Loyalty seems to count for nothing when it comes to the Co-op
3
I had a Co-op credit card for years and used it regularly. As I got older I was paying it off in full but early on they were getting interest from me on a regular basis. I had a habit of losing it however and did have to call a few times for replacements and here they were fine.
The problem started when I lost it a few days before Christmas. I phoned to cancel it and was told that the new one would arrive soon and it did. The following week I received a letter to say that the limit was now less than 10% of what it had been due to a missed payment before Christmas. When I checked they were right, but it had been missed before I reported it lost yet nothing was mentioned on the phone.
I phoned to let them know that the £500 was no good to me and as I had been with them for so long and run the account well, asked could they raise it. They refused and said they would see how things went and they did eventually raise it but no where near what it had been so it was time to go.
All in all, they are fine if things are going well, but make a mistake and they don't want to know. They managed to change what had been my error into a lost customer.
Reviewed on: 29th August 2015
Staying with Santander and reaping the benefits of this account is the best decision I made.
5
A few years ago I was ready to leave Santander and then they introduced the 123 account. For me this has been a great opportunity to get some interest and feel that the bank is actually doing something for me. With interest rates being so low on savings accounts, the 3% they offer for savings - 2.4% after tax - is well above what I would get anywhere else for my level of savings. This is paid on balances between £3,000 and £20,000.
The interest on savings takes account of the 3, but what about 1 and 2? With 1, it is 1% cash back on water and council tax bills then the 2 is 2% cash back on other household Direct Debits - gas and electricity. 3% does come up again as this is for smaller bills such as phone contracts and broadband.
There is a monthly fee of £2 but for most people this will be well covered by the money they are paid. You have to be able to pay £500 a month into the account and this cannot come from other Santander accounts. It may not be in the spirit of things, but it possible to transfer money in and out a few times a month.
Since the account was set up there have been no problems at all. The fee comes out automatically and the payments come in. You also get a running total if you use online banking, so you know how much you made that month and how much since you joined.
Reviewed on: 29th August 2015
