Santander 123 options

kev2009

Hi, Is peoples opinion to still switch to Santander lite and move rest of money to Marcus or elsewhere given the recent interest rate drops, the 1% may not be too bad? in comparison, I've had letters on other accounts (with different providers)  saying interest rates will be as low as 0.25% interest.
Thanks
Kev

ColdIron

Marcus is still a good account, no guarantees of course. Certainly worth ditching the full fat 123.

kev2009

Thanks for your reply.  
Kev

colsten

kev2009 said:

Hi, Is peoples opinion to still switch to Santander lite and move rest of money to Marcus or elsewhere given the recent interest rate drops, the 1% may not be too bad? in comparison, I've had letters on other accounts (with different providers)  saying interest rates will be as low as 0.25% interest.
Thanks
Kev

It's just like it was before - it's interest rate minus £5/mth. So quite a difference between a full-fat 1% 123, and a 1% savings account. Quite a few people will still get up to 1.35% after the cuts (not necessarily in Marcus), so the difference is even more striking.

SFindlay

kev2009 said:

Hi, Is peoples opinion to still switch to Santander lite and move rest of money to Marcus or elsewhere given the recent interest rate drops, the 1% may not be too bad? in comparison, I've had letters on other accounts (with different providers)  saying interest rates will be as low as 0.25% interest.
Thanks
Kev

Has anybody actually arranged the switch to lite yet? Wondering what's involved (phone call or forms etc) and how long it takes to switch? 
Also I presume they just change account over rather than opening a new lite account with different account number etc? 

reefer37

very easy to switch to 123 lite from main 123 just go on line and switch. just the account changes

colsten

There is no option to "switch". You need to use "Upgrade" , which you find on the right-hand side in online banking. It takes about 10 minutes. Your account number and sort code stay the same, your SOs and DDs are unaffected.
  

Your card and PIN should also stay the same, unless you were a Select customer before. I have heard conflicting stories about changing from Select to 123 Lite - some people say it can't be done online and you need to ring Santander. I haven't yet tried it myself as I will still be keeping my full fat until the interest rate drops.

soulsaver

colsten said:

There is no option to "switch". You need to use "Upgrade" , which you find on the right-hand side in online banking. It takes about 10 minutes. Your account number and sort code stay the same, your SOs and DDs are unaffected.
  

Your card and PIN should also stay the same, unless you were a Select customer before. I have heard conflicting stories about changing from Select to 123 Lite - some people say it can't be done online and you need to ring Santander. I haven't yet tried it myself as I will still be keeping my full fat until the interest rate drops.

I'm a select customer and I've lited several of my accounts on line including a joint recently.

6022tivo

I'm going to switch to Lite and spend the money. 
I'm getting far too old, and have not enjoyed life as I should. 
So, when this covid blows over and if I survive it, I'm switching to Lite and going to enjoy myself with some treats I deserve. 

kev2009

Sounds like a plan @6022tivo - what sort of treats you got planned? Holiday or gadgets or something else?
Kev