Santander - Next bank in line for mass withdrawals of savings?

[Andy Zarse]

munky said:

anonymous said:

[redacted]

Hmm, pretty sure he's wrong in para 5. If a bank goes bust, you don't get let off the debt, as the appointed administrators will go after it, even if the loan book is not sold off.

Whilst I acknowledge Martin managed to get me 25% off a takeaway curry the other day, Tonker how can you read this drivel and not get depressed? Firstly by the sanctimony of the self-appointed saviour of savers and secondly by the appalling level of ignorance betrayed by his worshippers?

[whoami]

Andy Zarse said:

munky said:

anonymous said:

[redacted]

Hmm, pretty sure he's wrong in para 5. If a bank goes bust, you don't get let off the debt, as the appointed administrators will go after it, even if the loan book is not sold off.

Whilst I acknowledge Martin managed to get me 25% off a takeaway curry the other day, Tonker how can you read this drivel and not get depressed? Firstly by the sanctimony of the self-appointed saviour of savers and secondly by the appalling level of ignorance betrayed by his worshippers?

He is indeed a pompous tt of the highest order.

Just like his father.

[munky]

Ribol said:

munky said:

Hmm, pretty sure he's wrong in para 5. If a bank goes bust, you don't get let off the debt, as the appointed administrators will go after it, even if the loan book is not sold off.

Isn't he just saying if a bank goes skint today someone won't be asking you for all the money you borrowed back tomorrow?

I don't think he is suggesting Christmas will come early

It would be nice though wouldn't it - move your mortgage to the shakiest looking bank and wait for your free house!

Maybe he does mean what you suggest - that you don't have to repay it immediately, rather than not having to pay it back at all.

[ExFiF]

munky said:

Hmm, pretty sure he's wrong in para 5. If a bank goes bust, you don't get let off the debt, as the appointed administrators will go after it, even if the loan book is not sold off.

We had a Bradford and Bingley mortgage running when they went bust. All that happened in that case was that the savings side was sold to Santander iirc, the mortgage business was retained in a business which was still called B&B, and they seem to be chasing new business via a broker.

However they are still as inefficient and useless as ever, perhaps even worse. It's the only organisation that I have ever let fly at a call centre bod with a full frontal nuke from orbit rant, followed up by a written complaint.

[whoami]

anonymous said:

[redacted]

[munky]

ExFiF said:

munky said:

Hmm, pretty sure he's wrong in para 5. If a bank goes bust, you don't get let off the debt, as the appointed administrators will go after it, even if the loan book is not sold off.

We had a Bradford and Bingley mortgage running when they went bust. All that happened in that case was that the savings side was sold to Santander iirc, the mortgage business was retained in a business which was still called B&B, and they seem to be chasing new business via a broker.

However they are still as inefficient and useless as ever, perhaps even worse. It's the only organisation that I have ever let fly at a call centre bod with a full frontal nuke from orbit rant, followed up by a written complaint.

You're not alone either, I've heard only bad things about Santander's customer service.

I wouldn't have a current account there, but I've got some cash in a deposit account with them as the rate is competitive - at least on the accounts opened a while ago. They tried to offer me a new account that was 0.1% higher, but only for a year after which the rate would halve. I politely declined.

[whoami]

munky said:

You're not alone either, I've heard only bad things about Santander's customer service.

I wouldn't have a current account there, but I've got some cash in a deposit account with them as the rate is competitive - at least on the accounts opened a while ago. They tried

Utterly appalling.

[Ribol]

munky said:

They tried to offer me a new account that was 0.1% higher, but only for a year after which the rate would halve. I politely declined.

All the "best" savings accounts come with a bonus to make the rate up, they rely on people going over the year and getting shafted - that is what diaries are for!

Agree with the Santander service, I cannot tell you how many times they have compensated me for messing me about. If I didn't have so many things linked to that particular current account I would have gone years ago.

[Mermaid]

Ribol said:

Agree with the Santander service, I cannot tell you how many times they have compensated me for messing me about..

It seems they have a pot of money for compensation and will give out some at soon as you express disquiet - they know their service is rubbish.

[anonymous-user]

A work colleague has just tried to withdraw her ISA from Santander and has just been refused.

The bank told her she was simply not allowed to withdraw the ISA, or move it elsewhere.
She told them she was happy to pay any penalty fees and lose her accumulated interest for the year but they still refused.

Is that legal?

[munky]

anonymous said:

[redacted]

Ah, that's interesting. I know they used to bid aggressively to win business in ECM/DCM to gain league table credit, even if it meant taking a loss on it.

[Ribol]

Mermaid said:

Ribol said:

Agree with the Santander service, I cannot tell you how many times they have compensated me for messing me about..

It seems they have a pot of money for compensation and will give out some at soon as you express disquiet - they know their service is rubbish.

Refunds for errors so you are not out of pocket plus money, champagne, hampers ...................... no crap, expensive stuff.

[Ribol]

NinjaPower said:

A work colleague has just tried to withdraw her ISA from Santander and has just been refused.

The bank told her she was simply not allowed to withdraw the ISA, or move it elsewhere.
She told them she was happy to pay any penalty fees and lose her accumulated interest for the year but they still refused.

Is that legal?

If you take out a fixed rate ISA they pay you the higher rate because you cannot take it out before the end of term.

[turbobloke]

Ribol said:

NinjaPower said:

A work colleague has just tried to withdraw her ISA from Santander and has just been refused.

The bank told her she was simply not allowed to withdraw the ISA, or move it elsewhere.
She told them she was happy to pay any penalty fees and lose her accumulated interest for the year but they still refused.

Is that legal?

If you take out a fixed rate ISA they pay you the higher rate because you cannot take it out before the end of term.

OK if you say so but I could've sworn that an ISA I moved last year, mid-term, had an interest penalty but the withdrawal was allowed. Was that a variable rate ISA then? I don't remember it as such.

ETA isn't it a product thing anyway, rather than a Santander thing?

Edited by turbobloke on Friday 25th May 11:42

[munky]

Ribol said:

munky said:

They tried to offer me a new account that was 0.1% higher, but only for a year after which the rate would halve. I politely declined.

All the "best" savings accounts come with a bonus to make the rate up, they rely on people going over the year and getting shafted - that is what diaries are for!

Indeed they do now, I have an older non-bonus account (not available for new accounts) which is fractionally below the bonus rate accounts, but doesn't end. Hence they tried to get me to move out of it. I'll happily take a cat's whisker below the bonus rates, to save the hassle of moving it around.

[fido]

turbobloke said:

OK if you say so but I could've sworn that an ISA I moved last year, mid-term, had an interest penalty but the withdrawal was allowed. Was that a variable rate ISA then? I don't remember it as such.

Indeed. Christ, can't people read the terms before they sign sh8t ...

http://www.santander.co.uk/csgs/Satellite?appID=ab...

"Partial withdrawals are not allowed. You can access the whole of your balance by closing the account or by transferring the cash ISA in full to another ISA. On early closure an early closure penalty equivalent to 90 days' interest will be applied to the account. No early closure charge will be applied if closure is requested by your personal representative in the event of your death."

In summary, close account & lose 90 days interest - unless said friend has died.

[Ribol]

turbobloke said:

OK if you say so but I could've sworn that an ISA I moved last year, mid-term, had an interest penalty but the withdrawal was allowed. Was that a variable rate ISA then? I don't remember it as such.

I know I can withdraw money from my Lloyds one with just interest penalties, but when I had one with Santander I was told it could not be done.
I could well have been misinformed by them and I never checked their T&Cs at the time, it was just something I asked when I started it and didn't need to do it in the end anyway.

It may also have changed since, I guess the only people to ask for sure would be Santander, they will probably give you the wrong answer but they wouldn't lie about it on purpose

[Ribol]

fido said:

Christ, can't people read the terms before they sign sh8t ....

.............. and those were the T&Cs the poster above signed up for at the time were they?

[fido]

Ribol said:

.............. and those were the T&Cs the poster above signed up for at the time were they?

Well ultimately only the poster's friend knows (as they will have the T&C with the product they signed up to).

Interestingly:

http://www.santander.co.uk/csgs/Satellite?pagename... I withdraw money from my ISA?

"Can I withdraw money from my ISA?

All our ISAs allow access to your money but there may be restrictions or penalties that vary depending on which ISA it is that you hold."

[Deva Link]

NinjaPower said:

A work colleague has just tried to withdraw her ISA from Santander and has just been refused.

The bank told her she was simply not allowed to withdraw the ISA, or move it elsewhere.
She told them she was happy to pay any penalty fees and lose her accumulated interest for the year but they still refused.

Is that legal?

Santander are legendary for this. IIRC you can only withdraw from one of their ISAs to a linked account and that has to be another Santander account. Which is great if you don't have one!

Edited by Deva Link on Friday 25th May 12:21