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

bjbyorkshire

Ok, thanks Yorkshire boy, I suppose that makes sense now.

I have the full amounts in 3 123 accounts between hubs and myself. I don't cover the full £5 fee on any of them. More like £3 on each. I still think for the effort of having 2 DD's on each account, they are bringing in a respectable amount and if I moved these 3 accounts elsewhere then I would struggle to set up more dd's than I've already got.

I am finding that now all the banks seem to be moving the interest rates downwards I am not so enamoured with the work involved each month. The bit of interest earned on each account is not making a whole lot of
Difference to our spending power now.

[Deleted User]

Update - well that was quick, just had email confirming change to 321 Lite effective immediately. So a one day turnaround


Cheers

[Deleted User]

bjbyorkshire wrote: »

Ok, thanks Yorkshire boy, I suppose that makes sense now.

I have the full amounts in 3 123 accounts between hubs and myself. I don't cover the full £5 fee on any of them. More like £3 on each. I still think for the effort of having 2 DD's on each account, they are bringing in a respectable amount and if I moved these 3 accounts elsewhere then I would struggle to set up more dd's than I've already got.

I am finding that now all the banks seem to be moving the interest rates downwards I am not so enamoured with the work involved each month. The bit of interest earned on each account is not making a whole lot of
Difference to our spending power now.

I have many accounts paying 3% that require no DDs etc. Others require DDs and min pay ins.


But yes managing lot's accounts is a pain.


It's a hobby though...


Cheers

eskbanker

jeepjunkie wrote: »

Update - well that was quick, just had email confirming change to 321 Lite effective immediately.

With some help from Ted Rodgers and Dusty Bin perhaps?

Ashen

Anyone know if there's an electronic way of changing to the Everyday account? My parents won't likely want to phone, and preferably not go in branch/

YorkshireBoy

Ashen wrote: »

Anyone know if there's an electronic way of changing to the Everyday account? My parents won't likely want to phone, and preferably not go in branch/

Once logged in, the only "transfer to" option for a 123 customer is for their Lite product. The Everyday account option says "find out more" and takes you to a general features page with an 'apply now' button. I daren't press it, but you/your parents might!

Reading between the lines, you may be looking after things for them? (apologies if I'm wrong). Could you drop them a secure message from your parents' secure area asking your question? Please feed back the outcome.

bob792

Ashen wrote: »

Anyone know if there's an electronic way of changing to the Everyday account? My parents won't likely want to phone, and preferably not go in branch/

I couldn't find one so I gave up and telephoned them - it wasn't too bad. I just said I wanted to transfer my 123 to an Everyday Current account. It didn't take long. I just said clearly what I wanted and turned down the token sales pitch for a credit card. The account showed up instantly online and the closing interest from the 123 appeared overnight. Make sure you have your debit card handy.

ceredigion

YorkshireBoy wrote: »

Once logged in, the only "transfer to" option for a 123 customer is for their Lite product. The Everyday account option says "find out more" and takes you to a general features page with an 'apply now' button. I daren't press it, but you/your parents might!

I pressed it, in the hope it would let me downgrade. Net result now have a joint Everyday account as well, oh well

badger09

ceredigion wrote: »

I pressed it, in the hope it would let me downgrade. Net result now have a joint Everyday account as well, oh well

Oops. That'll teach you:D

Nebulous2

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.

I didn't have close to the full amount in my 123 account, so the drop in interest reduces its value to me. I put all my DDs that qualify for payments through it though, so that is worth it.

So I've switched to lite, moved my money out and this month I had £8.32 in payments from them. Well worth the £1 it will cost me.