Lite version of Santander 123 account is launched – how does it stack up?

Former_MSE_Faye · 21 July 2016 at 1:03PM

Santander has launched a 'lite' version of its 123 current account in a bid to attract lower-earning customers and those without big savings...

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'Lite version of Santander 123 account is launched – how does it stack up?'

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Anthorn · 21 July 2016 at 2:54PM

Customers deserting Santander and going to Natwest Reward has had an effect. But I think just reverting the 123 account fee from £5 to the previous £3 would have been better and might have brought back defectors or stopped defecting in the first place.

For those who are able to support two current accounts a combination of TSB Classic Plus and Natwest Reward is still the best option.

kingrulzuk · 21 July 2016 at 3:44PM

MSE_Faye wrote: »

Santander has launched a 'lite' version of its 123 current account in a bid to attract lower-earning customers and those without big savings...
Read the full story:
'Lite version of Santander 123 account is launched - how does it stack up?'

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Na I don't think its a good deal

Dird · 21 July 2016 at 3:55PM

I was going to say it would be a good deal for some but 1% vs 3% Council Tax alone basically makes up the extra £2 at NatWest

MrLolly · 21 July 2016 at 4:45PM

Great for people who currently have a Santander account (everyday acc for example) but can't pass a credit check for NatWest reward or Halifax reward account.

I think if they keep the fee at £1 for a couple of years then it's a great account- anything above £1.00 is not worth it. I'd say use this account for bills and use TSB classic plus to keep £2000 and use for everyday spending with contactless for the 5% cash back, and it's a good combination

davethorp · 21 July 2016 at 5:06PM

So existing 123 customers can't switch to this according to their twitter without closing down the 123 account and applying for a new 123 lite. Major ballache especially with bringing direct debits over when all it should really take is two clicks of a mouse at santander's end

Tammykitty · 21 July 2016 at 5:15PM

I am happy with this and will now move back to Santander

I only have my rates (£100 a month) and Sky TV (£30 a month)

I don't pay anything else by direct debit

PeacefulWaters · 21 July 2016 at 7:19PM

A forerunner to paying no interest on 123 in future?

EarthBoy · 21 July 2016 at 7:50PM

Tammykitty wrote: »

I am happy with this and will now move back to Santander

I only have my rates (£100 a month) and Sky TV (£30 a month)

I don't pay anything else by direct debit

You'd earn £1.90 per month cashback, minus the £1 fee, so you'd come out with 90p. Why are you going to Santander for 90p per month when you could earn £5 per month with the Halifax Reward account?

Pincher · 21 July 2016 at 8:13PM

PeacefulWaters wrote: »

A forerunner to paying no interest on 123 in future?

Interesting point.

The Direct Debit cashbacks are an illusion.
I do get more cashback than the monthly fee, but not by much.
Give with one hand, take with the other.

3% on the £20,000 is the only reason for having it.

The 123 credit card used to make the monthly fee back in petrol cashback, but I have a petrol electric hybrid now, so hardly ever fill-up.

Without the 3% on £20,000 , it's a donor account wannabe. :wave:

vanilla8 · 21 July 2016 at 8:20PM

davethorp wrote: »

So existing 123 customers can't switch to this according to their twitter without closing down the 123 account and applying for a new 123 lite. Major ballache especially with bringing direct debits over when all it should really take is two clicks of a mouse at santander's end

How annoying! I would like to switch as just spent all my savings on new house so only cashback i'm really earning to negate the £5 fee is my santander mortgage

Lite version of Santander 123 account is launched – how does it stack up?

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