Change Santander 123 to Lite. Can be done online from today! How?

pfpf

hi,
after a secure message failed to get my 123 account changed to Lite, can only be done on the phone or in a branch they said, I ventured in to town today.

special journey to do this but in branch I was told they couldn't do it without an appointment and it would then take 1 hour.

they did however tell me, and read out to me a note they had received that "from 1st November customers will be able to regrade their 123 account to a Lite account ONLINE".

they offered to let me do this in branch but I couldn't remember my login details.

so has anyone managed this today or indeed even found the relevant area of their account to do it?

I like internet banking and am fine with face to face business but I detest telephone banking.

thanks.

alternate

I don't think you even have to login. Looks like you just fill out an application. In theory anyway,

http://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions

Transfer your existing Santander current account online

You'll receive a new account number, card and PIN

To apply

-go into your local branch. You’ll need to bring proof of your name and address. See the full list of acceptable identification here.

-An appointment may need to be booked.

-Keep your existing account number, card and PIN.

-Use our short transfer application form.

-If your application is successful, your account could be updated the same day.

-You'll need your existing account details handy to transfer.

If you have an Instant Plus or Basic Current Account, you can't transfer to the 1|2|3 Lite Current Account.

molerat

On the right hand side is "Upgrade Online" link.

agentk

Just downgraded mine 10 minutes ago by phone 15 min call security checks and their script. Shows online near enough instantly. I know no help for OP but for others maybe.

pfpf

I need to stay away from forums, I'm becoming quite dangerous.
thanks guys. really obvious. I was actually on that page twice but somehow thought transfer meant switch.
well its filled in and and submitted. on one page it says will be done in a day then once submitted says a few days.

[Deleted User]

alternate wrote: »

I don't think you even have to login. Looks like you just fill out an application. In theory anyway,

http://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions

Thanks for posting this link


Hopefully all will go well.


The loss of the original Santander 123 account ranks up there with the Egg Money account, sad times...


Cheers

bjbyorkshire

This is the first I have seen regarding the new lite account. Am I missing something here? This account has a lower monthly fee but no interest at all. You still need to transfer £500 per month in from an external account and the 123 on bills looks just the same. Why would people want to downgrade to this from the original 123 account?

badger09

bjbyorkshire wrote: »

This is the first I have seen regarding the new lite account. Am I missing something here? This account has a lower monthly fee but no interest at all. You still need to transfer £500 per month in from an external account and the 123 on bills looks just the same. Why would people want to downgrade to this from the original 123 account?

Perhaps because they can find a better interest rate than 1.5% (and the £5pm fee) for whatever balance they normally have in their Santander 123 account?

[Deleted User]

bjbyorkshire wrote: »

This is the first I have seen regarding the new lite account. Am I missing something here? This account has a lower monthly fee but no interest at all. You still need to transfer £500 per month in from an external account and the 123 on bills looks just the same. Why would people want to downgrade to this from the original 123 account?

£5 fee, 1.5% so no longer worth it for me. Still loads of accounts paying 3%+.


Cheers

bjbyorkshire

Yes, I get why people will move to accounts with better interest rates but this thread is about changing from the 123 account to the 123 lite account. Yes the latter has lower fees but no interest either.

YorkshireBoy

bjbyorkshire wrote: »

Yes, I get why people will move to accounts with better interest rates but this thread is about changing from the 123 account to the 123 lite account. Yes the latter has lower fees but no interest either.

Example: If you had £10K in the 123 and your DD cashback offset the fee, you might have been happy making 3% AER on your £10K.

Since the rate has been cut to 1.5% AER, you would move to BoS for the same 3% AER on your £10K...and the Lite would cost you £1 per month, but payout (at least) £5 per month. A net gain of £4 per month, or nearly £50 a year.