Newest Review: ... of options. There approval was quick as was there valuation and the only two terms to come back where that we must have insurance in ... more
Some things they do pretty well (insurance is not one of them)
Abbey National in general
Member Name: NorthernSkye
Abbey National in general
Advantages: great mortgage rate @ 0.99%
Disadvantages: awful buildings and contents insurance policy
I have had my current account and mortgage with the Abbey (now Santander) for around 16 years - opened mainly 'cos that's where my parents banked - naïve I know. Having said this, I have generally been pretty happy with them.
I have a Santander Preferred Current Account which gives you a higher rate of interest if you have £1000 a month going into it. But more importantly, charges you very little when overdrawn - I use a £300 o/d every month and never pay more than about 30p in interest. They did once charge me about £80 for going over my o/d limit but refunded the lot when I phoned to complain - can't say fairer than that since I had gone over my limit.
I have a flexible offset mortgage which offsets your savings against the mortgage owed. The rate I'm paying on the Santander mortgage is 0.99% which I think is pretty much as low as they come. The other good thing is that I can overpay the mortgage from my current account online - so can make overpayments from the comfort of my living room as and when I am able. When I decided to shop around a few years ago, I phoned them to see what they could do and they found me the deal that I'm now on which no other bank could get anywhere near.
Buildings and Contents insurance
Rubbish! I have only ever tried to make a claim on my buildings insurance once in 16 years and it was refused. I lost a few roof slates in gale force winds, but they said the roof was not in a good enough state of repair! Don't they think if it was in a perfect state, I wouldn't have lost the tiles and needed to claim? Annoyingly, because they'd had to send their people out to look at the roof to decide not to pay out, they class this as a claim - which now shows up when I need to renew.
In summary, I can't fault them on their mortgage and current account and the service I've received when I've considered moving accounts. However I would strongly recommend shopping around for a better buildings and contents policy.
Summary: stick to the stuff they do well and use an insurance company for insurance products
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