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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
    colsten Posts: 17,597 Forumite
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    dralla wrote: »
    Presumably this is still worthwhile if you have £20.000 in the a/c
    Whether the account is still worthwhile for you very much depends on how you want / need to use it. For myself, keeping the account is worth it, albeit I have not been keeping £20K in it for some time now. Don't be put off by people who know absolutely nothing about your circumstances and who try to call you lazy - ignore them and work out what works best for your needs.
  • Fingerbobs
    Fingerbobs Posts: 1,660 Forumite
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    Zero_Sum wrote: »
    :)

    Only if you're a bit lazy & cant be bothered moving a bit of cash about now & then
    It's not laziness for me; it's the risk of forgetting/being away/in hospital/no internet etc. when I need to make the transfer. I like everything to be able to tick over automatically with no manual input.
  • NoodleDoodleMan
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    Presumably this is still worthwhile if you have £20.000 in the a/c
    1% interest, minus £60 annual fee, plus whatever cashback applies.

    A doubtful presumption ?
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,732 Ambassador
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    eDicky wrote: »
    Your account number and debit card remain the same, I downgraded last month.

    I have just checked online to see how to downgrade from full 123 to 123 lite but got no clarity. How did you do it so the account details stay the same?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • molerat
    molerat Posts: 32,163 Forumite
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    Log into your account, on right hand side click upgrade current account, select 123 lite, click upgrade, fill in form.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
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    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.

    Midland Bank TV advert from 1984, advertising 'free banking' as a new thing.

    https://www.youtube.com/watch?v=OE6UAD2B7QU
  • NoodleDoodleMan
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    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 ?


    Santander have confirmed no changes to 1-2-3 Mini accounts.
  • pinkdalek
    pinkdalek Posts: 1,355 Forumite
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    How come Martin Lewis is allowed to give advice? Is he qualified?
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
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    pinkdalek wrote: »
    How come Martin Lewis is allowed to give advice? Is he qualified?

    He's just stating the obvious tbf.
  • colsten
    colsten Posts: 17,597 Forumite
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    pinkdalek wrote: »
    How come Martin Lewis is allowed to give advice? Is he qualified?
    He is not giving advice, and no, he is not qualified to give financial advice as he doesn't have the required accreditation. I don't believe any of the MSE staff has it, either. For this reason, just about all of the pages on the main site state "This info does not constitute financial advice"

    This does, however, not stop people from blindly following what he writes, ignoring that every page also says "...always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service" and "We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong"
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