Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback 14 January 2020 at 11:38AM edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts 116 replies 15.6K views

MSE_Naomi

Santander will be slashing current account interest to 1% on its popular 123 account this spring, and introducing a single overdraft interest rate of 39.9%...

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'Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback'

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colsten

What better alternative has he got in mind for people whose DDs and SOs add up to more than £5k a month, and who easily get £5 cashback each month?

minislim

i was going to say Martin wouldn't be happy as only a few weeks ago he'd just started bigging this account back up again.

colsten

He'd only be unhappy if they had cut the referral fee. Which they seem to have done, too, as there's not a single asterisk against Santander in that "ditch it!" announcement :cool:

colsten

There's already an earlier thread on this here: https://forums.moneysavingexpert.com/showthread.php?p=76720343&posted=1#post76720343

VT82

Regarding the new cashback cap for each tier, do many people spend over £166 on phone, broadband, mobile and TV bills per month, over £250 on gas and electricity per month, or over £500 on water and council tax per month?


Because that's how much people would need to spend to get the level of cashback the Santander spokesperson refers to!

soulsaver

VT82 wrote: »

Regarding the new cashback cap for each tier, do many people spend over £166 on phone, broadband, mobile and TV bills per month, over £250 on gas and electricity per month, or over £500 on water and council tax per month?


Because that's how much people would need to spend to get the level of cashback the Santander spokesperson refers to!

But include Santander mortgages?

quirkydeptless

Santander are number 1 read article on BBC News at the moment :eek:

https://www.bbc.co.uk/news/business-51106886

VT82

soulsaver wrote: »

But include Santander mortgages?

Crikey I hadn't even spotted the change with the mortgage cashback cap and being lumped in with the 1% tier. Immediate potential loss of up to £5pm and maybe more if it eats into your council tax cashback. That one's a real stinger!!

Zero_Sum

VT82 wrote: »

Regarding the new cashback cap for each tier, do many people spend over £166 on phone, broadband, mobile and TV bills per month, over £250 on gas and electricity per month, or over £500 on water and council tax per month?


Because that's how much people would need to spend to get the level of cashback the Santander spokesperson refers to!

No but with gas/electric you can artificially bump up your DD's then request a refund for the overpayment. Then click the cashback on the larger DD.

Ben8282

VT82 wrote: »

Regarding the new cashback cap for each tier, do many people spend over £166 on phone, broadband, mobile and TV bills per month, over £250 on gas and electricity per month, or over £500 on water and council tax per month?


Because that's how much people would need to spend to get the level of cashback the Santander spokesperson refers to!

No to all 3

Zero_Sum wrote: »

No but with gas/electric you can artificially bump up your DD's then request a refund for the overpayment. Then click the cashback on the larger DD.

Yes but how many people are going to be happy about doing that, how many people can afford to do that every month, how many people could actually be bothered and how are the utility providers going to react to constant demands for repayments? They will simply reduce the direct debits ….