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

Zero_Sum

mpw33cfr wrote: »

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

Why? The 123 lite account is still the best account for bills on the market.

eDicky

peter021072 wrote: »

Does anyone know if its possible to switch to the lite account without changing account number?

Your account number and debit card remain the same, I downgraded last month.

roddydogs

No indication of a reduction to its e.isa, I'm still getting 1.5%, easy access., I can put money in that. Plus I'm still getting 1.5 % with marcus for a few more months.

soulsaver

peter021072 wrote: »

Does anyone know if its possible to switch to the lite account without changing account number?

FTAOD, it's not a 'switch' as such - you keep the same sort code & ac number.

You can ring them or go to branch, but to do it on line, when you're logged in use 'upgrade' on the RH side options to downgrade your existing 123ac to 123 lite.

Eco_Miser

Ben8282 wrote: »

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.

Yes I remember the 2d stamp duty on cheques, prepaid when a chequebook was issued. That was the only transaction charge I ever paid a bank, since my first account in 1968. Bank charges may have been common then, but they weren't universal.

Wheres_My_Cashback

colsten wrote: »

I don't need any excuses, and your renewed attempt to insult me, this time as 'lazy', hasn't worked either. You have absolutely no idea how I use my accounts and my time, so you are in no position to comment on my money management. The same applies to many other people's accounts and time. So give it a rest please.

I've no interest in knowing how you use your accounts, but if you wish to incorrectly pick me up on my factually correct response then expect a response back. If not, don't quote my posts with inference. Have a nice day !

xylophone

No indication of a reduction to its e.isa, I'm still getting 1.5%, easy access.

But doesn't this end a year after opening?

Hagman

The 1,2,3 account isn't free.

Isn't the 1-2-3 Mini account fee free - and will still get 3% interest after May ?

Parents could lump two grand in one for their kid in trust and benefit from the better deal until the child reaches 13 - a bit unscrupulous mind you.

I wonder if Santander will look into that loophole ?

dralla

Presumably this is still worthwhile if you have £20.000 in the a/c

Zero_Sum

dralla wrote: »

Presumably this is still worthwhile if you have £20.000 in the a/c

Only if you're a bit lazy & cant be bothered moving a bit of cash about now & then