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Santander 123 account.

peter10
Grafter
Posts: 231
Registered: 04-03-2009

Santander 123 account.

I see Santander are to increase the monthly fee for the 123 current account from £2 to £5. A bit more than inflation!  Yet another example of a business having an attractive offer to entice people in then hitting them. It shows ISPs aren't the only ones with tricks like this.
3 REPLIES
nanotm
Pro
Posts: 5,674
Thanks: 109
Fixes: 1
Registered: 11-02-2013

Re: Santander 123 account.

they've had that £2 fee for several years though, if you use the logic you just did they should have upped the account fee 2 years ago when it hit the 6 months point .....
just because your paranoid doesn't mean they aren't out to get you
peter10
Grafter
Posts: 231
Registered: 04-03-2009

Re: Santander 123 account.

No idea what point you are trying to make nanotm.  Why 6 months? It takes longer to encourage people to change banks with enticing offers than it does to change ISP but the principle is the same.
As far as I'm concerned I'm going to have to pay 250% more per month. According to The Guardian "The 123 account, which was launched three years ago, has been the most popular deal for people moving their current account, attracting hundreds of thousands of customers through the industry switching service. Rival bank Lloyds estimates that Santander now has 20% of the current account market by value." Now that they have got a good share of the market they start to screw the people they have attracted. The £2 fee has been there for three years. I could understand a rise to  £3 per month but not £5. I have no confidence in Banks and Bankers giving the public a fair deal.
kmilburn
Grafter
Posts: 902
Thanks: 2
Registered: 30-07-2007

Re: Santander 123 account.

The other fun one,  new customers getting a 123 credit card will have their cash back capped at £2 per band (£6 max) per month, they're also upping the cost of that from £24 to £36 too. How long will it be before they try to impose that on existing customers too..