Santander makes U-turn on free account - Business - News - Moneyfacts

News

Santander makes U-turn on free account

Santander makes U-turn on free account

Category: Business

Updated: 07/09/2012
First Published: 07/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Santander will no longer withdraw its free bank account following a massive outcry from disgruntled small business customers.

The bank originally announced in July that it would withdraw its free business account, leaving customers outraged at the prospect of paying up to £12.50 a month for their account.

The decision was all the more controversial given that upon its launch, Santander promised that the account would be 'free forever', adorning its marketing and promotional material with the pledge.


A spokesperson for Santander said: "After listening to feedback from our existing customers, a small number of whom do not feel their businesses would benefit from these changes, we will be retaining the fee-free option for existing customers."

It has also emerged that Santander could have been charged £500 for every customer who threatened to escalate their complaint to the Financial Ombudsman Services (FOS), having a huge negative impact on both the bank's reputation and finances.

What Next?

Find the best business bank accounts for you - Compare Business Bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Business owners – do you have a cash buffer?

Building up a cash buffer can be a vital part of business management, particularly in uncertain times. It’s therefore little surprise to find that SMEs built up significant cash reserves in the lead up to the referendum.

Business owners – are you missing out on returns?

Running a successful company demands strong organisational skills, business acumen and a keen eye for finances, which is why it’s so surprising that many business owners could be missing out on returns because they don’t know their interest rate.

2016 Business Moneyfacts Awards winners announced

The winners of the 2016 Business Moneyfacts Awards were announced last night at the prestigious Lancaster London Hotel.
 
Close