Santander 123 rate to be cut to 1.5%

harz99

1kevfp wrote: »

We are in the same boat, not in receipt of state pension so reliant on savings and thankfully a company pension

If you are internet savvy the new intenet based Atom Bank has recently increased it max holding to £100k @ 2% per account you are covered by the governments FSCS up to £75k so a low risk,its in its infancy but gathering a lot of attention

Surely its not as simple as just being "internet savvy" AFAIK you can only apply for, and run the account, via an App on a smartphone or tablet?

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?