Spanish banditos

[Mr $quanda£ot]

It's almost impossible not to hear how Santander customer service sucks. IMHO it really does but I'm not going into details as it would take me all Sunday night and Monday morning. Instead, I'm going to look at their 123 current account which they have been rather aggressively selling in their branches.

At first 123 does look quite innovative, promising to pay up to 3% interest and offering up to 3% cash back on spending. However, there's a £2 monthly fee which I don't quite get. Why give something and then take it. Wouldn't it just be easier to reduce the 'benefits'? Some Halifax accounts pay a fiver each month with no fee..

I assume once Santander has managed to move enough customers over to 123 the £2 monthly fee will be £3, then a fiver and eventually a tenner. M&S Bank increased their £10 VIP club fee to £15 in no time.

The biggest irony of this all is that there are plenty of free cash back sites such as quidco, topcashback and maximiles. I've had some rather nice wine by spending my maximiles points and quidco pays hard cash.

If you're often overdrawn don't even think about 123.

Verdict: Yet another fob off effort from those Spanish banditos. Avoid!

[enaid]

Re: Spanish banditos

You forgot this bit from the 123 T&Cs

Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest

[wales01man]

Re: Spanish banditos

I might be thick but Banks set up different types of account so they can make money customer is just the bit they don't want but wjthout them no money to make ,I expect most people as usual don't read the small print when opening a 123 account