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  • FIRST POST
    • parking_question_chap
    • By parking_question_chap 12th Mar 17, 8:39 AM
    • 1,408Posts
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    parking_question_chap
    Can I swap current account type?
    • #1
    • 12th Mar 17, 8:39 AM
    Can I swap current account type? 12th Mar 17 at 8:39 AM
    Can I drop down from the Santander 123 account to the Everyday account? I moved up a few years ago when the interest rates were good and the monthly fee was low. Now the fee is £5 and the interest rate is low. So I am putting a chunk my money into p2p lending and some long term savings accounts instead.

    This means I would be losing money on the 123 account each month due to the interest not covering the £5 fee.

    Has anybody here reverted back to the basic account?
Page 1
    • masonic
    • By masonic 12th Mar 17, 9:01 AM
    • 9,125 Posts
    • 6,274 Thanks
    masonic
    • #2
    • 12th Mar 17, 9:01 AM
    • #2
    • 12th Mar 17, 9:01 AM
    Why not switch to another bank and pick up a switching bonus and better net rate of interest at the same time?
    • YorkshireBoy
    • By YorkshireBoy 12th Mar 17, 9:24 AM
    • 29,529 Posts
    • 17,326 Thanks
    YorkshireBoy
    • #3
    • 12th Mar 17, 9:24 AM
    • #3
    • 12th Mar 17, 9:24 AM
    The simple answer to your question is yes. However...

    If you have some cashback generating DDs on the account (generating >£1 per month) then maybe consider downgrading to 'Lite'.

    Then open a new Everyday account for the switch if you take masonic's advice above.
    • parking_question_chap
    • By parking_question_chap 12th Mar 17, 9:31 AM
    • 1,408 Posts
    • 1,233 Thanks
    parking_question_chap
    • #4
    • 12th Mar 17, 9:31 AM
    • #4
    • 12th Mar 17, 9:31 AM
    Thanks for the replies.

    I dont have any cashback DDs set up, so would not need the lite version.

    I am keen to keep with Santander as on the whole I have had really great customer service both over the phone and in the branch. Plus the hassle of swapping DDs over, telling my employer, remembering new passwords and so forth.
    • Freecall
    • By Freecall 12th Mar 17, 9:54 AM
    • 1,049 Posts
    • 950 Thanks
    Freecall
    • #5
    • 12th Mar 17, 9:54 AM
    • #5
    • 12th Mar 17, 9:54 AM
    I am keen to keep with Santander ........ the hassle of swapping DDs over, telling my employer, remembering new passwords and so forth.
    Originally posted by parking_question_chap
    Who says that the banking industry still does not benefit from customer inertia-driven decisions.
    • jimjames
    • By jimjames 12th Mar 17, 9:59 AM
    • 12,181 Posts
    • 10,696 Thanks
    jimjames
    • #6
    • 12th Mar 17, 9:59 AM
    • #6
    • 12th Mar 17, 9:59 AM
    Who says that the banking industry still does not benefit from customer inertia-driven decisions.
    Originally posted by Freecall
    Absolutely and the benefits of switching service not widely known.

    Remembering passwords might be an issue, none of the others should be with the switch service
    Remember the saying: if it looks too good to be true it almost certainly is.
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