Savings with Santander - would/do you?

[kmpowell]

I have a 5 figure lump sum that I like to keep in a relatively high-interest online savings account with Instant Access if I should ever need. I think of it as a quick 'safety net' should the worst ever happen.

At the end of the 12mths I normally move it to the next best high-street savings rate so I can take advantage of the applicable introductory offer. The time for the 'switch' is fast approaching, and it seems that Santander are currently my best option with 3.2% and instant access...

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

Having said that though, I've never banked/invested with them, and all I've ever heard is horror stories regarding CS and possible...

With that in mind I have two questions. 1)Does anybody here have their savings with Santander and how is the experience? 2) If you do not have savings with Santander, would you ever consider moving a substantial savings amount to them for the above rate, and if not, why?

Thanks in advance

[cuprabob]

I have been with them since they bought Abbey and have had no issue with them but I am aware of the horror stories.

[Steve H]

Sorry if its a bit dim of me but what horror stories and what is cs? I thought as long as it was under :£85k you were safe?

[The Leaper]

Yes, the £85,000 security applies. However, being safe is one thing, getting them to action your instructions is another. Their customer services and support are a joke, in fact annoyingly awful, at least they were. I had a significant sum in various accounts with them and I took it all away 18 months ago. Peace of mind, worth a couple of interest spots!

Search Santander on here and you'll see what PHers think of them.

R.

[cuprabob]

Steve H said:

Sorry if its a bit dim of me but what horror stories and what is cs? I thought as long as it was under :£85k you were safe?

"cs" is customer service

[SO27]

I've been with them since they took over Alliance and Leicester and have never had any kind of issue with them.

The online banking works fine, which is probably all you'll ever need to use with a savings account.

[Edinburger]

SO27 said:

I've been with them since they took over Alliance and Leicester and have never had any kind of issue with them.

The online banking works fine, which is probably all you'll ever need to use with a savings account.

Same here. Ive used them for years and have never had a single problem. They have good online services and Ive never spoken with any staff for years aparg from paying the odd cheque in and once requesting a new card.

I think theyre fine.

[diablodavs]

always found them very good, the 3.2 rate is pretty much the best you are going to get at the mo.Dont listen to all the doom mongers on here banging on about how bad they are, for net based saving they are excellent

[R11ysf]

I had an account with them and 4 others than ended up with them. I've given a full run-down of problems encountered with them on here before. Let's just say the list was endless and I closed 5 accounts and withdrew all my money from them as there customer service was such utter, utter ste I can't even begin to tell you how much of my time and effort I wasted on trying to get them to perform basic tasks.

The highlight was having a member of the branch staff tell me a directly contrary piece of information to the telephone staff. I ended up phoning the telephone staff on my mobile and walking in to the branch and handing the phone over for the two staff to have a slanging match with each other in front of my down my mobile.

If it wasn't so sad it would have been comical.

FOR YOUR OWN HEALTH DO NOT EVEN DREAM OF OPENING AN ACCOUNT WITH SANTANDER


And breathe.......

[diablodavs]

as i say, dont listen to the doom mongers!

[kmpowell]

Well I've taken the plunge and opened an account. 3 days until I can transfer the money apparently, then instant online access that's hassle free...

If it's any good I'll dump my Cash-ISA over also.

[rfisher]

9/10 from me which is pretty outstanding for a bank.

Very helpful cs whenever I've needed them.

Think the problems were either old and now ironed out or with the Spanish side of the business not the British.

[Steve H]

I have a fair chunk with them and whilst I did have a case of a mis sold investment last year my complaint was dealt with quickly and professionally and I was compensated in full plus some extra. I know only use the online banking for all accounts and so far...hassle free

[ClaphamGT3]

I have my near cash reserves with them in the 3.2% easysaver acc. I've also got a couple of cash ISAs with them. As long as you do everything on line and never have to deal with the retards in their call centre, you'll be fine.

[Sir Bagalot]

R11ysf said:

FOR YOUR OWN HEALTH DO NOT EVEN DREAM OF OPENING AN ACCOUNT WITH SANTANDER

^This

[tali1]

Known as The Pain from Spain.
Not sure i would want to bank especially with Spain doing a Greece
Anyone got the 123 account?

[Simon Bags]

kmpowell said:

I have a 5 figure lump sum that I like to keep in a relatively high-interest online savings account with Instant Access if I should ever need. I think of it as a quick 'safety net' should the worst ever happen.

At the end of the 12mths I normally move it to the next best high-street savings rate so I can take advantage of the applicable introductory offer. The time for the 'switch' is fast approaching, and it seems that Santander are currently my best option with 3.2% and instant access...

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

Having said that though, I've never banked/invested with them, and all I've ever heard is horror stories regarding CS and possible...

With that in mind I have two questions. 1)Does anybody here have their savings with Santander and how is the experience? 2) If you do not have savings with Santander, would you ever consider moving a substantial savings amount to them for the above rate, and if not, why?

Thanks in advance

I did exactly this about a month ago with the same requirements as yourself. Opened up an "issue 5" account, easy, painless, paperwork with id and log on details came through very quickly, nice and easy to set up, very pleased. Not had to deal with Customer Services as yet and not really planning to as I'm using the account to gather some interest over the next 12 months rather than using it as a "working account" if you know what I mean.

[R11ysf]

diablodavs said:

as i say, dont listen to the doom mongers!

That's very easy for you to say until you have an account with a five figure sum in it that they tell you does not exist. When you have wasted over 25 hours on the phone over the course of 6 months and been to 5 branches just trying to find someone helpful/competent then you are free to comment. If you've just opened an online account and had no contact with them or their customer services then I just hope you never get to experience what I went through.

My view, fk the £85k protection, I'd rather have if it in the National bank of Greece than those fkers as they couldn't be any worse. No really.

[Simon Bags]

R11ysf said:

That's very easy for you to say until you have an account with a five figure sum in it that they tell you does not exist. When you have wasted over 25 hours on the phone over the course of 6 months and been to 5 branches just trying to find someone helpful/competent then you are free to comment. If you've just opened an online account and had no contact with them or their customer services then I just hope you never get to experience what I went through.

My view, fk the £85k protection, I'd rather have if it in the National bank of Greece than those fkers as they couldn't be any worse. No really.

So no account number, no log in secure details, no paperwork to back it up, no statements, what the hell happened?

[Burnham]

OP, I'm in a similar boat (but not thinking of using Santander as I dont have enough time to spend dealing with inadequate staff).

Whats your views on the £85k protection, and having all of your eggs in one basket? I only have one savings account with another bank, (just an online saver with easy access but lowish interest). Is it worth spreading it over 4 or 5 Licenses? Its a bit of a pain to have to do this, and to then have savings with multiple companies.

I've been with my bank for donkeys years, and they are one of the larger High Street ones, so unlikely to be going anywhere...but I'm just wodering if I'm missing a trick here, or leaving myself exposed.

Does the £85k protection cover fraud (ie. hacking) or is that an unlimited amount, and the £85k just in case the bank itself goes under?