Santander "free banking for life" deal over?

[tastetheseasons]

Just been told that the "free banking for life" deal with Santander - which attracted me to open an account in the first place - is now over.

Can anyone confirm this? I've been told there will be a fee of £7.50 a month, which I am unwilling to pay when I joined with this "free banking for life" promise.

If it is true, are there any other good, free business accounts?

 

[ctrlaura]

If you are a Federation of Small Business member I believe you get free business banking with the Cooperative.

I am currently with Santander and joined up with the 'free business banking for life' I do hope it isn't coming to an end.

 

[David A]

If you are a Federation of Small Business member I believe you get free business banking with the Cooperative.

I am currently with Santander and joined up with the 'free business banking for life' I do hope it isn't coming to an end.

You missed out an important word to end your first sentence in relation to membership of the FSB:

"I believe you CAN get free business banking with the Cooperative."
​

The coop have strict rules about what is an acceptable business - and if you don't meet their criteria 100%, you have no right of appeal and you can kiss goodbye to opening an account.

Two of our businesses are with Santander (them having bought Alliance and Leicester Commercial Bank for a song). At present they are both still free, but I know that the free deal is over. A+L used to run a site called www.freenotfee.co.uk but his disappeared within weeks of Santander taking over - so I guessed that they would start charging for new accounts pdq.

If they do start charging, then we'll have to go back to HSBC. Thankfully we don't operate with much cash, so the charges on their online account, rather than the full business account are pretty low.

I think Santander are a scumbag company similar to Virgin Media and Sky - but while it's free I'll stick with them.

 

[Deleted member 138423]

Reminds me of Ryanair when they gave a lady free flights for life she won in a comp then after a period of time they said NO!

She had to walk away

 

[Richie N]

HSBC charge as well so you're probably best sticking with them.
I think they all charge fees these days...

 

[ctrlaura]

You missed out an important word to end your first sentence in relation to membership of the FSB:

"I believe you CAN get free business banking with the Cooperative."​

​

Yes David, my mistake. I did miss 'CAN' out of my sentence.
​

 

[David A]

[/indent]

Yes David, my mistake. I did miss 'CAN' out of my sentence.
​

No problem. I am just very aware of how tight their rules are, having been turned down with them not wanting to even give an indication of why - just a nebulous reason that my business 'did not fit their ethical policy'

 

[SamStones]

Is it that the deal is over for new customers or that existing free customers are going to start being charged? Where did you find out?

 

[tastetheseasons]

Sam, I heard from a business contact. He's been with Abbey and then Santander for about 40 years and recommended the Santander deal to me.

He's had a letter about the new charges (so, not a new customer then) and is absolutely furious about it. I've still not had a letter myself, although I've been with Santander for less than a year. My year's up in September.

The Santander website now states that the banking is free for the first year, so I imagine I'll be getting my letter in September.

By the way, I banked some cheques at my local branch in Derby and asked the teller what was going on. It was the first he'd heard of it!

I am appalled at what Santander is doing and there's no way I'll be staying with them when they promised "FREE BUSINESS BANKING FOR LIFE - GUARANTEED" and then cancel the deal after less than a year. It's a shocking lie and these charlatans should be strung up!

 

[talkinpeace]

My Husbands company is with Santander.
So long as you pay in £1000 a month is stays free according to my info
so in quiet months we sweep the same £250 back and forth a couple of times between it and another account to hit the limit.
They do not like it but it complies with their rules.

 

[Cashisreality]

They will be taking on the English RBS accounts and the "non branch banked" accounts from NatWest soon, so I am sure they will be doing it so they don't have to offer this to me when mine is moved over. I'd at least hoped that the free banking would offset the pain of moving, and having two online log-ins, but it appears not so.

 

[leemason]

I've got a business account with Santander and have had for a few years now. Not heard anything yet but I'll keep an eye out.

 

[SamStones]

Hello,

Just had a meeting with our relationship director who tells me the following:

1. Small businesses with a T/O under £250k can still get the 18 months free business banking deal on the web site.

2. Existing businesses will be getting a letter at some point over the next 3 months informing them of the charges for the business banking service. The fee will vary but for companies who don't pay in much / any cash the service fee will be £7.50 a month. This equates to £90 a year, but it's a fee we don't need in times such as these!

There is also a bespoke fee structure if you don't handle cash, have a T/O in excess of £600k and have very few bacs payments in / out of your account so it may be possible to get it under £7.50 / month

Hope this helps

 

[leemason]

They all seem to be trying to ring more money out of small businesses. I had an argument with HSBC a few weeks ago about them adding a £6.00 per month foreign transaction facility charge. I told them to remove it and I'd look for another Bank who would make such charges.

And so Santander lied when they offered "free banking for life"!

 

[Stationery-Direct]

The £7.50 is for new accounts opened, not for people with existing free accounts.

 

[Cheapread]

But they are in for the mother of all scorpion stings in the tail - Small businesses are the backbone of UK and methinks Santander under-estimates their get up and protest capabilities -
I will watch this forum with interest but would also politely suggest (with Editor/Admin permission) that affected customers who feel like doing something about it should browse to...

moneysavingexpert.com ( this forum won't allow me to give the full URL... tut)


and write to Mr Foale who's bright idea at the Director's table was to send the sneaky letter to all account holders.

 

[BusyVids]

I've been banking with Santander and previously Abbey for 18 years and I have just received a letter telling me that my business current account is going to be transferred to their "award-winning" fixed monthly fee account.

This means fees of £7.50 a month if you deposit up to £1000 a month then 50p per £100 after.

If you deposit £3000 a month the fee is £12.50 a month plus 50p for every additional £100.

If you deposit £5000 a month then the monthly fee is £20 pus 50p per additional £100, and if you deposit £10,000 then the monthly fee will be £40 plus 50p for every additional £100.

So yes guys, Santander are now going to charge both existing and new customers for depositing cash, but on the bright side... you'll be able to make deposits and withdrawals at your local Post Office, if you can find one.

They say in their letter that their fees are very competitive and compare them with the other murky shister banks.

Anyone know of anywhere left to get free business banking?

 

[dbullen]

I have been with Santander for 6 or 7 years, always free, and have just been sent a letter saying they will start charging, despite saying it was free for life. I am livid. Surely there's something we can do? Banks can't claim and then retract anything they like to get customers can they?

 

[leemason]

So... Where can we Santander customers move our Bank Accounts to? Maybe we could write to them en-mass to give them a clue that they can't just trample over their business customers like that. I've not see those charges but if that sliding scale is anything to go by I'm going to be charged a fair whack!

 

[David A]

A couple of years ago HSBC introduced their BUSINESS DIRECT account which (for us at least, and some other businesses) will be almost free.

It's not their main business account. DD's SO's are free and there's no monthly charge. The bits they will charge for are:

Branch cash in Charge for cash paid in at a branch 2.5% of value deposited
Branch cheques collected Charge for cheques paid in at branch 5 per month free, then £1 per cheque
Branch cash out Charge for cash withdrawal over branch counter 2.5% of value withdrawn
Cash machine cash out Charge for cash amount withdrawn from self-service machine Up to £250 per month free then 2.5% of the value withdrawn
Cheques paid Cheques written 5 per month free, then £1.35 per cheque
​

We have a mainstream business account with them, and the above will suit us for our other small business, plus their internet banking must be one of the best especially compared to the one we use with Santander's version of the A+L account we have.