Downgrading Santander 123 to 123 Lite

soulsaver · 5 February 2019 at 4:20PM

soulsaver wrote: »

Home page/personal/ca/123lite/apply/ transfer Santander ac..

Or if logged in.. RH side options select 'Upgrade Current Ac'/scroll to 123lite select 'Transfer Now'/apply/transfer Santander ac etc.

surreysaver · 5 February 2019 at 5:39PM

Bimbly wrote: »

How do you do this, exactly?

I can operate my Santander mortgage online in a similar way to my current account. It is an offset mortgage, so I do not get charged for overpaying or withdrawing money

Bimbly · 5 February 2019 at 8:17PM

surreysaver wrote: »

I can operate my Santander mortgage online in a similar way to my current account. It is an offset mortgage, so I do not get charged for overpaying or withdrawing money

Ah. If it's an offset mortgage, I can see how that would work for you. I have a repayment mortgage, so I can't overpay and then put the money back in my account. Was thinking I was missing a trick, there.

But that's a good little wheeze for you.

philng · 25 October 2019 at 10:00AM

Do you get the interest earned & direct debit paid payments to date of switch?

soulsaver · 25 October 2019 at 10:19AM

philng wrote: »

Do you get the interest earned & direct debit paid payments to date of switch?

Yes...…………………….

jono1975 · 15 January 2020 at 11:33AM

I'm either going to

1. Switch to HSBC and get £175 (Only complication I can see is I've got an ISA whose rate was higher because I've got a 123 account), then move balance to Marcus at 1.45%

2. Switch to 123 lite and get about three quid a month after £1 fee, then move the remainder (maxed at 20k) to my Marcus easy access at 1.45% currently. Would get me around £6.50 a month more at current 123 rates and obviously easily bets the new rate. Will keep enough to cover DD only in 123 lite.

Leaning towards number one as long after I've confirmed ISA with Santander.

Not waiting until May to do it.