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

DragonQ

Annoyingly Santander doesn't give cashback for my gas or electricity providers, but their 123 Lite account would still generate more than the £1/mo fee for me. I intend to manually move over relevant DDs from my Natwest Reward account once that no longer pays bill cashback to Santander 123 Lite, leaving behind the non-applicable DDs so that I get the new fixed reward from Natwest too.


Bit of hassle to set up but free income afterwards.

xylophone

becomes ISA Saver 0.35% up to £10k 0.60% above

I shall be moving mine elsewhere......

Wheres_My_Cashback

DragonQ wrote: »

Annoyingly Santander doesn't give cashback for my gas or electricity providers, but their 123 Lite account would still generate more than the £1/mo fee for me. I intend to manually move over relevant DDs from my Natwest Reward account once that no longer pays bill cashback to Santander 123 Lite, leaving behind the non-applicable DDs so that I get the new fixed reward from Natwest too.


Bit of hassle to set up but free income afterwards.

When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
Have you queried it ?

molerat

Wheres_My_Cashback wrote: »

When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
Have you queried it ?

They now do not pay cashback for those that bill through third party billing companies which rules out a lot of the small suppliers.

colsten

NoodleDoodleMan wrote: »

My Santander eISA (issue 5) is 1.5% as a 123 customer - must have realised a better deal than the current 0.65%

But you didn't need to be a Select customer to get that - - and you were able to get a 1.5% instant access ISA at Coventry BS last March and April, too. Coventry has that rate until 31/07/2020, then drops to 1.15% variable, so that sounds better than the Santander offer.

I have been a huge Santander fan, and a Select member, for many years, and had quite a few full-fat 123s, so I am not part of any Santander bashing brigade. Equally, I am not wedded to them and am quite happy to go elsewhere if elsewhere pays me more interest.

DragonQ

Wheres_My_Cashback wrote: »

When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
Have you queried it ?

No, I haven't. Thanks for the tip! I know that NatWest currently pay cashback for both Symbio Energy and Utility Point so I don't see why Santander wouldn't.

roddydogs

Don't see they point of quoting rates from last spring, its what you can get when your first year rate drops, now that matters.

NoodleDoodleMan

But you didn't need to be a Select customer to get that - - and you were able to get a 1.5% instant access ISA at Coventry BS last March and April, too.

I knew all that at the time, however it was convenient to stick with Santander - their online banking is easier to use, I find Coventry's is like having to use an Enigma machine process to access.

brewerdave

molerat wrote: »

They now do not pay cashback for those that bill through third party billing companies which rules out a lot of the small suppliers.

I'm still getting cashback for my gas/elec. with Avro, altho DD says "PSL re Avro Energy". I used to get cashback from Yorkshire Energy also ,who were via a third party?

molerat

brewerdave wrote: »

I'm still getting cashback for my gas/elec. with Avro, altho DD says "PSL re Avro Energy". I used to get cashback from Yorkshire Energy also ,who were via a third party?

You won't get it if you change supplier to one that is not already listed though.