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StrawberrySuze

I've just had notification from Santander that the monthly fee for the 123 Lite account is going up from £1 to £2 and some of the cashback rates are being reduced from September. Call me cynical but do you think this has something to do with them being recommended so much on here.... 

JonnyMK

Hi, 

Please find my own comparison below, assuming max balance on each account - looks like Santander 123 (not lite one) is still the best, followed by club lloyds. 

Regards,
Jonathan

JonnyMK

JonnyMK said:

Hi, 

Please find my own comparison below, assuming max balance on each account - looks like Santander 123 (not lite one) is still the best, followed by club lloyds. 

Regards,
Jonathan

* max interest bearing balance
* club lloyds only fee-free if paying in salary

TomJ

JonnyMK said:

JonnyMK said:

Hi, 

Please find my own comparison below, assuming max balance on each account - looks like Santander 123 (not lite one) is still the best, followed by club lloyds. 

Regards,
Jonathan

* max interest bearing balance
* club lloyds only fee-free if paying in salary

Only free if paying in £1500 pm.  If you are maxing it out, there's nothing stopping you opening another fee-free account and recirculating £1500 between them. 

wigglr

This is the content of the email on the changes coming to 123 Lite

Changes to your 1I2I3 Lite Current Account from 27 October 2020

 

We’re writing to let you know about changes we’re making to your 1I2I3 Lite Current Account, including changing the amount of cashback offered on some Direct Debits and increasing the monthly fee to maintain the account. We haven’t taken the decision to make these changes lightly. We’re doing it so we can continue to give cashback on household bills you have to pay, which we know is of benefit to millions of our 1|2|3 customers.

 

Here’s what’s changing

From 27 October 2020, there will be changes to the cashback categories as shown below. You’ll see that the cashback on mobile and home phone bills, broadband and paid-for TV packages is reducing to 1%, and cashback for water bills is increasing to 3%.

 

We’re also increasing the monthly fee to maintain the account from £1 to £2.

 

You should review the changes and consider whether this account’s still right for you

It’s important that you consider the options available to you and we want you to make the right choice about your 1I2I3 Lite Current Account going forward. To help you do this we’ve clearly outlined the changes we’re making below.

 

 

Account feature	Before 27 October 2020	From 27 October 2020
Fee for maintaining the account	£1	£2
Cashback   (capped at £5 per month in each of the 1%, 2% and 3% categories)	1% Water bills Council tax bills Santander mortgage payments	1% Council tax bills Santander mortgage payments Mobile and home phone bills, broadband and paid-for TV packages
	2% Gas and electricity bills Santander home insurance policies Santander life protection premiums	2% Gas and electricity bills Santander home insurance policies Santander life protection premiums
	3% Mobile and home phone bills, broadband and paid-for TV packages	3% Water bills

schiff

I currently have the full fat. My cash-back has arrived today as expected. My next interest is due on August 7th and on that same day my monthly £5 charge is normally levied. If I switch to the Lite version on say August 4th, will I still be charged £5? Or £1? Or nothing? I do recall that people have been through this routine.
TYIA

Steve_xx

JonnyMK said:

JonnyMK said:

Hi, 

Please find my own comparison below, assuming max balance on each account - looks like Santander 123 (not lite one) is still the best, followed by club lloyds. 

Regards,
Jonathan

* max interest bearing balance
* club lloyds only fee-free if paying in salary

Where in Lloyd's Club terms and conditions does it mention that the £1500.00 fee avoider has to come from salary?

Consumerist

Steve_xx said:

Where in Lloyd's Club terms and conditions does it mention that the £1500.00 fee avoider has to come from salary?

Nowhere - and it doesn't have to come from salary. BUT they do ask what your income is when applying.

badger09

schiff said:

I currently have the full fat. My cash-back has arrived today as expected. My next interest is due on August 7th and on that same day my monthly £5 charge is normally levied. If I switch to the Lite version on say August 4th, will I still be charged £5? Or £1? Or nothing? I do recall that people have been through this routine.
TYIA

From memory, if you switch just before your normal fee date, you won't be charged anything for that month, and the new monthly charge isn't taken until the following month.  

Just checked back and that's what happened.

schiff

Thanks badger