Downgrading Santander 123 to 123 Lite

surreysaver

Cisco001 said:

It is unlikely you earn back £5 through cash back.

Marcus doing easy access saving for 1.2
NS&I income bond is 1.15

I don't see the point of Santander 123.

I've been earning over £11pm in cashback. Because my mortgage is with Santander, I increased the monthly direct debit to £1k to gain maximum advantage, and either left the overpayment in the mortgage offsetting against the interest, or withdrew the money to be put to better use elsewhere 

st999

I switched my 123 to 123 lite and I get
1 Direct Debit Payment for Gas & Elect. at 2,00% Cashback £1.54

1 Direct Debit Payment for Council tax at 1,00% Cashback £2.29

2 Direct Debit Payments for Comms at 3,00% Cashback £2.65

MONTHLY ACCOUNT FEE £1.00

Profit £5.48
all for transferring £500 in and then approx £125 back out to my Marcus account. 
Beats the 123 and £5 fee.

roddydogs

Its still a hellf a lot of faff to save, what £3 pm.!

colsten

roddydogs said:

Its still a hellf a lot of faff to save, what £3 pm.!

A hell of a lot of faff?

roddydogs

You still picking up typos after all these years? Bully for you.

Cisco001

colsten said:

Cisco001 said:

It is unlikely you earn back £5 through cash back.

Many people have consistently earned lots more than £5/mth cashback for years. Many will also earn a lot more than £5/mth under the new rules. But even earning just £5, or more than £1, a month might be worth it.

Cisco001 said

I don't see the point of Santander 123.

You may not have fully understood "Santander 123" and its various permutations. It's all on their website, and has been discussed in detail on MSE. It is possible that none of the 123 variations may be of use to you, but that does not mean none of them are of use for anyone else.

Sorry, I do,
I am one of those with Santander 123 and downgraded to 123 lite last week.
I don't earn enough probably because I don't have mortgage with them.

ioscorpio

I have just downgraded from the 123 to 123 Lite as I don't receive £5 from my broadband, gas & electric, council tax and water bills.  Now just need to move the £20,000, so will put it in an ISA for 20/21

surreysaver

roddydogs said:

Its still a hellf a lot of faff to save, what £3 pm.!

A lot of people enjoy the faff.  And by faffing, you also spot those accounts that are worth the faff, as you keep on top of everything the banks offer.

colsten

roddydogs said:

You still picking up typos after all these years? Bully for you.

I wasn't quering your spelling but am interested in what the hell of a lot of faff is.

soulsaver

colsten said:

roddydogs said:

You still picking up typos after all these years? Bully for you.

I wasn't quering your spelling...

Good job, too