Downgrading Santander 123 current account to 123 lite.

harz99

Hi everyone, a quick question - when a 123 account is downgraded to a 123 Lite, do the bank still pay the interest due for the part month up to the change date, or is their some term that says it is forfeit?


Thanks in advance.

youngretired

I changed mine yesterday and interest and cashback was paid today even though under my old 123 it would have been paid on the 28th.

harz99

youngretired wrote: »

I changed mine yesterday and interest and cashback was paid today even though under my old 123 it would have been paid on the 28th.

Did that change also alter your statement date please?

harz99

Does this also alter the statement date to the date the changeover is done, or the date final interest/cashback is paid if that is different, or does the statement date remain as the original one please?

YorkshireBoy

Maybe it would be best to send them a secure message (with your questions clearly laid out), rather than waiting for someone who's downgrade timings/happenings were as important as yours appear to be?

That way, you've something in writing you can hold them to.

youngretired

When I downgraded I got issued a statement a couple of days later but up to the day that the cashback and interest was paid (which was the day after downgrading) but this was close to my normal statement day so sorry I can't answer you, as not received my 1st proper 123 Lite statement yet.

surreysaver

My monthlyversary is the 7th. I applied to downgrade mine last Thursday (8th), it went through on the 9th and I got my outstanding interest yesterday (I usually get the interest on about the 24th). I haven't had a statement yet, though.

Neil_Jones

A downgrade changes the statement date to when the account was changed so the pay-in month runs, in the case of Youngretired above, 10th of Feb to the 9th of March.

Kim_13

I have merged both of your threads to keep all of your replies in one place.

Regards,

Kim

harz99

Thanks everyone for your help and responses, the job is now done after a 15 minute phone call and the agent confirmed the future statement date will change in line with the downgrade date.

surreysaver

surreysaver wrote: »

My monthlyversary is the 7th. I applied to downgrade mine last Thursday (8th), it went through on the 9th and I got my outstanding interest yesterday (I usually get the interest on about the 24th). I haven't had a statement yet, though.

My statement arrived last night in my e-documents. My statement date is therefore now the date I upgraded to the Lite