Downgrading Santander 123 to 123 Lite

colsten

soulsaver said:

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

That was to be expected.

lhsecons

I have £20000 in the 123 account and earn about £2 odd from the cash back as well as having a regular saver. I am therefore going to switch to 123 lite and move the bulk of the money to Marcus. My question is this. My interest is paid on 4th of the month and that is also when the £5 fee goes out. If I switch before then say on the 3rd would I dodge the fee but also lose my interest or would they credit the interest?

soulsaver

They credit the interest pro rata up to the 'switch' and I believe you will avoid the fee if you're not a select customer (when downgrade may not be instantaneous).

lhsecons

Thanks for this.

michaels

Switched online to a lite and got an email saying I had to call up and do it

Hammer_Time

michaels said:

Switched online to a lite and got an email saying I had to call up and do it

I know you have to phone if you have a select account, but believed if you have a 123 account you could you it online.

soulsaver

Hammer_Time said:

michaels said:

Switched online to a lite and got an email saying I had to call up and do it

I know you have to phone if you have a select account, but believed if you have a 123 account you could you it online.

I'm a select customer and I didn't have to phone.

Hammer_Time

soulsaver said:

They credit the interest pro rata up to the 'switch' and I believe you will avoid the fee if you're not a select customer (when downgrade may not be instantaneous).

I avoided the fee (Interest/cashback paid next day) as a select customer and It was instantaneous, however I did phone.

soulsaver

Hammer_Time said:

soulsaver said:

They credit the interest pro rata up to the 'switch' and I believe you will avoid the fee if you're not a select customer (when downgrade may not be instantaneous).

I avoided the fee (Interest/cashback paid next day) as a select customer and It was instantaneous, however I did phone.

I wasn't saying you would definitely be charged the fee - just if, as a select customer, you timed it wrongly you could.  Just flagging that if you have to await the email (some say a few days... in normal times) which may say phone; and if you tried near the fee date, it could be charged by the time you get the email/ phoned.

Hammer_Time

If you have a joint 123 account can just one of you login and downgrade to the lite account or do both need to do it?