What happens to Santander 5% Regular saver if I switch?

Rheumatoid

Have already downgraded to 123 lite and put the money from the current a/c in to Marcus.

I don't use the cashback as I have a Natwest rewards account.

I believe (although still trying to confirm this) that I can switch another account into my Natwest rewards account and get a £125 bonus.

However, what will happen to the £1.2k currently in the 5% regular saver if I do switch the current? will I lose all of the interest?

Thanks

R.

xylophone

Open another account with Santander and switch that?

Rheumatoid

xylophone wrote: »

Open another account with Santander and switch that?

Don't really want to do that. Just want rid of the 123 lite. I could wait for the RS to mature and find a suitable switch then but the Natwest switch looks ok.

karlie88

I'm 95% sure you'll still get 5% interest if you switch your Lite away.

PRAISETHESUN

You need to hold an eligible 123 product to keep the 5% regular saver open... switching your 123 account would close it and make you ineligible... you'd have to check the terms closely, but they usually move the money to some sort of easy access savings account which pays terrible interest when this happens

Rheumatoid

PRAISETHESUN wrote: »

You need to hold an eligible 123 product to keep the 5% regular saver open... switching your 123 account would close it and make you ineligible... you'd have to check the terms closely, but they usually move the money to some sort of easy access savings account which pays terrible interest when this happens

Thanks,

wouldn't mind that if they paid the 5% pro rata on the current balance. Can't find whether they would or not. Wonder if same would apply if I close regular saver first before switching - which might make it cleaner and not involve my wife phoning up to extract the funds from an orphaned regular saver.

Paul_DNAP

From the key facts document, Santander regular eSaver

If you don’t fund the account from your Santander current account, if you deposit more than £200 in any month or if you hold more than one Regular eSaver account, Santander reserves the right to revert your account into an Everyday Saver.

Which probably means you'll get the 5% over the time it was a reg saver, but the balance and interest will mature when they swap it over to the everyday.

hoc

There are a few threads now around similar topic without definitive conclusions. Can anyone advise what happens to the regular saver when a 123 or 123 Lite is downgraded to an Everyday account?


I currently have a 123 and would prefer to change it to a fee free one as my cashback would not cover the fee of the Lite version. My regular doesn't mature for several months and it is paying at 5% and I am not interested in renewing after this at the lower 3% so have no interest in Lite unless it is required to preserve my existing regular saver.

MPN

hoc wrote: »

There are a few threads now around similar topic without definitive conclusions. Can anyone advise what happens to the regular saver when a 123 or 123 Lite is downgraded to an Everyday account?


I currently have a 123 and would prefer to change it to a fee free one as my cashback would not cover the fee of the Lite version. My regular doesn't mature for several months and it is paying at 5% and I am not interested in renewing after this at the lower 3% so have no interest in Lite unless it is required to preserve my existing regular saver.

I previously downgraded my Santander 123 account to the 123 Lite but at the same time also opened an Everyday current account. I now want to switch my 123 Lite to Barclays for the switch incentive because my cashback does not merit having the Lite account anymore. When I went into my local branch they said I could change my standing order for my regular saver from the Lite account to my Everyday current account.