I have a business current account with Santander, fine, no problem.
Running side by side of this I have a deposit account for “spare” business money. It’s called a “Business Direct Saver” account but this account is a “no longer sold account” i.e. “old” and as such it will probably be attracting a derisory interest rate such as 0.00000000001% that all “old” accounts are subjected to. Decision – change to a newer account so I can resume getting interest on my deposit account again. More time spent wading through paperwork, more time spent online to achieve this.
So onwards and upwards a couple of days ago I opened two new deposit accounts “Business Reward Saver” and “Business Instant Access” . Sounds great, all went through fine, very efficient it seemed and I have been inundated with letters from Santander this morning with a mountain of new PIN numbers.
All looks fine and dandy until you look online
The new accounts are called “Business Reward Saver” and … wait for it “Business Reserve account”. So a swift telephone call to Santander: “Is the Business Reserve account the same as a Business Instant Access account or is one older or newer than the other and if so which one do I have, the older one or the newer one? Or are they just the same account but you have decided to call them something different on the website as opposed to the online banking website pages?
Well the answer it seems is that even though they are called by two different names, they are the same account; the Business Reserve account is also called the Business Instant Access account. Why? How odd is that! Doesn’t this anomaly need resolving? I have now been given a … complaint number so it can be looked into by the Admin team. You couldn’t make it up.
You have to keep on top of this “stuff” otherwise the sneaky banks will suddenly decide it’s not really the same account and put my interest rate down to something off the scale at the bottom end.