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Santander to slash 123 account interest and shake up overdrafts

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
145 replies 8.6K views


  • FingerbobsFingerbobs Forumite
    1.2K posts
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    schiff wrote: »
    colsten wrote: »
    I easily get £5 cashback a month. I have done the 5% FlexDirect, I currently need more than £5k a month for DDs and SOs, so my immediate reaction is to keep the account, albeit with a slightly reduced balance.
    Pretty much me too!
    Ditto for me too, unless something else changes between now and May.
  • Neil_JonesNeil_Jones Forumite
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    Ninth Anniversary 1,000 Posts Name Dropper
    ceewash wrote: »
    Anyone moving their account? Where to?

    I'm Lite, I'm staying where I am.

    The closest "clean" I suppose would be Nationwide after you've used the 5% Flexsaver option as that pays 1% as well but no cashback on it or monthly fees. But you can get the regular saver with it too so...
  • edited 14 January 2020 at 1:37PM
    stuartmstuartm Forumite
    49 posts
    10 Posts
    edited 14 January 2020 at 1:37PM
    Been looking around since I heard the interest rate cut news today. There's nothing out there which would be any better for me. Intro bonuses are fine but only better in year 1 and (unlike savings accounts) I won't switch current account every 12 months unless the gains are huge.

    My cashback just about covers the monthly fee so other accounts would need to pay more than 1% to keep up. As they don't (excluding intro offers) there's no incentive to move.

    Interest is less, so like others I'll be reducing my balance in the Santander 123 but unless something else is available (that isn't available today) I'll stick where I am as it can't be beaten (for my use-case anyway).

    If only Starling would offer an interest bearing current account (I already have an account with them which I use for travel only but the rate is only 0.5% up to £2k and 0.25% thereafter) I'd be very interested!
  • ColdIronColdIron Forumite
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    Neil_Jones wrote: »
    But you can get the regular saver with it too so...
    The 5% Regular Savings Account was pulled 5th April 2019
  • Sea_ShellSea_Shell Forumite
    4.4K posts
    1,000 Posts Fifth Anniversary Name Dropper Hung up my suit!
    We downgraded to lite a while ago, and we only earn approx £4.80 per month total, with minimal, if any, balance.

    It's our "main" account, so we'll be keeping it for the foreseeable.

    We keep our float with Marcus, currently still getting 1.5%.

    TSB's still full. Some Reg Savers on the go too.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow ":beer: JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!! :j:j:j
  • stuartmstuartm Forumite
    49 posts
    10 Posts
    Exactly the same as us. Will now move more into Marcus each month though.
  • Sad_DadSad_Dad Forumite
    859 posts
    Seventh Anniversary 500 Posts
    Typical, I changed my S123 from Lite to Standard last week to get the 1.5%. I will revert back in May and find somewhere else for my 20K.
  • soulsaversoulsaver Forumite
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    poshphil wrote: »
    What are the best options for larger balances now? I just upgraded our lite account to a full one literally last week and moved our emergency savings (roughly £8k) there (we also carry another £3-5k on top for most of the month following payday) as it was safe, easy access and an OK interest rate (I appreciate I could do better if I split it and moved around accounts) for an account I just left to run.

    We set up a 123 account when getting our mortgage as the £10/month cashback made that the most competitive so that's also slightly frustrating.
    If you've got 2x 123 acs could you pay half the mortgage from each and still get the £10 cash back (2 x £5s)?
  • LungboyLungboy Forumite
    1.9K posts
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    schiff wrote: »
    except for TSB of course, and they too are surely going to follow the herd in time.

    There's been talk of TSB dropping the 3% deal since early December.
  • xylophonexylophone Forumite
    36.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
    Pretty much me too!

    Ditto - all those Virgin savers (and other savers).....and I really don't want to mess about with all those household DDs...
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