Santander free business banking to end

[Twoten]

Just had a letter from Santander that says the free banking will be coming to an end.

Business Current Accounts will be transferred to their “award -winning” £7.50 fixed monthly fee account.

Apparently this will be happening towards the end of the year and they will be giving 60 days notice of the change.

I am going to take a look at what alternatives I have before I decide what to do.

What are other small businesses doing at the moment which banks are worth considering?

[stevebunyan]

Santander free business banking to end

The only other bank I new of that was offering free banking for life was the bank of Scotland, not the royal bank of Scotland.
Not sure if they still do.

Sent from Steves
iPhone using Tapatalk

[kwatt]

Re: Santander free business banking to end

There is no such thing as free, just the illusion of it.

K.

[RocketMan]

Re: Santander free business banking to end

Co-Op gives free banking for FSB members. (FSB Business Banking). I don’t know if the free banking will offset the FSB fees but it’s an option for people.

[Twoten]

Re: Santander free business banking to end

kwatt wrote:There is no such thing as free, just the illusion of it.
K.

Not too sure if I would agree with you, had the Santander account for 10 years without any charges.

[spanner51]

Re: Santander free business banking to end

I had a call from Barclays last month offering me free banking. The only problem was that they charge for deposits of cash, or cheques. When I added it up, it would be more than I now pay at Lloyds.

Its a bit like someone offering ‘free call outs’, but still charging for something else.

[Martin]

Re: Santander free business banking to end

Twoten wrote:Not too sure if I would agree with you, had the Santander account for 10 years without any charges.

Me too, no charges whatsoever. In fact they pay us monthly interest on all account balances each and every month. Not much I hasten to add as I have only a few thou in my accounts but since I switched from LloydsTSB years back they have paid me a few hundred quid in interest. Now that monthly charges are looming it’s time for a re-think.

Maybe I’ll get the rowboat out and open an off-shore account or give Jimmy Carr a bell? :clown:

[smeghead]

Re: Santander free business banking to end

Martin wrote:

Twoten wrote:
Not too sure if I would agree with you, had the Santander account for 10 years without any charges.

Same here, banked with them for about 8 years, no charges.
All good things must come to an end I suppose.
Clive

[stratfordgirl]

Re: Santander free business banking to end

I asked Santander to log a formal complainst as their commitment when I joined in 2005 was “free business banking forever”. Admittedly they were called Abbey then, although they had just been bought out by Santander. Still probably the best deal around for small business banking though.

[Twoten]

Re: Santander free business banking to end

stratfordgirl wrote:I asked Santander to log a formal complainst as their commitment when I joined in 2005 was “free business banking forever”. Admittedly they were called Abbey then, although they had just been bought out by Santander. Still probably the best deal around for small business banking though.

I forgot this was “free for life”!

I will call them Monday and ask for their definition of “life”.

[Martin]

Re: Santander free business banking to end

Twoten wrote:I will call them Monday and ask for their definition of “life”.

Don’t trouble yourself. Abbey did use that slogan but it didn’t carry over at the point Santander took over. Santander were quick to post revised T&C’s to Abbey customers back then. Alliance & Leicester meanwhile (my bankers at the time) never made any such claims and, when Santander took them over, all appeared to be a seamless transition……until recently. :rolls:

[stratfordgirl]

Re: Santander free business banking to end

Not so, Martin, according to those in the know. Santander bought Abbey back in 2004, but keeping the Abbey name and marketing the “free business banking forever” account until the end of 2010. See:

http://www.moneysavingexpert.com/news/banking/2012/07/santander-to-charge-for-free-business-accounts

[squadman]

Re: Santander free business banking to end

Joining the FSB provides many positive aspects and free banking at the Co Op
I would guess that the fees are way below what you would pay for just banking services anywhere else.

[SAMURI]

Re: Santander free business banking to end

Ask the VAT man what they are going to do they Bank with Santander .

[smeghead]

Re: Santander free business banking to end

Just noticed Co Op bank does free banking for 18 months, then £3.50 a month thereafter, for new business accounts, usual limits apply.
Seems a good bet to shift away from Santander with them charging £7.50 .
Clive

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