Santander 123 options

[Deleted User]

Hi,

sign in and just use the

 

select your chosen account and then upgrade, no hassle, you'll get an email when done.

Stubod

..went online yesterday and "upgraded" my 123 account to a standard no frills current account. Had an e-mail today confirming it is all done, also confirming account no., sort code, debit and credit cards all staying the same....must admit Santander service has always been first rate, hope Lloyds is the same!

whattochoose

If this has been posted before, apologies, but attached has enable me to gauge how much monthly interest I'll get from August, when the rate drops again...
https://www.santander.co.uk/personal/current-accounts/123-current-account
I reckon I'll be getting around a fiver from August, way way down from when I first became a Santander customer 3 years ago. I'm not going to do anything too hasty, but will use the time until the interest rate drops to an ultra miserly .60% in August to explore all other options.

badger09

Stubod said:

...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.

Did you consider using CASS to switch your redundant Santander accounts to wherever you wanted the DDs & SOs to end up?

kev2009

Many thanks, will do this on Monday.
Kev

BoxerfanUK

I had 2x 123 accounts with 20K in each.  Moved the two DD's over and closed one account and moved money over, downgraded remaining 123 to 'Lite' and will keep just enough in to cover the DD's.  Really not sure what to do but am erring towards just buying 40K in Premium Bonds and see how it goes for a couple of years.  The way I see it yes I'll lose some interest such as 1.2% if I opened a Marcus account but I have a decent pension and she's still earning good money so what the hell!!! 

Stubod

badger09 said:

Did you consider using CASS to switch your redundant Santander accounts to wherever you wanted the DDs & SOs to end up?

..no?...never heard of it?...I just contacted the relevant companies by phone and gave them the new account details.

I will now google CASS!

Stubod

BoxerfanUK said:

I had 2x 123 accounts with 20K in each.  Moved the two DD's over and closed one account and moved money over, downgraded remaining 123 to 'Lite' and will keep just enough in to cover the DD's.  Really not sure what to do but am erring towards just buying 40K in Premium Bonds and see how it goes for a couple of years.  The way I see it yes I'll lose some interest such as 1.2% if I opened a Marcus account but I have a decent pension and she's still earning good money so what the hell!!! 

I have gone over to Lloyds Club and Marcus. We had already maxed PB's but if you haven't I would recommend it as a home for some money. Although I am sure the rates on the other accounts will be dropping at some point soon! 

schiff

I'm pleased with my new Marcus and particularly with it having no maximum balance. Even if it drops to 1% I would find it worthwhile, but let's not tempt providence.

colsten

Useless information of the day: Marcus does actually have a £250K limit per account