Early Interest payment on Santander 123

Archi_Bald

ceredigion wrote: »

However, the month end dose not change until you request the gold card and the account becomes a "1-2-3 Select gold"

That's not my experience. The statement month changed immediately and without any notification for me.

AndyPK

I think my mum is not select but she only had a joint 123 current account.
What are the benefits ?

Vortigern

My interest payment date did not change when I was SELECTed.

I have not taken up their offer of a gold card.

Mee

Thanks for the comments here.
My account is not a Select one, and Santander staff are unable to give me an answer as to why the dates have changed. They're looking into it but stated in the meantime:

"Please note that as your settlement period has changed you will need to ensure that the terms and conditions of the 123 account are met by different dates than previous. I can confirm that your statement period will now run from the Xth of the month to the Xth of the following month, You will need to have at least 2 active Direct Debits upon your account before the Xth of each month and have funded the account with a minimum of £500."

It's helpful to know, but I am not at all happy having this imposed without prior notice.:(

PS Just wondered whether this is some disruption tactic aimed at those saving the max.?

colsten

Mee wrote: »

My account is not a Select one, and Santander staff are unable to give me an anwser as to why the dates have changed.

keep insisting on an explanation

Mee wrote: »

Just wondered whether this is some disruption tactic aimed at those saving the max.?

I am saving the max on more than one 123 (nice benefit from when it was still possible to have more than one in your name) and none of them has seen any "tricks".

I am sure there will be a good explanation for the change on your account. If there isn't, I'd ask for compensation for the time wasted to get things corrected.

Mee

Hi All,

I received a written reply from Santander which seems to raise more questions than it answers:

"We regularly monitor how your account is being used and sometimes may look in more detail to make sure the account is operating as it should. While a review us underway, a 'flag' is placed which affects the interest calculation date.

As we calculate the interest on your account on a daily basis any change to the date the interest is paid will not affect the total amound you received. Please note interest will be calculated on the same date every month from now on.

We're sorry for any inconvenience this may have caused"

I'm wondering now whether the flag and date it changed is linked to my online access being suspended without notice because they did not like me paying out a significant sum of my money. I resolved the matter over the 'phone after confirming it was me using faster payments.

jamesd

Yes, that would explain it. This sort of thing would also be why staff were unable to tell you what was happening. A potential fraud flag meant that they could not tell you anything that might have tipped you off about an investigation, with potential criminal penalties for them if they did so.

Mee

At the time I queried the new interest payment my account was not suspended - that had happened and been resolved two weeks prior.