Early Interest payment on Santander 123

Mee

Has anyone noticed their 123 c/a interest has been paid 12 or so days early? Any ideas as to why?

Archi_Bald

Were you made Select?

System

I apologise in advance for apparently explaining Archibald's question in the above post; this is merely just incase ....
I believe your accounting month may have changed if you've been 'promoted' to Select; therefore your interest may be paid on a different date to your expected date. It's worth checking because you may need to, as it were, also furnish your account with the standard minimum monthly £500 earlier than previously (NB this was discussed some time ago in a thread begun by Herbalus, in Banking and Bank Accounts, thread 'Santander 123 odd interest date' - you may find further details there).

Consumerist

I've never noticed interest being paid early on Santander 123.

The date interest is paid marks the end of the billing period so the total paid in each month will be counted from the day following the payment of interest.

BTW, I have noticed, on occasion, that the £2 monthly account fee has been taken a day late - but not the interest payment.

System

Ah, but have you been made Select?

Mee

I am paying the same minimum amount in. Will check what my account is now called, but all I know I know is that I noticed interest for this month is half what it should be, but then noticed the interest was paid 12 days earlier than normal. I knew nothing about Select until mentioned here

Consumerist

If the dates of the billing period have been changed for some reason, then you should receive a full month's interest next month at the end of the new billing period.

If you haven't requested the change, you should ask Santander why they have moved the date.

Mee

I sent a secure message prior to posting yesterday.

Thanks

Archi_Bald

Mee wrote: »

I am paying the same minimum amount in. Will check what my account is now called, but all I know I know is that I noticed interest for this month is half what it should be, but then noticed the interest was paid 12 days earlier than normal. I knew nothing about Select until mentioned here

So is your account Select now?

MarkFromCornwall

If anyone reading this is unsure whether they are 'Select', in online banking look at the banner at the top of the screen. If you are 'Select', to the right of the Santander logo it says 'Select' in white text on a black background.

ceredigion

However, the month end dose not change until you request the gold card and the account becomes a "1-2-3 Select gold"
Since you have to phone them to get this, invariably you would already know about the upgrade.
Was the account fee and cash back as expected ?