Santander Mini123 still showing 3% even after 18th birthday

CricketLady

Good morning everyone! My daughter turned 18 a couple of days ago and immediately her HSBC 3% account showed that her rate was now 0.15% as expected as HSBC had written to her earlier in the month explaining it would become a basic bank account on her 18th birthday.

However, her Santander Mini account does not appear to have changed and is still saying 3% on balances 300 to 2000. We have had no communication to let us know what will happen to her account now that she is 18 (not even electronically). Does anyone know when she will stop earning 3% on this account and what will happen to it? She has the 5% regular saver due to mature today so we were due to shift all her cash to her Nationwide 2.5% (soon to be 2%) limited access account as this doesn't close until she is 18 and 6 months, but might be tempted to leave 2000 in the mini 123 if it is still 3%!

Many thanks! - edited to add that she is doing her A levels currently and will no longer be a student at the end of this current academic year.

xylophone

See

https://www.santander.co.uk/personal/current-accounts/123-mini-current-account

From the age of 13 onwards, young people must open and manage a 1|2|3 Mini Current Account themselves.

The account automatically transfers to an adult current account after the holder’s 19th birthday if it hasn’t been transferred to a different Santander current account before this time.
Before transferring the account to an adult account we’ll give 2 months’ notice.
The General Terms & Conditions for Current Accounts and Savings Accounts will continue to apply together with any specific conditions in the Key Facts Document for the new account (which we’ll provide to you at the time).
For accounts not held in trust, at age 16 the account holder can start to earn cashback of up to 15% at a range of major retailers using their Visa debit card through Retailer Offers
If the trust status isn’t removed by the time the young person is 18, the interest rate on the account will change to 0.10% AER/gross (variable), unless we notify you otherwise. At this point, the account can't be transferred to another account in our range but the young person can apply for an adult current account in their own name. We’ll get in touch with more information near the young person’s 18th birthday.

Your daughter should check the situation with Santander.

Is your daughter not intending to go to University?