Santander 123 rate to be cut to 1.5%

Speculator

My wife has a 123 account with about £17k and a regular esaver account earning 5%.

I'll probably advise her to close the 123 and open an "Everyday Current" account so she continues to qualify for the 5% Regular esaver.

Just got to make sure there is at least £200 in the everyday current a/c one day before the Standing order is debited.

schiff

Speculator wrote: »

My wife has a 123 account with about £17k and a regular esaver account earning 5%.

I'll probably advise her to close the 123 and open an "Everyday Current" account so she continues to qualify for the 5% Regular esaver.

Just got to make sure there is at least £200 in the everyday current a/c one day before the Standing order is debited.

I wish I could give up £255 pa (after November 1st) so readily!

AlwaysLearnin

Speculator wrote: »

I'll probably advise her to close the 123 and open an "Everyday Current" account so she continues to qualify for the 5% Regular esaver.

Can't you just convert the 123 to an Everyday?

Speculator

schiff wrote: »

I wish I could give up £255 pa (after November 1st) so readily!

The £17K won't be going in the 0% Everyday current of course.

Speculator

AlwaysLearnin wrote: »

Can't you just convert the 123 to an Everyday?

Probably but easier for her to open it online.

English is not her 1st language and the last time she had to ring up Santander, she couldn't understand the advisors Scottish accent.

In the end, I had to put it on loud speaker so I can hear the questions and speed write the answers on my whiteboard.

schiff

How exciting!

karlie88

Speculator wrote: »

Probably but easier for her to open it online.

English is not her 1st language and the last time she had to ring up Santander, she couldn't understand the advisors Scottish accent.

In the end, I had to put it on loud speaker so I can hear the questions and speed write the answers on my whiteboard.

Secure message them? They can close accounts via their messaging system so don't see why they couldn't do account changes...

Speculator

karlie88 wrote: »

Secure message them? They can close accounts via their messaging system so don't see why they couldn't do account changes...

Could do but prefer to close the 123 in branch with her just before the October £5 fee due date to avoid paying it. Not sure how long it takes Santander to convert a 123.

I know opening the Everyday current online is pretty straight forward.

YorkshireBoy

Speculator wrote: »

Not sure how long it takes Santander to convert a 123.

Seconds, via phone. Just the same in branch I'd imagine...it's just a button or two to press?

Speculator

adindas wrote: »

Open a new account will mean to start from the scratch and another credit check. You will never know, her application might not be successful ...

Just applied and successful.

She's applied for over 25 current accounts online since coming to the UK 16yrs ago and has never been rejected.

Only time she was rejected was when she first arrived in the UK. Halifax refused to open a current account for her (tried in branch on two separate occasions but computer said No.) so she ended up with a basic cash card a/c. However, since Lloyds took over Halifax, she has been able to open accounts at Halifax, Lloyds, TSB and all the other banks.