Ive noticed santander are offering a £100 to switch to their current account. Ive been with another bank since student days (they offered a 3 year railcard at the time) but all the perks of that account have since finished.

Most my bills and DD come out a joint account so theres only a couple of DD and payroll to change over for the £100.

Other than the worst customer service in the world, is there any reasons why not to take the £100 offer?

I only really use a current account for wages to go in then transfer cash from there into joint or savings (savings...maybe one day!) I do most banking on line so not to fussed about customer service, I have only walked into my current branch or phoned tham once in 10 years.

Sorry for asking in a car forum, just wanted an opinion from you lot rather than people on financial or money saving forums

Thanks in advance

Is their a minimum term to be with Santander to qualify?

Other than that, just dont shut your old account (incase they offer better savings/mortgage/deals for existing ac holders in the future that may interest you)

I didn't, I switched before they were offering the £100 Pissed off doesn't describe it.

The interest rate is excellent up to £2500, 5% which is better than most (if not all) savings accounts - 4.8% after tax (if you don't pay the higher rate), it's better than most ISAs too.

As with most current (and savings) accounts, the interest rate disappears after the first year.

ETA: I wasn't aware they had poor customer service, I do everything online and it's been fine. My local branch is pretty good too.

[Edited on 23/8/10 by RIE]

[Edited on 23/8/10 by RIE]

don't listen to him, he doesn't believe in Santa

From the small print you need to deposit over a grand a month for 3 months before they give you the £100 and the 5% intrest is only up to the balance of £2500 and is only for a year.

with all the online b...anking inuedos you could of had, you went with santa!

I believe you need to pay in over £1000 for three months before they pay the £100.

I'm definitely considering switching, 5% is almost worth by itself, although still under the rate of inflation!

edit: doh, 2 minutes too late.

[Edited on 23/8/10 by Project7]

yes - I have, for reasons above.

you get the £ 100 after 3 months.

also the interest of 5 % (?) on amount up to 2.5 k is a good 'un but it is only for a year.

naturally when the year is up, either they match it or else it is goodbye.

I've have been with NatWest since time immemorial but had had enough of their 0.25 % interest.

in fact, a lot of banks are stopping interest on current accounts.

one word of warning: ATTENTION!!

another word of warning is be caraful when you switchch on the direct debit - make sure you have money in your account .

I've been thinking about this also, last year i got just over £100 in interest so this is really tempting at the moment. Plus according to the money expert site the santander first time home buyer saver account is pretty good.