Santander fee when switching account.

MDMD

My fee for the Santander 123 gets taken on the 12th of each month. Unfortunately, the increase in the fee is from the 11th Jan, so my Jan fee will be £5. I've done the sums and after tax (the £1,000 / £500 proposed allowance is used up elsewhere), it is not worth keeping the account for me.

Reading the terms it says the below

"The monthly account fee is taken for the previous month on the same day each month. This date is determined by when the account was opened or transferred. 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."

I read this as saying if I switch my account after the 12th December but before 11 Jan, I won't pay the fee, but wondered if anyone has any experience of what they do if they have closed an account.

[Deleted User]

MDMD wrote: »

My fee for the Santander 123 gets taken on the 12th of each month. Unfortunately, the increase in the fee is from the 11th Jan, so my Jan fee will be £5. I've done the sums and after tax (the £1,000 / £500 proposed allowance is used up elsewhere), it is not worth keeping the account for me.

Reading the terms it says the below

"The monthly account fee is taken for the previous month on the same day each month. This date is determined by when the account was opened or transferred. 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."

I read this as saying if I switch my account after the 12th December but before 11 Jan, I won't pay the fee, but wondered if anyone has any experience of what they do if they have closed an account.

My account fee was due on the 17th. My account switch date was the 15th. I did not pay any fees for that month.