Santander 123 account

Stevie_baby

Having checked my Santander 123 account statements, I discovered discrepancies with regard to the continuity of the follow on dates, i.e. missing days. This has inevitably impacted on my cash back rewards, thus giving me lower payments. I have spoken with Santander and their first response was to suggest the missing days fell on a Sunday. My response was “do Santander not pay interest on Sundays”. As it happens, both days in question are Sundays, but why should I not receive interest on these particular days when other Sundays throughout the year have not been affected. Santander are looking into my complaint. Anyone else have a 123 account please check your statements.

grumbler

Cashback or interest? How can the cashback be affected by the dates?

colsten

Stevie_baby wrote: »

I discovered discrepancies with regard to the continuity of the follow on dates, i.e. missing days.

Can you explain what this means? What is it I should be checking in my statements?

Stevie_baby

colsten wrote: »

Can you explain what this means? What is it I should be checking in my statements?

The statements dates should follow on for example: 20th March to 19th April, the next statement should follow on i.e. 20th April. In my case my statement misses the 20th April and jumps to the 21st April to 19th May. I have another statement that finishes on the 19th July and the following one starts on the 21st July. On both occasions my cashback reward was less than previous months. I have the upper limit of £20,000 paying 3% interest. I am still awaiting feedback from Santander. The 123 current account pays 3% interest if you have between £3000 up to £20,000, which is better than any current ISA even after paying 20% tax.

YorkshireBoy

Stevie_baby wrote: »

On both occasions my cashback reward was less than previous months. I have the upper limit of £20,000 paying 3% interest. I am still awaiting feedback from Santander.

So what's actually wrong? You're not getting your 1/2/3% cashback on qualifying DDs?...or you're not getting your 2.96% gross p.a. interest?...or both?

grumbler

I still don't understand how this can affect the cashback.

Re the interest, it gets credited in the middle of the statement month. If it's calculated incorrectly (I don't think so), then it's a different question that has nothing to do with the statement dates.

Stevie_baby

YorkshireBoy wrote: »

So what's actually wrong? You're not getting your 1/2/3% cashback on qualifying DDs?...or you're not getting your 2.96% gross p.a. interest?...or both?

I am receiving all my cashback rewards for my Direct Debits 1/2/3% without any problems. My query is regarding the 2.4% net interest paid. When the statements follow on consecutively my normal monthly payment is just over £40, when the dates do not follow on my monthly payment is just over £38. I am trying to alert everyone to check their statements no matter who they bank with.

Archi_Bald

The reason why you get different amounts of interest in different months is that there are different number of days in different statements months. Some are 30, some are 31, and some might be 28 or 29. Interest will be calculated, and paid for, the number of days in your statement month.

Your statements will be for consecutive dates, and you can see those dates on your individual statements - - see the big fat red arrow in the following example. I bet you there are no gaps in the periods your statements are for.

grumbler

Archi_Bald wrote: »

The reason why you get different amounts of interest in different months is that there are different number of days in different statements months.

As the interest is credited on the same date, the difference is because of the different number of days in calendar months, not statement months.

Daily net interest on £20K is £1.30

Archi_Bald

grumbler wrote: »

Re the interest, it gets credited in the middle of the statement month.

The date interest gets credited is normally the very last day of the statement period but if there have been changes to your account, such as an upgrade to Select, the payment date might be different.

Whatever the payment date is, you can trace back an uninterrupted trail of interest payments, for the correct number of days.

Archi_Bald

grumbler wrote: »

As the interest is credited on the same date, the difference is because of the different number of days in the calendar months, not statement months.

This might be so for you but it is not true for everyone. On none of my several 123 accounts, the interest is paid for calendar months, and the date interest gets credited varies from month to month on all of them.

Just checked with my mate - it is the same for her as for me (different statement dates but same sort of pattern).