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  • FIRST POST
    • arsenalboy
    • By arsenalboy 7th Oct 16, 5:06 PM
    • 250Posts
    • 97Thanks
    arsenalboy
    Closing 123 account timing
    • #1
    • 7th Oct 16, 5:06 PM
    Closing 123 account timing 7th Oct 16 at 5:06 PM
    I want to close a 123 a/c from 1st Nov. My account date is the 16th of the month. What date should I close it to maximise interest but avoid paying an unnecessary £5 account charge?
Page 1
    • bigfreddiel
    • By bigfreddiel 7th Oct 16, 5:48 PM
    • 4,065 Posts
    • 1,860 Thanks
    bigfreddiel
    • #2
    • 7th Oct 16, 5:48 PM
    • #2
    • 7th Oct 16, 5:48 PM
    Where are you putting your £20k once your 123 account is closed?

    Cheers fj
    • YorkshireBoy
    • By YorkshireBoy 7th Oct 16, 6:03 PM
    • 28,280 Posts
    • 16,106 Thanks
    YorkshireBoy
    • #3
    • 7th Oct 16, 6:03 PM
    • #3
    • 7th Oct 16, 6:03 PM
    15th November, according to my interpretation of your account T&Cs. Whether you should close it on 31st October instead will depend on your answer to the question posed in post #2 above.

    Does this tally with your own interpretation of your account T&Cs?
    • bristolleedsfan
    • By bristolleedsfan 7th Oct 16, 7:34 PM
    • 7,383 Posts
    • 9,561 Thanks
    bristolleedsfan
    • #4
    • 7th Oct 16, 7:34 PM
    • #4
    • 7th Oct 16, 7:34 PM
    I want to close a 123 a/c from 1st Nov. My account date is the 16th of the month. What date should I close it to maximise interest but avoid paying an unnecessary £5 account charge?
    Originally posted by arsenalboy
    My 5.00 monthly fee is due on 28th October, I will arrange for full switch out with account closure to be finalised a couple of days before that date to avoid 5.00 fee.
    Last edited by bristolleedsfan; 08-10-2016 at 12:25 AM.
    • arsenalboy
    • By arsenalboy 7th Oct 16, 10:00 PM
    • 250 Posts
    • 97 Thanks
    arsenalboy
    • #5
    • 7th Oct 16, 10:00 PM
    • #5
    • 7th Oct 16, 10:00 PM
    My 5.00 monthly fee is due on 28th October, I will arrange for full switch out with account closure to be finalised a couple of days before that date to avoid 5.00 fee
    Originally posted by bristolleedsfan
    My thoughts are the same, BUT, I worry that closing it a couple of days early will mean I fall foul of having 2 dd's in place and therefore no interest will be paid?
    • arsenalboy
    • By arsenalboy 7th Oct 16, 10:05 PM
    • 250 Posts
    • 97 Thanks
    arsenalboy
    • #6
    • 7th Oct 16, 10:05 PM
    • #6
    • 7th Oct 16, 10:05 PM
    15th November, according to my interpretation of your account T&Cs. Whether you should close it on 31st October instead will depend on your answer to the question posed in post #2 above.

    Does this tally with your own interpretation of your account T&Cs?
    Originally posted by YorkshireBoy
    As stated in previous reply my concern is over timing of having 2 dd's in place.
    I am currently in dispute with them as they denied me interest for switching dd's around mid month. I had 2 in place at beginning and 2 in place at end of month but there were 2 days in the middle of the month when I only had 1 in place.
    They seem to be really hard with t&c.
    • YorkshireBoy
    • By YorkshireBoy 7th Oct 16, 10:09 PM
    • 28,280 Posts
    • 16,106 Thanks
    YorkshireBoy
    • #7
    • 7th Oct 16, 10:09 PM
    • #7
    • 7th Oct 16, 10:09 PM
    My thoughts are the same, BUT, I worry that closing it a couple of days early will mean I fall foul of having 2 dd's in place and therefore no interest will be paid?
    Originally posted by arsenalboy
    I think you're worrying unnecessarily, but have you considered switching it away (using the CASS) to another account rather than simply closing it? That way you're guaranteed to have two DDs in place right up to the point it's switched.
    • arsenalboy
    • By arsenalboy 7th Oct 16, 10:13 PM
    • 250 Posts
    • 97 Thanks
    arsenalboy
    • #8
    • 7th Oct 16, 10:13 PM
    • #8
    • 7th Oct 16, 10:13 PM
    Where are you putting your £20k once your 123 account is closed?

    Cheers fj
    Originally posted by bigfreddiel
    Like most people I am chasing rates down. Most of the money is in my wifes name for tax purposes as I pay 40%. I will be putting the money in 3% giving 1.8% net which is better than the 1.5%. Every other possible option is taken.
    • arsenalboy
    • By arsenalboy 7th Oct 16, 10:15 PM
    • 250 Posts
    • 97 Thanks
    arsenalboy
    • #9
    • 7th Oct 16, 10:15 PM
    • #9
    • 7th Oct 16, 10:15 PM
    I think you're worrying unnecessarily, but have you considered switching it away (using the CASS) to another account rather than simply closing it? That way you're guaranteed to have two DDs in place right up to the point it's switched.
    Originally posted by YorkshireBoy
    I might be worrying unnecessarily but if you read a thread I created some days back you will understand why

    http://forums.moneysavingexpert.com/showthread.php?t=5532026
    Last edited by arsenalboy; 07-10-2016 at 10:23 PM. Reason: wording
    • smjxm09
    • By smjxm09 8th Oct 16, 6:05 AM
    • 452 Posts
    • 128 Thanks
    smjxm09
    Looks like I might have also been caught out. I have just converted a 123 account into a standard account. In September I had 4 direct debits pay out but I moved them on the 23rd to another account so instead of £50 interest they have for some reason paid £2.88. I think a phone call is in order today as the T&C's say 2 active DD but nothing to say the DD's have to be in place for the whole period. By the very fact that 4 DD's are shown being made in September I thought that would be enough.

    At the very least their terms and conditions are not clear as to what is actually an active DD. Is it a payment made within that month or a continuous mandate for a direct debit payment that has sat there for the whole month? It seems that Santander think it is a direct debit mandate for a future payment but they don't say that in their T&C's
    Last edited by smjxm09; 08-10-2016 at 7:03 AM.
    • evergreen
    • By evergreen 9th Oct 16, 10:45 AM
    • 341 Posts
    • 78 Thanks
    evergreen
    Like most people I am chasing rates down. Most of the money is in my wifes name for tax purposes as I pay 40%. I will be putting the money in 3% giving 1.8% net which is better than the 1.5%. Every other possible option is taken.
    Originally posted by arsenalboy
    Where have you found a rate of 3% if you don't mind me asking?
    • badger09
    • By badger09 9th Oct 16, 1:03 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    Where have you found a rate of 3% if you don't mind me asking?
    Originally posted by evergreen
    Tesco, BoS.
    4% @ Lloyds. 5% @ Nationwide & TSB

    All the above are current accounts, each with its own T&Cs.

    up to 5% is available on various regular savers.

    Lots of information on this forum & on the main site.
    • evergreen
    • By evergreen 9th Oct 16, 2:23 PM
    • 341 Posts
    • 78 Thanks
    evergreen
    I thought the post mentioned 3% specifically , and as he can have£20000 in 123 account, I thought he was putting money in an account which would give him 3% Gross or 1.8% net as he said.
    • bigadaj
    • By bigadaj 9th Oct 16, 6:15 PM
    • 7,798 Posts
    • 4,749 Thanks
    bigadaj
    I thought the post mentioned 3% specifically , and as he can have£20000 in 123 account, I thought he was putting money in an account which would give him 3% Gross or 1.8% net as he said.
    Originally posted by evergreen
    Excluding regular savers there is £4500 available at 5%, £5000@4%, and £21000 @3%.
    • darkidoe
    • By darkidoe 10th Oct 16, 8:54 PM
    • 638 Posts
    • 684 Thanks
    darkidoe
    Hmm the great November Debate. Santander 123, to switch or not to switch. To switch means I have to open more accounts and regig my current account cycling....
    Save 12K in 2016 # 8 £16 253.55/12 000 (135.45%) Achieved!
    • evergreen
    • By evergreen 11th Oct 16, 6:34 AM
    • 341 Posts
    • 78 Thanks
    evergreen
    Excluding regular savers there is £4500 available at 5%, £5000@4%, and £21000 @3%.
    Originally posted by bigadaj
    Thank you. What account is £21000 at 3% please, as that is the one I don't know about.
    • Onawingandaprayer
    • By Onawingandaprayer 11th Oct 16, 9:47 AM
    • 585 Posts
    • 467 Thanks
    Onawingandaprayer
    Thank you. What account is £21000 at 3% please, as that is the one I don't know about.
    Originally posted by evergreen
    Yep, desperate to know that one too...
    • AlwaysLearnin
    • By AlwaysLearnin 11th Oct 16, 12:49 PM
    • 573 Posts
    • 484 Thanks
    AlwaysLearnin
    I presume they mean 3 x BOS Vantage and 2 x Tesco
    • smjxm09
    • By smjxm09 13th Oct 16, 3:24 PM
    • 452 Posts
    • 128 Thanks
    smjxm09
    I switched on the first day of the month and noticed that I got £2 interest instead of the normal £50 for the previous month. I contacted customer services who raised a case number and today I received a letter apologising and got my £50 back.
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