Is it too late to switch a 123 a/c before Fri 1/1/16?

Kernel_Sanders

My San 123 a/c month ends on 18th Jan but I want to avoid the £5 fee. My DDs go out on the 1st Jan so was hoping to have these with FD. If I switched to First Direct tonight (haven't even got an a/c with them yet!), then the sixth working day would be Thursday 31st. Is the 7-day switching a maximum, and usually done much sooner?

colsten

The 7 days start after your new account is open.

Kernel_Sanders

OK so my DDs will have to go out with Santander but the cashback barely covers the existing fee. The £5 fee comes in on 11 January but I believe it's levied in arrears, so if the switch is completed by 8 January for example, will it be proportioned (i.e. 2 thirds of £2 or £5)? Or will I avoid it altogether, or maybe have to pay the lot?

SnowTiger

The letter I received from Santander about the increased fee mentioned I could call then to downgrade, presumably to their Everyday account.

You could do that now, then transfer at your leisure to FD.

You would, of, course, lose out on interest because the Everyday account doesn't pay any.

badger09

I'd say the chances of you having a new account set up with FD, (or anyone else) and a switch completed before 1/1/16 are slim to non existent.

I know this is MSE, but is a one off additional fee of £3 that important to you?:cool:

where_are_we

I am going to close one of our 123 accounts due to the fee increase on 11/1/16.I phoned up tonight and was told that if I closed it before then, a £2 monthly fee will be charged and from 11/1/16 it will be a £5 monthly fee that will be charged. Hopefully your switch will be completed by then.