Santander Select Account

[Sarah]

Looks like Santander may be realising how bored the market is with Santander 123, since the fees were hiked and the benefits were cut.

So time for something new? Well, maybe just a bit, they seem to be rolling the not-very-beneficial Santander Select service and Santander 123 account together, making the Santander Select Current Account. I just received my invite to transfer, however it doesn't sound especially exciting or inspired:

For the same £5 monthly account fee you currently pay as a 1|2|3 Current Account customer you’ll receive:

* Exclusive Select Visa debit card

* Emergency card and cash replacement service abroad (exclusions apply)

* Fee-free cash withdrawals at Santander cash machines abroad when you choose the local currency

* A preferential overdraft tariff (subject to status)

* £1,000 daily cash machine withdrawal limit

Conditions apply:

To get interest on your balance and cashback on your household bills paid by Direct Debit, you need to:

* Pay at least £500 into your account each month. Any interest paid and payments between Santander personal account(s) you’re named on won’t count towards this.

* Have at least 2 active Direct Debits. Cashback is paid monthly.

Or perhaps don't bother:

Santander Select eligibility criteria

As an existing Santander Select customer you're still eligible to access the Santander Select service. However from 20 November 2017, to be eligible for the Santander Select service, new customers need to open a Select Current Account and:

* pay your main income of at least £5,000 per month into the Select Current Account. The £5,000 can't be funded by interest or payments from another Santander account that you're named on.

* or keep £75,000 in any Santander investment(s), savings or current accounts.
We’ll review your eligibility for the Select Current Account regularly. If you no longer meet the criteria, we’ll contact you to explain your options.

[sparkey1]

This works well for us stoozers as we are continually moving money between accounts. Sarah, your correct in saying it doesn't give you many benefits. A gold Santander card that is basically a Santander card in a different colour isn't much of a benefit. There is a hidden benefit. You get access to a different call centre, which means less time queuing on the phone. If you visit a branch, you will also get priority appointments.

[sparkey1]

This works well for us stoozers as we are continually moving money between accounts. Sarah, your correct in saying it doesn't give you many benefits. A gold Santander card that is basically a Santander card in a different colour isn't much of a benefit. There is a hidden benefit. You get access to a different call centre, which means less time queuing on the phone. If you visit a branch, you will also get priority appointments.

[Sarah]

I already have the Santander Select service, it's been available as a (free) added benefit for many years by meeting the same criteria. I probably will change a 123 account over before too long if they'll otherwise take Santander Select away in November although it does say "new customers" need to go that route, so maybe existing customers won't need to!

[Sarah]

Yet more Santander 123 / Select cuts ahoy:
https://www.moneysavingexpert.com/news/ ... s---what-/

[Sarah]

Santander seem unable to leave their 123 customers in peace for long... they've now announced changes to 123 Lite accounts that apply from 27 October 2020. The fee will be increasing from £1 to £2 per month and they're swapping most of the 1% and 3% cashback categories, so that mobile and home phone bills, broadband and paid-for TV packages cashback drops from 3% to 1%, whilst cashback on water bills increases from 1% to become the only 3% item!

[planteria]

sounds like more hassle than it's worth to me..
i'm long gone from any Santander products.

[Sarah]

I had been using it for a little cashback and mostly to feed other accounts lately.

Perhaps I'll switch it to Club Lloyds later this year as that's another with similar purposes and a possible keeper.

[planteria]

fwiw i don't imagine closing my Lloyds account.. i think i'll always want to retain a current account with them.