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Downgrading Santander 123 current account to 123 lite.

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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.

Comments

  • 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
    harz99 Posts: 3,712 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    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
    harz99 Posts: 3,712 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    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
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • 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
    surreysaver Posts: 4,770 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
    I consider myself to be a male feminist. Is that allowed?
  • Neil_Jones
    Neil_Jones Posts: 9,535 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Kim_13 Posts: 3,387 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    I have merged both of your threads to keep all of your replies in one place.

    Regards,

    Kim
  • harz99
    harz99 Posts: 3,712 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    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 Posts: 4,770 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    I consider myself to be a male feminist. Is that allowed?
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