Santander 123 account fee increasing to £5 from January

gingercordial

Slightly annoyed as I went and opened a 123 account on Saturday morning. I assume the chap who opened it for me didn't know...

Chose it more for the fact that they were open on a Saturday and able to fit us in for an appointment to open a joint account, unlike Natwest or TSB. My partner works shifts and so we didn't have much flexibility on that front.

Our anticipated cashback is about £64/year so it will be almost totally eaten up by the new charges. We do also intend to use it for savings and given I have already maxed out 2 x TSB, Club Lloyds, various regular savers etc then at least at 3% it's still as good as opening a second Tesco current account. However we may shift in the new year if something better comes along.

Archi_Bald

There is an official Santander announcement but the forum software won't let me post a clickable link. Remove the blanks from the following to read the announcement

http:// bit . ly /1iJ6QaU

Albeit it is nothing we didn't know already.

Consumerist

<Santander announcement>

Don't know if it's the same as above.

Archi_Bald

Slightly different but essentially the same stuff.

compbren

Was going to apply for the credit card but won't now

pollypenny

Pincher wrote: »

You mean I should top up every time there is a DD payment?

Life is too short.

No. I pay in £500 each month by transfer from my main account. D/Ds are around £350.

I then use the surplus for odd cheques, like bills to tradesmen or theatre tickets.

If I find the balance has built up I'll sweep £400 or so into savings elsewhere, leaving my £20k intact.

Consumerist

compbren wrote: »

Was going to apply for the credit card but won't now

You might want to have a look at their other credit card. Fee-free 0% on purchases & BTs for 15 months. Balances transferable (fee-free) throughout the promotional period.

compbren

Consumerist wrote: »

You might want to have a look at their other credit card. Fee-free 0% on purchases & BTs for 15 months. Balances transferable (fee-free) throughout the promotional period.

If I apply for the 123 cc (I have the current account) today (15th) would I still get the original offer? Or have I left it too late? The website still States their original offer.

Consumerist

compbren wrote: »

If I apply for the 123 cc (I have the current account) today (15th) would I still get the original offer? Or have I left it too late? The website still States their original offer.

Looks to me as though you will keep current rates only until 11 Jan if you apply [STRIKE]by[/STRIKE] before 16 Sept.

Pincher

YorkshireBoy wrote: »

There are easier ways.

All my DDs leave on the 5th of the month. I replenish on the same date by SO from my 2% AER YB Current Account Direct (which is replenished manually on payday).

Cashback and interest is payable on the 11th of the month, along with the £2 fee. A pair of Tesco DDs removes the combined £41.50 (yes I know I won't be able to recover the fee come January!).

Fully automated.

I'm not bothered about a couple of quid either side of £20K, but wouldn't want to 'waste' £1K+.

So you only pay your plumber when you have your periods?

I had a plumber that didn't bank my cheque for months, you two really wouldn't get on.

It's a pool of money, it comes in, it goes out.