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mochyn

Santander

Are people closing Santander accounts? Just wondering because we have a couple and can't afford to loose the money!
sean

You're covered for up to 85k. So unless you're richer than I thought...
mochyn

Ah. Then I shall stop worrying. It's a touch less than that.
Went

You should be fine it is covered by the UK regulation and compensation scheme:



http://www.moneysavingexpert.com/savings/safe-savings (point 2)
Bebo

It's also a completely separate operation from the spanish Banco Santander and has to comply with the FSA requirements, which means if the parent company goes down it can't asset strip the UK company. Also 90% of its financial interests are UK based, with the only European exposure in Switzerland. Santander UK has actually got as good (or better) score than the other big UK banks and much less Euopean exposure than Barclays or Lloyds for example.
mochyn

Phew. I'm seeing Tweets from people who are closing accounts.

Won't dash into town, then.
sean

That says more about Twitter than about Santander. Wink
mochyn

Quite possibly! Laughing
Went

Quite possibly! Laughing


It could be Chinese whispers as there are banks here that are seeing large numbers of people withdrawing money and with Santander having its origins here.....it doesn't take much to get people twittering.
Stonehead

There's nothing like rumours of a run on a bank to prompt a run on a bank. And Kent Council didn't help when it decided to drop Santander UK from its list of approved banks and stopped putting millions of pounds into overnight accounts with them.

There's also a certain amount of irony in people jumping from a bank downgraded to A2 to other banks when most of them are A2 or A3.
lettucewoman

I have all our accounts with Santander and after reading about it all I'm not worried...except about foolish people closing accounts and causing a problem!
Bebo

except about foolish people closing accounts and causing a problem!


My only fear.
Rob R

If I were you I'd close the account, not beaches of twitter, just that they're rubbish. mochyn

I agree: I've had the account since I was a girl when it was Abbey National. When I can find something I like better I'll change. Marionb

I agree: I've had the account since I was a girl when it was Abbey National. When I can find something I like better I'll change.

I can remember when it was the Burnley BS, then became National & Provincial... its had a few name changes Laughing
Nick

If I were you I'd close the account, not beaches of twitter, just that they're rubbish.

Beaches of twitter. How romantic, crashing on the shores of rumour, presumably?
stumbling goat

You're covered for up to 85k. So unless you're richer than I thought...

You are covered to that amount for any amount of banks in that group that you have deposits with.

sg
Rob R

If I were you I'd close the account, not beaches of twitter, just that they're rubbish.

Beaches of twitter. How romantic, crashing on the shores of rumour, presumably?

Damn phone. violent1
john of wessex

I would not touch Santander, but only because it has a reputation for crap customer service lettucewoman

I would not touch Santander, but only because it has a reputation for crap customer service

In my experience the branches are brilliant but unfortunately they are often hogtied by appalling behaviour from the corporate parent..it frustrates the branches because they can't give the service they would like..morale is pretty low atm...I work within the branches every 6 weeks Sad
mochyn

I think those were seperate societies which were bought when the Abbey demutualised.

Which was a bad move, IMHO. Penny Outskirts and I both worked for Abbey in the 'good old days'!

Are there any Building Societies that haven't demutualised?
Rob R

I would not touch Santander, but only because it has a reputation for crap customer service

It's a very well deserved reputation.

I'd agree with lettucewoman, if you can find a branch, and it's open, the staff are very nice & friendly, but they are working with one hand tied behind their backs & dealing with your money is difficult, slow & not competitive with other banks.
Nick

I think those were seperate societies which were bought when the Abbey demutualised.

Which was a bad move, IMHO. Penny Outskirts and I both worked for Abbey in the 'good old days'!

Are there any Building Societies that haven't demutualised?

Brittania and Nationwide? Or am I mistaken?

Brittania is part of the Co-op/Smile.
mochyn

Ah: there's a Britania in Oswestry. That could be the one for me. Ta, me duck. judith

Are there any Building Societies that haven't demutualised?

The West Brom certainly hasn't. There is a branch in Welshpool.
Treacodactyl

I think those were seperate societies which were bought when the Abbey demutualised.

Which was a bad move, IMHO. Penny Outskirts and I both worked for Abbey in the 'good old days'!

Are there any Building Societies that haven't demutualised?

Brittania and Nationwide? Or am I mistaken?

Brittania is part of the Co-op/Smile.

Brittania will be a bank then, and having a Smile account I wouldn't say the co-op offers the best account.

There's loads of Building Societies still about though, such as Nationwide. The Coventry BS & Derbyshire BS also spring to mind; a good place to check is the MSE and they also tell you which BSs share the same 85k compensation pot.

I'm a bit surprised more people who hate 'banks' don't use them.
Bebo

Must admit that they are always really helpful in our local Natiowde branch. However, when it comes to savings I'm a tart and will move stuff around to whereever doesn't look completely dodgy and has the best rate. Which is why Santander has a fair bit of my money - it generally has the best ISA interest rates and their bond rates are quite good too. tahir

My mortage is with Skipton building society, seem quite sensible gil

Leeds and Holbeck BS
Market Harborough BS
Ren

Yorkshire BS.
Chelsea but they are part of above
john of wessex

Ecology Building Soiety & t'Marsden are both very good.

If both from opposing countie!
sueshells

I would not touch Santander, but only because it has a reputation for crap customer service

It's a very well deserved reputation.

I'd agree with lettucewoman, if you can find a branch, and it's open, the staff are very nice & friendly, but they are working with one hand tied behind their backs & dealing with your money is difficult, slow & not competitive with other banks.

Well just steer clear of the Bletchley branch - I gave up trying to access my 9.52. I won't go into all the details. Suffice to say that the staff are drooling idiots and the bank is useless.
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