Santander Last 3% Payment

JGUK wrote: »

When is the last 3% interest payment due on the 123 Current Account ?

Is it at one point in November depending on your account anniversary ?

Interest is calculated daily and paid monthly.

So you will get the last time 3% on the balance of Oct 31st and as Nov 1st it will be 1.5%. Your interest payment in November (whatever day of the month that is) will consist in part of the 3% rate with the rest at the 1.5% rate.

bengal-stripe wrote: »

Interest is calculated daily and paid monthly.

So you will get the last time 3% on the balance of Oct 31st and as Nov 1st it will be 1.5%. Your interest payment in November (whatever day of the month that is) will consist in part of the 3% rate with the rest at the 1.5% rate.

If you close/change the account 1 day before the Anniversary date in November, will you still pay the £5 fee that would have been due the next day? And similarly, would you be paid interest for the 29 days that you had the account open for?

I'm also just working out the best time to swap account

bengal-stripe wrote: »

I have no idea - for parts of a month, the bank might charge the account fees pro rata. If you close the account one day before the full month, that would make a fee of £ 4.84.

You better ask Santander to give you an authoritative answer.

I don't think they do because when I downgraded mine when the fee went up from £3 pm, there was no fraction charged.

When I downgraded mine, when it went up to £5, I still paid the full £3 on closure.

I dont think they pro rata the fee,

I changed to a 123 lite account at the end of October, a day before my payment was due. I received my DD credits as usual but wasn't charged a fee at all. Not even the £1 for lite. A month later I again got my credits and paid £1.

I didn't have much money in the account but still received about 40p interest at the end of October. I didn't work out if that was pro-rated or not.