Santander123 account, interest payment date changed?

Yorkshire_Pud

Had this account for years and always got the interest at the same time of the month as well as the cashback.

This month it was paid two weeks early, but about half the monthly amount, however the cashback was paid two days ago at usual time.

I phoned Santander and was told they 'must' have changed the frequency of paying the interest and agreed I would get the months money in two weeks time. This is rubbish of course.

I've been told of no variation to T&C which stipulate the interest accrued is paid each month about the same date as on account opening.

I've told them to give me an explanation for what they have done and been promised it will be looked into and Inwill receive a letter of explanation.

Most likely its an error dressed up as a change they didnt tell me about and no one else has had this change?

Has this happened to any other 123 account holder recently?

The £5 account fee hasn't been debited either! I can live with that though.

soulsaver

All mine (I have several solo left + a joint) got paid on the usual September dates (different dates on each, same for each as last month & July etc) and the usual amount...and all had the £5 fee charged.

ceredigion

It happened to me years ago. Went from world to select. The month date changed but the cashback date didn't.

frugalmacdugal

Hi,


if you've got £20k in your account I'm sure you're not depending on the interest, it'll sort out.

ceredigion

Seem to recall that when they upgraded me to select ,which wasn't requested. The account name changed at the top of the screen ,then got the letter through the post about a week later . So has your account name changed to select?

eschaton

Around 2/3 years ago they froze my account due to me actually making a payment from my account to another with a different bank, in my name.

Once they sorted that they reset my interest date so instead of all cash back, fee and interest paying on the 26th, my interest now pays on the 17th.

Quite annoying but they couldn't change it back.

Yorkshire_Pud

ceredigion wrote: »

Seem to recall that when they upgraded me to select ,which wasn't requested. The account name changed at the top of the screen ,then got the letter through the post about a week later . So has your account name changed to select?

I've been 'select' for years. Only change recently is I Switched a current account to my 123 a/c using the Santander switch team.

Addendum, yes its changed to a 123 Switcher Account at the top of the screen.

Neil_Jones

It is documented that if you move from regular to lite (or vice versa) your monthly date will almost certainly change unless you're lucky enough to be able to time it correctly which is probably not going to happen if your date falls on a weekend

Yorkshire_Pud

I received a phone call from Santander, friendly lady explained the reason for the change is because following the switch in my 123 account is now a 123 switcher account and therefore the interest will be paid on the date of the commencement of the switch.

Does actually alter a few things like the £500 monthly funding has to be between new dates.

Mystery solved, even Santander weren't initially aware that this happens.