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  • FIRST POST
    • JGUK
    • By JGUK 6th Oct 16, 1:12 PM
    • 91Posts
    • 14Thanks
    JGUK
    Santander Last 3% Payment
    • #1
    • 6th Oct 16, 1:12 PM
    Santander Last 3% Payment 6th Oct 16 at 1:12 PM
    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 ?
    Thanks
    JG
Page 1
    • bengal-stripe
    • By bengal-stripe 6th Oct 16, 1:29 PM
    • 3,081 Posts
    • 1,970 Thanks
    bengal-stripe
    • #2
    • 6th Oct 16, 1:29 PM
    • #2
    • 6th Oct 16, 1:29 PM
    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 ?
    Originally posted by JGUK
    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.
    • JGUK
    • By JGUK 7th Oct 16, 11:47 PM
    • 91 Posts
    • 14 Thanks
    JGUK
    • #3
    • 7th Oct 16, 11:47 PM
    • #3
    • 7th Oct 16, 11:47 PM
    Cool thanks for that !
    Thanks
    JG
    • Dragonfly1
    • By Dragonfly1 9th Oct 16, 3:06 PM
    • 61 Posts
    • 16 Thanks
    Dragonfly1
    • #4
    • 9th Oct 16, 3:06 PM
    • #4
    • 9th Oct 16, 3:06 PM
    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.
    Originally posted by bengal-stripe
    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
    • By bengal-stripe 9th Oct 16, 3:50 PM
    • 3,081 Posts
    • 1,970 Thanks
    bengal-stripe
    • #5
    • 9th Oct 16, 3:50 PM
    • #5
    • 9th Oct 16, 3:50 PM
    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?
    Originally posted by Dragonfly1
    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.
    • Kernel Sanders
    • By Kernel Sanders 10th Oct 16, 7:42 PM
    • 2,876 Posts
    • 1,213 Thanks
    Kernel Sanders
    • #6
    • 10th Oct 16, 7:42 PM
    • #6
    • 10th Oct 16, 7:42 PM
    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.
    Originally posted by bengal-stripe
    I don't think they do because when I downgraded mine when the fee went up from £3 pm, there was no fraction charged.
    • Dragonfly1
    • By Dragonfly1 11th Oct 16, 12:08 AM
    • 61 Posts
    • 16 Thanks
    Dragonfly1
    • #7
    • 11th Oct 16, 12:08 AM
    • #7
    • 11th Oct 16, 12:08 AM
    I don't think they do because when I downgraded mine when the fee went up from £3 pm, there was no fraction charged.
    Originally posted by Kernel Sanders
    So, just to clarify
    - There was no additional part-month fee, and did they still pay out a part-month worth of interest?

    Thanks
    • Westie983
    • By Westie983 11th Oct 16, 4:01 PM
    • 3,220 Posts
    • 12,606 Thanks
    Westie983
    • #8
    • 11th Oct 16, 4:01 PM
    • #8
    • 11th Oct 16, 4:01 PM
    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,
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • 2010
    • By 2010 7th Dec 16, 5:11 PM
    • 4,063 Posts
    • 3,273 Thanks
    2010
    • #9
    • 7th Dec 16, 5:11 PM
    • #9
    • 7th Dec 16, 5:11 PM
    If the interest is calculated daily and the £5 fee is charged no matter when you close your account, wouldn`t the best time be a day or two before the monthy interest day.
    • Nebulous2
    • By Nebulous2 8th Dec 16, 6:24 AM
    • 1,285 Posts
    • 746 Thanks
    Nebulous2
    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.
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