Closing 123

alibean121

With the fee changes, considering I make about £4 a month in cashback, this account is no longer the right account for me. I need to keep the santander account open due to a loan agreement and am going to swap it into an everyday account then move the rest of my direct debits away (annoyingly meaning I can't use a switch service...)

I'm not sure what will happen in the closing month re fee and cashback. Does anyone know what happens for a part month? I found this in the key facts

10. Account closure
You have the right to cancel your account within 14 days of receiving your Account Opening Documentation. This is known as the ‘cooling off period’. If you close or transfer your account part way through your monthly statement period, any cashback you have earned will not be credited to your account. Interest earned in this period will be credited to your account on closure or transfer. You can close the account at any other time by going to a Santander branch.

but there's nothing about the fee. Is there no fee in the part month?

ade1982

They charged me pro-rata when I opened the account half way through the month.

alibean121

I don't think that's right.You have your own personal monthly anniversary so it's not really possible to have part of a month when you open it.

xylophone

Could you not open a basic Santander account now so that you have the required account to service the loan then switch the 123 elsewhere using the switching service?

chris_m

alibean121 wrote: »

I don't think that's right.You have your own personal monthly anniversary so it's not really possible to have part of a month when you open it.

Surely it is, though, when you close the account -e.g. originally opened on 14th, then close on 29th, surely that's half a month give or take a day or so depending which calendar month?

YorkshireBoy

alibean121 wrote: »

...am going to swap it into an everyday account then move the rest of my direct debits away (annoyingly meaning I can't use a switch service...)

Open two Everyday accounts. One to service the loan, and the other to take your DDs. You'd then switch the second one away for a switching incentive. There's always a way.

...but there's nothing about the fee. Is there no fee in the part month?

How about this bit?...

The monthly account fee will be taken every month from your account (including any months you do not qualify for interest and cashback) until you instruct us to close or transfer your account.

...the inference being the fee won't be taken (even if it's due in the coming days) if you ask to close the account. However, to be on the safe side make sure you have at least £2 in there when you make the closure request.

Krash420

The monthly fee is charged in arrears, ie, the first month you had your account, you werent charged till the following month. So if anything by cancelling part way through a month, you've used the account for half a month and paid nothing towards it. By cancelling part way, you forfeit the interest, and they the fee.

I would recommend you keep it till January though, as at least you'll get cashback till then, theres no need to jump the gun and close thet account already.

Also if you decide to switch to Halifax, they're able to do Part-Transfers, meaning your direct debits would be automatically moved for you. You wont get the cashback via this method, but least they'll be moved.

ffacoffipawb

Krash420 wrote: »

The monthly fee is charged in arrears, ie, the first month you had your account, you werent charged till the following month. So if anything by cancelling part way through a month, you've used the account for half a month and paid nothing towards it. By cancelling part way, you forfeit the interest, and they the fee.

I just switched one of my two Santander 123 accounts to an existing Club Lloyds account. No incentive, but easier to use Lloyds web site than ring Santander (in case they closed the wrong 123 account).

Anyway, Santander did give me the interest up to date of switch. They did not charge the £2 monthly fee.

Hope that helps.

I still have plenty of donor accounts for incentives if required.

The money has now been forwarded from Lloyds to my 3 TSB Classic accounts which were empty. They are now full so £6k at 5%. They were previously Vantage accounts which I switched on line to the new account and I was able to do that for all three of them. They have been empty a few months, but not any more. Gain an extra 2% of £6k and lose a £2 fee (which I would have continued with instead of funding TSB had it not be going up to £5 in January).

The remainder went to my Tesco current account as Lloyds is fully funded (as is my remaining Santander 123).

joe134

ffacoffipawb wrote: »

I just switched one of my two Santander 123 accounts to an existing Club Lloyds account. No incentive, but easier to use Lloyds web site than ring Santander (in case they closed the wrong 123 account).

Anyway, Santander did give me the interest up to date of switch. They did not charge the £2 monthly fee.

Hope that helps.

I still have plenty of donor accounts for incentives if required.

The money has now been forwarded from Lloyds to my 3 TSB Classic accounts which were empty. They are now full so £6k at 5%. They were previously Vantage accounts which I switched on line to the new account and I was able to do that for all three of them. They have been empty a few months, but not any more. Gain an extra 2% of £6k and lose a £2 fee (which I would have continued with instead of funding TSB had it not be going up to £5 in January).

The remainder went to my Tesco current account as Lloyds is fully funded (as is my remaining Santander 123).

Hi, I thought only 2 TSB Classic + A/cs were allowed.?
I also had 3 Vantage, and upgraded 1 , 2 left unfunded.?

joe134

YorkshireBoy wrote: »

Ever wondered "what if I press this button?". Nuff said!When the poster said Vantage, they actually meant Enhance (because TSB didn't do a Vantage account)..

I know TSB had/have, Enhance, as I still have my 3 , empty ones, plus 2 Classic + A/cs,Full, so guessed that's what was implied..
I also have Lloyds Vantage A/cs, and Club.
My query was the 2 TSB Classic + A/cs. I thought only 2 were allowed, + a joint, unless the poster meant number 3 was joint.?
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YB

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