Santander 123 options

soulsaver

Uhura said:

I would like to know what impact does changing to 123 Lite have on the 123 Credit Card

None.

schiff

It feels like the end of an era for me. Santander over the years has been really good for me. Currently showing £3200 odd from interest and cash-back. Balance seven years ago today was £24K, today it's £200, having shovelled the excess to Lloyds, Virgin and Marcus. Was going to keep the full fat at 1% but come August I will drop to Lite and I won't be renewing the RS! I've got far too many DDs and SOs on the account to think of leaving altogether, it would be too much bother to scatter them over the already full up (with SOs) accounts I've got.

DavidT67

I've already moved one 123 account any payments to the old account will get redirected for at least three years.

Mostly DD redirection worked OK, Weirdly with a couple of providers, even though they switched DDs / recreated the instruction, they still failed to collect their payment, but that's probably something on their end.

However, where card details were used for recurring billing, these become invalid and only got identified when failed.

Also Identifying where it was the linked account for other savings and investment platforms was a manual process.

Now got a few months to ponder whether it's worth the hassle to move the remaining joint 123 account.

kev2009

Did people move there money elsewhere then switch the account to lite or switch to light and then move there money?
Do I loose any access to the account whilst its being switched to lite?  Just don't want to do it the wrong way round   Might move my money out to different account, make the switch, move it back and then transfer elsewhere as the lite will be my linked account to maybe Marcus or similar.
Thanks
Kev

Speculator

kev2009 said:

Did people move there money elsewhere then switch the account to lite or switch to light and then move there money?
Do I loose any access to the account whilst its being switched to lite?  Just don't want to do it the wrong way round   Might move my money out to different account, make the switch, move it back and then transfer elsewhere as the lite will be my linked account to maybe Marcus or similar.
Thanks
Kev

switch is instant. you don't lose at access either before/during/after the switch.
Completed the online form yesterday lunchtime and checked this morning and the switch has already been completed.

colsten

kev2009 said:

Did people move there money elsewhere then switch the account to lite or switch to light and then move there money?

There's six in one and half a dozen in the other. You interest will be calculated on the balance of your account at the end of each day (which is, sort, of, around 9pm-ish). On £20,000, a day's worth of interest at 1% (which is all you get now) is about 55p.

kev2009 said:

Do I loose any access to the account whilst its being switched to lite?  

No.

kev2009 said:

Might move my money out to different account, make the switch, move it back and then transfer elsewhere as the lite will be my linked account to maybe Marcus or similar.

I think you are over-thinking this.

Just downgrade your account and move your excess money to Marcus.
Or just move your excess money to Marcus and downgrade.

Unless your existing account is Select, all of this can be completed in less than 10 minutes, incl. applying for a Marcus account if you don't have one yet.

kev2009

Thanks, no, don't have a select account, just regular 123 account.
Kev

Speculator

Unless your existing account is Select, all of this can be completed in less than 10 minutes, incl. applying for a Marcus account if you don't have one yet.

My account was "Select" and I completed the online transfer yesterday and transfer completed this morning.
Didn't need to call the call centre.

Stubod

...probably nothing? Your account number and sort code all seem to stay the same. I have just finished closing down 4 Santander accounts and converting my last remaining 123 to an "ordinary" current account. I need to maintain one "separate" current account to enable the monthly "bouncing" of money in and out to maintain our new Club Lloyds accounts. Mind you their rates will probably be dropping at some point as well.

It has been a real pain to change over all the DDs and SO's to a another account but I guess there are worst things to worry about at the mo.

kev2009

Just found a online message from when i messaged the bank previously, they advise i can either change my account to a 123 lite and provide some steps which don't fully match the portal OR they say I can transfer my account to a 123 lite.
Whats the difference between changing it and transferring?
Thanks
Kev