Downgrading Santander 123 Current Account

Fingerbobs

When downgrading a Santander 123 current account to a normal account, do they pay interest pro-rata up to the date of conversion, or do you just lose all interest for the final statement month?

If they pay the interest pro-rata, what happens with the monthly fee?

Just trying to work out the optimum time to downgrade the account :-)

talexuser

answer here
https://forums.moneysavingexpert.com/discussion/5900728/marcus-is-live&page=8
#290

Fingerbobs

talexuser wrote: »

answer here
https://forums.moneysavingexpert.com/discussion/5900728/marcus-is-live&page=8
#290

Sorry, where? Post #?

Oh, ok, not on the page directly linked - found it :-)

Although this is referring to downgrading from 123 to 123 Lite, rather than downgrading to a normal account with no perks, but I guess the answer is the same.

Purpleheart

Page 15 about 3 posts from the end. I've downgraded my 123 to a lite that way.

Fingerbobs

Downgraded in-branch today, but disappointed not to get any interest added on for the period up to the downgrade :-(

ColdIron

Mine was paid into my Lite the day after I downgraded

YorkshireBoy

ColdIron wrote: »

Mine was paid into my Lite the day after I downgraded

Ditto, along with the cashback. I also avoided the £5 fee. And they won't take the first £1 fee until next month. Did mine over the phone, instant change to Lite in my online area. Was a long call though!

Fingerbobs

Thanks - sounds like I probably need to wait until monday for the interest :-)

I was only in the branch for about 15 minutes all-in, and quite a lot of that was waiting for an advisor to become available.

I didn't want to do it by phone because I had two 123 accounts, and only wanted a specific one downgraded to an Everyday - doing it face-to face allows me to keep an eye on what they're actually doing :-)

sham63

I want to close my 123 next week - am I right in thinking I can only do this in a branch?

YorkshireBoy

sham63 wrote: »

I want to close my 123 next week - am I right in thinking I can only do this in a branch?

Not according to the FAQ on their website. You can also request closure by phone or by secure message.

Fingerbobs

Fingerbobs wrote: »

Thanks - sounds like I probably need to wait until monday for the interest :-)

It’s in! 😀