Bank Account Questions

hgt

Speculator wrote: »

And you don't need to pay the monthly £1 fee on the 123 lite if you're not earning any utility cashback. Having the Lite 123 will double your Regular interest to 5%.

That's interesting to know.... I always assumed the £1 monthly fee would be taken regardless. So it could be worth opening a 123 lite account just to qualify for the 5% Reg saver.

ColdIron

Nothing in the T&C's about the monthly fee being conditional

eskbanker

ColdIron wrote: »

Nothing in the T&C's about the monthly fee being conditional

Indeed, and in fact they explicitly state:

The monthly account fee will be taken every month from your account (including any months you do not qualify for cashback)

Speculator

eskbanker wrote: »

Indeed, and in fact they explicitly state:

My wife opened a Lite solely to get the 5% reg. I left £12 in her a/c to cover the fees.

They have never taken the £1 fee.

eskbanker

Speculator wrote: »

My wife opened a Lite solely to get the 5% reg. I left £12 in her a/c to cover the fees.

They have never taken the £1 fee.

That may well be the case but that doesn't justify extrapolating an administrative error to a blanket assertion about how the account works!

Speculator

hgt wrote: »

That's interesting to know.... I always assumed the £1 monthly fee would be taken regardless. So it could be worth opening a 123 lite account just to qualify for the 5% Reg saver.

It's worth opening even if they take the £1 fee.

With the fee, rate is equivalent to 4.25%

Speculator

eskbanker wrote: »

That may well be the case but that doesn't justify extrapolating an administrative error to a blanket assertion about how the account works!

Either an admin error or they've changed the terms without telling anyone, similar to what happened to the Nationwide Flexdirect. If you're opening the lite solely to get access to the higher rate regular saver, worst case, you get 4.25% on your regular saver after fees instead of 5%

TheShape

ColdIron wrote: »

Nothing in the T&C's about the monthly fee being conditional

Not picking on you deliberately Coldiron, I thought the same but check point 3 in the following link re when they begin taking the fee:

http://www.santander.co.uk/uk/current-accounts/123-lite-current-account#itab01

Edit: link didn't work - click on key facts document (in terms and conditions section) in above link.

I think Speculator is right.

ColdIron

Key Facts Doc

Not sure which way I'd call it

3. Monthly account fee
The fee for this account is £1 per month.
The monthly account fee is taken to cover the previous month on the same day each month on the date the account was opened or transferred. The monthly account fee will be taken every month from your account (including any months you do not qualify for cashback) until you instruct us to close or transfer your account.
If there are insufficient funds in your account to cover the monthly account fee, the fee will still be debited. If the payment of the £1 monthly account fee takes your account into an Arranged or Unarranged Overdraft, Overdraft Usage Fees will still apply.
Once you have met the cashback criteria for the first time, you will begin to be charged the £1 monthly account fee.

Edit: But we probably should take this to the Santander 1|2|3 Lite Current Account thread

Speculator

TheShape wrote: »

Not picking on you deliberately Coldiron, I thought the same but check point 3 in the following link re when they begin taking the fee:

http://www.santander.co.uk/uk/current-accounts/123-lite-current-account#itab01

Edit: link didn't work - click on key facts document (in terms and conditions section) in above link.

I think Speculator is right.

I am always right, just like when I was right about the Nationwide Flexdirect over 1 year ago.

Speculator

eskbanker wrote: »

That may well be the case but that doesn't justify extrapolating an administrative error to a blanket assertion about how the account works!

If I kept quiet, we would never have found out about this in the T&Cs.


"Once you have met the cashback criteria for the first time, you will begin to be charged the £1 monthly account fee."



Thanks to TheShape.