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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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  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    colsten wrote: »
    No, there weren't even dozens with instant access paying more than 1.19%. Not that I recognise 1.19%, as I have enough cashback to eliminate the monthly fee. Before you say '123 Lite', I have just posted elsewhere why that is not a viable alternative for me.

    Ok maybe not 'instant' but there were dozens of easy access. (Got 3 or 4 myself) Marcus is instant.
    There were any amount of better options for spare cash than full fat 123
  • Cookie_LS21
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    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.


    Probably because your first statement just isnt true.
    What do you define as very small & how much do you need in a current account to pay bills? Full fat 123 really is just for those who cant be bothered. But you really dont need to do too much chasing rates to beat it. But aside from chasing rates & perks it is actually very sensible to have a backup account or 2 anyway.
    This is why utilising the 123 lite for bills & cashback, then having a better rate paying account with spare cash in for something else kills 2 birds with one stone in both maximusing benefits & mitigating risk

    Lloyds pays 1% on upto £4k then 2% on balances between £4-£5k. So potentially 1.2% £5k isnt a very small deposit.
    Marcus is instant access faster payment to linked current account & pays 1.35% thats nearly double santanders real rate.
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    You could look at replacing your Italian account with a Starling Bank Euro account. I find them an excellent alternative to chargeable accounts in Euroland. Don't ditch your Italian account yet, though, as Brexit could still create havoc for financial dealings with Euro countries.
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    Combo Breaker First Post Newshound!
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    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    Yes it used to be like that here. They were called 'bank charges' and we paid them on all transactions. There was even a time within living memory when we were charged stamp duty on every cheque we wrote. I can remember when bank charges were abolished in the 1980's and offering 'free banking' was the latest thing the banks were introducing to attract customers.
  • mpw33cfr
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    In 2016 we (my wife and I) had four San123 accounts between us. Since then it’s come down to two accounts, then one account. In May it’ll be none. Bye Bye Santander... :T:T
  • veryintrigued
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    You ladies and gents not get exhausted.in turning almost every thread into fighting spats?
  • peter021072
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    Does anyone know if its possible to switch to the lite account without changing account number?
  • daveyjp
    daveyjp Posts: 12,692 Forumite
    First Post Name Dropper First Anniversary
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    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.

    The 1,2,3 account isn't free.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    Does anyone know if its possible to switch to the lite account without changing account number?

    Think you can just downgrade it so account number should remain
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