy for several years, supplied by SSE but you pay NO standing charges, unlike the other greedy bar stewards.
I'm with FD too, what a refreshing company they are to deal with
Santander on the other hand are a pile of wk. They really are a fking st piss poor excuse for a bank, they are fking woeful. I tried moving to them before and they fked everything they could up, fking useless bunch of s. I saw the light and moved to FD within 2 weeks.
However
3% is 3% and I will admit I've recently opened up an account with them for no other reason for paying the DD's I'll get cashback on, and earning 3% interest. They will not become my main bank. Ever.
Santander on the other hand are a pile of w
k. They really are a fking st piss poor excuse for a bank, they are fking woeful. I tried moving to them before and they fked everything they could up, fking useless bunch of s. I saw the light and moved to FD within 2 weeks.However
3% is 3% and I will admit I've recently opened up an account with them for no other reason for paying the DD's I'll get cashback on, and earning 3% interest. They will not become my main bank. Ever.Simpo Two said:
Or when they have everybody signed up for the 3%, what's the betting it will drop to 0.5%? After all banks are there to make money for themselves, not anyone else.
It's a damn shame FD don't have a decent savings account.
I use FD and Santa in combination and I've had no problems with either institution.It's a damn shame FD don't have a decent savings account.
Our 123 accounts work brilliantly -
I have a small historical mortgage with what used to be Abbey National, now Santander.
About 5 years ago I changed it to a base rate + 0.6% tracker with a drawdown facility.
I took a large drawdown (it's not relevant what I did with the cash back then)
but now it's sitting in multiple 123 accounts paying me 3%, money which is
costing me 1.1% to borrow from the very same institution, and they are paying me 1% cashback on the repayments.
When/if they reduce their savings rate to something non-competitive I will simply move my funds away from them, but in the meantime to me it seems a win win situation.
Their website isn't very clear. Do they pay the interest in the discrete bands? So a £5000 balance earns nothing for the first £1000, 1% for the next £1000, 2% for the next £1000 plus 3% on the final £2000 up to the £5000 balance?
If so then that's £70 before tax. Equivalent to a straight 1.4%. And their small print mentions they take £2 a month for a fee? So annual interest would be £24 less. So only equivalent to 0.92%?!
Or... Do they pay 3% on the full £5000?
If so then that's £70 before tax. Equivalent to a straight 1.4%. And their small print mentions they take £2 a month for a fee? So annual interest would be £24 less. So only equivalent to 0.92%?!
Or... Do they pay 3% on the full £5000?
Simpo Two said:
Or when they have everybody signed up for the 3%, what's the betting it will drop to 0.5%? After all banks are there to make money for themselves, not anyone else.
Going for a while now so do won't be anytime soon. If it drops I'm off..... but then I'm going to have the nightmare of closing itSimpo Two said:
It's a damn shame FD don't have a decent savings account.
Agreed. They do have a reg savers that pays 6%Gassing Station | Finance | Top of Page | What's New | My Stuff