Downgrading Santander 123 to reduce fees whilst balance low

Gromitt

Does anyone know if its easy to down/up-grade Santander accounts?

I'm thinking of buying a new car within the next 4 weeks, so my 2nd Santander account will be redundant. Rather than pay the £2 fee for no purpose, I'm wondering if I could downgrade to a fee-free account until I have sufficient cash to be worth upgrading again (in about 10 - 12 months).

Am I right in thinking it's easier to upgrade a current account than apply for a completely new one? Thats why I don't want to close it.

I know it's only £24 I'd lose, but this is a moneysaving site...

YorkshireBoy

You can certainly currently upgrade a 'standard' account to a 1-2-3 account according to their website. And as this allows you to keep all your existing details (PIN, sort code, account number, etc) it'll be much quicker (instant?) than opening a new one at some point down the line...if indeed the account still exists this time next year!


However, unless anyone has done exactly what you're thinking of doing recently, and posts here, then possibly your 'downgrade' question is best answered by Santander?

Herbalus

Last september I had, among others, a 123 account and a student account with Natwest. I tried to open a Santander student account for a four year railcard.

The Santander staff had difficulty with this because their student account is meant to be used as a sole account. Even though I said I'd switch my Natwest student account to them, they had difficulty opening a new student account because I already had the 123 account.

Eventually, after consulting with head office, they concluded that I'd have to downgrade my 123 account to a student account then open a new 123 account. I decided not to do this because there was no guarantee I'd get another 123 account if I had their student account, and the interest is more important than the railcard.

So I believe it's possible to downgrade your account, though I didn't actually go through with it. You might find you need to be persuasive if the staff don't appear to know much about it though.

LeicDave

You can change the account from the 123 to another account, if you do it over the phone it takes less than 10 minutes. The only other account offered though is the Everyday account it doesn't pay interest at all, or have any benefits but it has no fees either.