Downgrading Santander 123 to 123 Lite

inspectorperez

snelmark said:

(I confess to not having read the entire thread...) however I have a Santander 123 (Select) & tried to downgrade to 123 Lite online earlier this week.
I got an email saying it can’t be done online & to call them.
I did so, but apparently I would have to change sort code & account number to do this... I have left it for now as if I am forced to do that, I might just switch banks, but does this sound right? Seems ridiculous....

Haven't read this entire thread, so apologies if I have missed something.

Have had joint 123 account more or less since it was launched. Several days ago, I reacted to the further reduction in interest rate but maintaining the fixed monthly fee for charges, by taking the decision to downsize to 123 Lite. All I did was to apply online (in my secure online Santander portal) by literally pressing the "apply" button. The system knew that I was an existing customer and did all the necessary within a 24 hour timeframe. Have maintained account number and all other standing data together with all other privileges (to best of knowledge) including bank overdraft limit apart of course from the interest credit.

Gers

I did the 'upgrade' yesterday, this morning my account is showing as Lite. For me it was easy and seamless.

colsten

snelmark said:

(I confess to not having read the entire thread...) however I have a Santander 123 (Select) & tried to downgrade to 123 Lite online earlier this week.
I got an email saying it can’t be done online & to call them.
I did so, but apparently I would have to change sort code & account number to do this... I have left it for now as if I am forced to do that, I might just switch banks, but does this sound right? Seems ridiculous....

You were given naff information, or you misunderstood. Sort code and account number stay the same when you downgrade a Select to Lite (or even to an Everyday). I and others have done it, and there has never been any suggestion that we'd get different numbers. Call them again. It took about 35-40 minutes for my downgrade. The operation of the account remained, and continues to remain, totally uninterrupted.

snelmark

Thanks guys. I’ll try again. Why do they have to make it so difficult?!

avantra

Gers said:

I did the 'upgrade' yesterday, this morning my account is showing as Lite. For me it was easy and seamless.

Done the same here this morning, seems easy enough way saving £48 a year. We use the 123 as our main ca and so only hold about 2k inside it to pay the bills. This year it will be 22 years since we opened our Abbey National ca and I can't remember what interest they gave back then, I do remember what the 3 stood for in 123, seems this was like a thousand years ago 

digalumps

I believe from memory the 123 referred to the different cashback rates you got for different categories but I am more than happy to be corrected

YorkshireBoy

digalumps said:

I believe from memory the 123 referred to the different cashback rates you got for different categories but I am more than happy to be corrected

There were also 3 tiers of interest rates, based on your balance, unsurprisingly 1, 2 & 3%.

eskbanker

digalumps said:

I believe from memory the 123 referred to the different cashback rates you got for different categories but I am more than happy to be corrected

It referred to both the tiered interest rate and the cashback, as per https://www.moneysavingexpert.com/news/2012/03/santander-launches-cashback-current-account/

• Cashback. It pays 1% cashback on water, council tax bills and Santander mortgage payments (max £1000 mortgage spend/mth), 2% on gas and electricity and 3% on mobile, home phone, broadband and paid-for TV packages.
• Interest. It pays 1% AER if the balance is £1,000 or over, 2% AER over £2,000 and 3% AER over £3,000, which is comparable with a top savings account. No interest is earned on balances below £1,000 or above £20,000.

Their promotional material echoed this:

roddydogs

Needs completely re naming then!

colsten

roddydogs said:

Needs completely re naming then!

Why? You can still get 1%, 2% or 3% cashback.

I'd rather they kept it like that than spending tens, if not hundreds, of thousands on a rebranding exercise, and scrapping the cashback in the process to pay for the rebranding. Wouldn't you?