Santander 123 vs Lite, are my sums right?

ColdIron

I use my Tesco current accounts for my regular savers but I've been using my 123 as the hub for opposing standing orders to satisfy monthly pay in pre-reqs as it was the only account with enough cash in it to be worry free. But I've also decided to move the cash from my 2nd and 3rd Bank of Scotland accounts to Marcus. As that's £2,000 less a month, it now all fits into my Club Lloyds so I've switched them all to that account. Marcus has certainly set the cat amongst the pigeons and rung the All Change bell, for me at least

Purpleheart

Yes I get cashback on direct debits with Santander.

I've developed a love of regular savers so my balance will drop over the year and I'll get less interest but when the savers mature I'll want to put the money somewhere and i started pondering the meaning of life and the £5 fee.

Thanks to all who confirmed my sums were right.

badger09

I'm coming to the same conclusion and have started writing myself a step by step guide covering where to move my multiple SOs currently going out of the full fat Santander 123. The 'just in case overdraft' sounds a good idea.

To be honest though, I'm rapidly running out of steam on the current account and regular savers game. I'm in the fortunate position that the additional interest I can earn by playing it will make no difference to me:o.

My son will just have a little less to spend on things I'd almost certainly consider a complete waste:rotfl:

seacaitch

ColdIron wrote: »

I will be downgrading to the Lite account as soon as my interest has been paid on the 12th. I plan to maintain a balance of £0 and administer it by standing order but to avoid any possibility of failed payments and for an easy life I applied for, and was accepted for, an overdraft of few hundred quid. Might be an option for you

I've done exactly the same.

FWIW, if you switch the a/c from regular to Lite, then any monthly interest accrued from your balance in the regular a/c will be paid, pro-rata, at the point the a/c type is changed (along with any cashback accrued in the month so far).

ie. no need to wait until your normal interest receipt date before switching, in my experience.

ColdIron

Thanks for that, I had assumed that as I wouldn't be paying the fiver fee I would lose the interest. As I'm so close I'll defer to my natural caution but useful information

schiff

I've had my Santander 123 account since Alliance & Leicester days and it's the only account that I use actively as a current account. I have sufficient payments that get the cash-back to cover the £5 pm charge.

I need access to ready funds on a daily basis for a venture outside investment and as I keep enough in it to cover these occasions, it is trouble free to keep it and it requires very limited admin.

I'm happy with my 123

seacaitch

ColdIron wrote: »

Thanks for that, I had assumed that as I wouldn't be paying the fiver fee I would lose the interest. As I'm so close I'll defer to my natural caution but useful information

I don't blame you - I wouldn't trust me either.

I'd actually just assumed they'd do it in the way I've described, and went ahead and initiated my change of account type to Lite on that basis. Then saw your earlier post about waiting until receiving the interest before switching, and mentally kicked myself for not being similarly prudent (and waiting) - only to subsequently see that Santander did end up treating the accrued interest how I'd optimistically assumed they would!

ejv

Can you easily downgrade from 123 to 123 lite? Do you have to start the latter afresh , transfer DDs and close the former ?

18cc

Do it online - you keep the same sort code and account number. You fill out a form and they get back to you pretty quickly - usually by next day.

You can of course also call them.

ejv

18cc wrote: »

Do it online - you keep the same sort code and account number. You fill out a form and they get back to you pretty quickly - usually by next day.

You can of course also call them.

Thanks 18cc.:)

Thinking of closing it altogether.

Is it possible to transfer the DD of my utilities and mobile bill(in my name) to my partner's account? Should a DD be set up from a bank account in the name of the account holder itself?