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    • danni_lou
    • By danni_lou 6th Feb 18, 8:20 PM
    • 3Posts
    • 0Thanks
    Switching from Santander to NatWest
    • #1
    • 6th Feb 18, 8:20 PM
    Switching from Santander to NatWest 6th Feb 18 at 8:20 PM
    Hi all

    Hoping someone can answer a question for me...

    I am wanting to switch from Santander 123 account to NatWest. with the £125 switch bonus and cashback this will be better but I have a child's account and a regular saver with Santander. What will happen to these accounts if I switch to NatWest?

    thanks in advance,

Page 1
    • ValiantSon
    • By ValiantSon 6th Feb 18, 9:24 PM
    • 1,203 Posts
    • 973 Thanks
    • #2
    • 6th Feb 18, 9:24 PM
    • #2
    • 6th Feb 18, 9:24 PM
    Your regular saver requires you to hold a current account with them. If you switch your 123 account then they will close your regular saver and transfer whatever is in there to your current account.

    Why are you moving the 123? You could well be better off opening an Everyday Account with them and then switching that.
    • Kim_13
    • By Kim_13 6th Feb 18, 9:51 PM
    • 1,902 Posts
    • 2,032 Thanks
    • #3
    • 6th Feb 18, 9:51 PM
    • #3
    • 6th Feb 18, 9:51 PM
    I thought there was something on their site regarding what happens if you no longer qualify for the Regular Saver, but I can't find it. It mentions that they may transfer the account to an Everyday Saver paying 0.25% if an attempt is made to deposit more than £200 in a month or it isn't funded via a Santander current account, so it may be that they also do this in your case.

    Are you wanting to get rid of the standard 123 account as it's no longer worth the £5 monthly fee to you? If so, you might find downgrading to the 123 Lite works best for you, as it pays the same cashback but no interest for £1 per month. You could keep your Regular Saver in this case and it would still pay the 5%.

    It's possible to get the Natwest incentive by switching an Everyday Current Account, equally switching to the Natwest Select (their free current account) would qualify you for the incentive. You should only take the Natwest Reward if the flat 2% cashback for £2 per month beats Santander's offering.

    If the Natwest Reward is best for you, it's worth keeping an Everyday Current Account with Santander. They offer a 3% Regular Saver in this case.
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