Santander "Free" Accounts

A question about : Santander "Free" Accounts

Hi,

I received some letters from Santander this morning regarding my free business banking accounts.

They are being switched to Business Everyday Current Accounts on 1st May 2015 - there are no monthly fees and transactions are free within the monthly limits.

However, the account will no longer offer any credit interest - I can't recall if it was one of the original guarantees that the account would offer credit interest for life.

also, after 1st June 2015, we can deposit funds at the Post Office.

if you haven't received your letters yet, I'm sure they'll arrive in the next few days.

Best answers:

• I don't remember credit interest for life, personally. I remember "free banking for life".
• I've had the letter too. What concerns me is whether they are changing us all to a different account in order to get around the 'free forever' promise. They tried it a couple of years ago and we collectively stopped them. If the proposed changes mean that we no longer have the account that guaranteed 'free banking forever', then, even if the new account is free to start with, what stops them changing that in the future?
  Am I being paranoid or could this happen?
  What do people think?
• I had the same letter. I also have a business savings account that I assume will still pay interest. I just swap funds between as needed.
• Can you give any more information?
  I haven't had free business banking with Santander for a while now. What account do you currently hold? As far as I am aware it's been a long time since Santander/Abbey had a free banking account (excluding introductory periods).
• Years ago they advertised "free banking FOREVER" for small businesses. They made a huge thing about it bring forever: that there would never be any fees (within certain criteria).
  After Santander took over, they stopped offering that type of account to new customers.
  A couple of years ago, they tried to close that type of account completely and move existing customers to a new (not free) type of account. Many thousands of small businesses were affected. Money Saving Expert and some MPs got involved, resulting in Santander giving up and keeping those existing "free forever" accounts open.
  I'm worried that they are trying again. This time in a more subtle, gradual way.
  If you do a search on the forum (or Google) for "santander free business banking forever" you will find loads about it (It was summer/autumn 2012, I think). Perhaps someone here, will know how to put some links on here, to the relevant conversations?
• It looks like they are simplifying the number of accounts to maintain/ manage, similar the changes they made to their retail accounts (moving all the old A&L/ Abbey accounts to an Everyday Account).
  There are currently lots of different business account types- so that is why some do currently get interest. Considering they are all free its strange how A&L managed to create so many different types of business account! This would mean the bank only has to manage one type of account, which amongst other things for you as a customer would improve service (theoretically). By the fact ex Abbey customers would now get the ex A&L benefit of Post Office access suggests this.
  As someone who understood that the head of UK banking put a brake on the removal of free banking originally, I think it is unlikely they would try again anytime soon. Never say never though..
• I think we should write & register our desire not to have our accounts changed unless they can guarantee this will not affect our rights to "Free Banking Forever". If we don't act now it will be too late once we allow our accounts to be changed without complaining.
• I just called the Santander customer service and told him about the worries about 'free banking forever' being stopped if we agree to this change in account name.
  Although he did say not to worry free banking will remain but when I reiterated the account is 'free banking forever' he said nothing is guaranteed. I said free banking forever is a guarantee it means free banking FOR LIFE. There was a long pause and he said they had no plans to stop the free banking.
  He probably wasn't really in the know as he was only call staff but we should all be on our guard and perhaps call up just to make sure so management know we are onto their every move.
  I sa
• I spoke to customer services again and it looks bad, they put me through to someone higher up who said basically free banking forever is not guaranteed with this new account. I'm not sure the best thing to do now.
  I asked for something in writing to say 'free banking forever' before I agreed to the change in account, she couldnt agree to that.
• Hi, I don't remember a limit on the number of monthly transactions to remain in receipt of free banking but in the letter we had today saying it's going to be transferred in May it says the account is only free of monthly charges whilst you remain within a transaction limit. Does anyone know anything about this?????
  I agree also that being transferred to another account might mean the old terms and conditions or free banking forever may be lost?!