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

Snakey

Sorry for the thread necromancy! I'm looking in to downgrading, and wondering how it works in practice.

The website says that you keep your account number and debit card. So it seems we're not talking about opening/closing accounts, or making a "switch" in the traditional sense, but just a change in the T&Cs from 123 to Lite.

Does anybody know, from having done this, what happens with:
1. The "statement date" (the Santander method of counting a month from the date of the account opening)?
2. The monthly fee - is it pro-rated to the date of change, or will there be an overlap?
3. The mortgage payment that's due to go out next week - will that still get cashback? Both types of account have the same cashback conditions, but it doesn't say whether those conditions can be met across the change date or whether they look at each side in isolation.

Just wondering whether to try to align the change date with the statement date, or whether I can just go ahead and do it now. I know I would be disproportionately irritated if I lost a couple of quid through not realising how it would work, so I'm trying to avoid that even though I know it's only a couple of quid.

msallen

From memory my cashback all paid out as normal. I think I made a bit on the account fee though, as I wasn't charged anything for the partial month on "full 123" and then paid my first £1 for the Lite a/c a month after the switchover.

[Deleted User]

YorkshireBoy wrote: »

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.

I hadn't even considered this, was about to close three Santander accounts but now like you suggest, keep one open, change it to lite and move all the contributing direct debits over. Just need to put in £500 a month to keep it going. Thank you.

younandpoor

hi, i want to open a joint account to and wondered did you have to go into the branch together, seems like there i no way to open this account online which just seems really prehistoric and old

ceredigion

younandpoor wrote: »

hi, i want to open a joint account to and wondered did you have to go into the branch together, seems like there i no way to open this account online which just seems really prehistoric and old

Open an "Everyday Current Account" Then upgrade it to a light
http://www.santander.co.uk/uk/current-accounts/everyday-current-account

LankyMoneySaver

Does anyone know if they carry out a credit check when you move from 123 to 123 lite?

LankyMoneySaver

LankyMoneySaver wrote: »

Does anyone know if they carry out a credit check when you move from 123 to 123 lite?

I've had a reply from Santander and apparently no credit check and all other details remain the same: account number, sort code, pin.

djpailo

I went into branch to change the 123 account to an everyday account. There didn't appear to be an option to do so online. No credit check is carried out.

No_6

It's like watching ' Back to the Future ' on TV but
in TEXT only !

need pictures.











;It's like watching ; ?????

soulsaver

No_6 wrote: »

It's like watching ' Back to the Future ' on TV but
in TEXT only !

need pictures.
;It's like watching ; ?????

More like back to the past - the thread title refers to 'today' but it was 'today' years ago..