Wake up call to ditch Santander 123 current account

where_are_we

I have just completed my online switch from Santander 123 current account to Halifax Reward Account to get the £100 bonus and the £5 a month reward. The switch is to be completed the week before 11/1/16 when the fees go up from £2 to £5. This will avoid paying the £5 fee for my last month. Anyone thinking of switching their 123 account to get a switching bonus has only a couple of days left to get the "7 working days switching guarantee" fitted in before 11/1/16 and incurring the higher fee.

joe_mcclaine

I had been with them for 25 years.

Closed / switched my account a few weeks ago.

Archi_Bald

I can't wait to see the quarterly switching statistics for 4Q 2015 and 1Q 2016. Santander must be bleeding tens of thousands of accounts as many of their more switched-on customers look to avoid the increased fee.

I'd love to leave as well but I am already using all the better places so have nowhere else to go.

EssexExile

If it works for you, you stay. If it doesn't, you go.

hoc

20k will now earn 540 (2.7%) instead of 576 (2.88%). The highest savings account doesn't even hit 1.7%, that is my limit to leave.

So, it works for those with greater savings. It never made any sense to put small amounts into the Santander 123, in many ways nothing has changed.

FOREVER21

Archi_Bald wrote: »

I can't wait to see the quarterly switching statistics for 4Q 2015 and 1Q 2016. Santander must be bleeding tens of thousands of accounts as many of their more switched-on customers look to avoid the increased fee.

I'd love to leave as well but I am already using all the better places so have nowhere else to go.

Do you think Santander might have a re-think and come up with a compromise, if they loose large numbers of customers.
I have been with them a while and their increase in fees will now just about cancell out my earnings from my direct debits. I will stick with them unless they ( heaven forbid) reduce the 3% interest rate.

colsten

hoc wrote: »

20k will now earn 540 (2.7%) instead of 576 (2.88%).

You could probably get over 4% for £20K, but very definitely over 3%.

Dird

hoc wrote: »

in many ways nothing has changed

For you perhaps but I imagine quite a lot of people used it for the DD cashback & the increase may convince them to switch to NatWest

[Deleted User]

colsten wrote: »

You could probably get over 4% for £20K, but very definitely over 3%.

Not with instant access. I've just opened a 123 a/c because it's the best rate I can get.

Ballard

I average around £4.25 per month cashback. I've also earned something like £80 with their offers in the past year so I'm happy to stick with them.

Admittedly I have my son's mobile phone bill included in my dd but other than that I just have standard dds so I'm slightly surprised that most people don't seem to get close to the £5.

colsten

jack_pott wrote: »

Not with instant access.

Of course it is instant access.

jack_pott wrote: »

I've just opened a 123 a/c because it's the best rate I can get.

May I ask where else you looked?