Is it too late to downgrade a San123 current a/c if fee is due tomorrow?

Kernel_Sanders

I've opened the PO 1.27% instant access a/c for my mother and so want to downgrade her Santander 123 current account to avoid the fee, due on the 29th. If I do this today, will we retain most of this month's interest but avoid all of the fee, which I presume is levied in arrears? On online banking, there's only a link to upgrading.

Neil_Jones

You can apply to downgrade the 123 account whenever you like, but to convert it to a Lite account I believe is a manual process so if you fill out the form today it won't get looked at until Monday. Just follow the link to "Upgrade account" when logged into online banking and you should see the option to change to Lite.

When you do downgrade you'll get any remaining interest (this is likely to be pennies though if the downgrade day is a day or two after your fee) and any cashback payments that haven't been paid. Note that the day your account is changed to Lite becomes your new monthly date, which in your case will probably be the 30th.

The £5 monthly fee doesn't appear to be pro-rated in any way shape or form, it just appears to be a flat fee applied at each monthly date after you made the change.

glennevis

I've just opened a Santander 123 account and the key facts document states that the fee is taken for the preceding month. Assuming your mother's T&Cs are the same she will still have to pay on 29th.

Kernel_Sanders

Neil_Jones wrote: »

You can apply to downgrade the 123 account whenever you like, but to convert it to a Lite account I believe is a manual process so if you fill out the form today it won't get looked at until Monday. Just follow the link to "Upgrade account" when logged into online banking and you should see the option to change to Lite.

I've just done that, because it said you'd know the same day, but I got this...

Thank you for applying for one of our 1I2I3 Lite Current Account.


Please record this reference number as we will use it in all future contact with you. Reference Number: OLAxxxxxxxx Date: 28-Oct-2017 Time: 20:34 Within the next few days, we will send you an email containing this reference number, confirming whether or not your account has been upgraded.
If your application has been successful, within seven days of this e-mail you will receive a welcome pack through the post, containing all of the information you need on your new account benefits.
As an existing current account customer you will continue to be able to use your existing debit card, PIN and cheque book as normal. All other details of your current account (if single or joint, arranged overdraft, telephone and online banking etc...) will remain the same.

Neil_Jones

Yeah "know the same day" probably only applies if you filled it out on a weekday morning. Any other time and it's likely to be the next working day. Bit like the Secure Messages area, the turn around time on those is about the same time as the conversion to a Lite account and I wouldn't be surprised if its all the same team that only works weekdays - after all your request to convert to Lite isn't as important as "I've lost/somebody's stolen my card"...

bigadaj

If they charge you the months fee then you can raise it as a complaint, they'll probably reimburse the fee as it's cheaper than their time.

Kernel_Sanders

Account's already been downgraded to Lite as you can see yet a fee has been levied for tomorrow.
SanLiteFee.png

Snowbelle

When is the best day to downgrade please?

dave_dph

I phoned customer services a few weeks prior to converting the account, in order to ensure I'd still be paid my full months interest.

My cash back is always paid on the 14th, followed by interest and monthly fee on the 15th. With advice from Customer Services this is what I did:

After my cash back was paid on Sat 14th October I called and asked for the account to be converted to the 123 Lite. This only took a few minutes and my online banking details were immediately updated. As the 15th fell on the Sunday, I knew the interest wouldn't be paid until the 16th (as was the case earlier this year), so on Monday morning I logged in to check. No interest!

I phoned Customer Services; the lady seemed somewhat unsure as to whether I was entitled to the interest and proceeded to put me through to the Complaints Team.

Again, the lady in Complaints also seemed unsure, but she said as I had been advised previously that the full months interest would be paid, she could offer me £25 in way of a resolution. I agreed.

Checked my account on Tuesday 17th, £24.46 interest credited to the account.

Make of that what you will! :undecided :undecided

djpailo

When you downgrade to the lite account, does your credit report say you just opened a new account or does it say you've had the account since opening the 1.5% interest paying 123 account?

Also, has anyone downgraded straight to the basic account and kept the account number/ sort code the same?

Kernel_Sanders

djpailo wrote: »

Also, has anyone downgraded straight to the basic account and kept the account number/ sort code the same?

Yes, I downgraded from full 123 to Everyday last year and kept the same nos. and chequebook.