Santander 123 options

kev2009

didn't go for marcus account @steve-L ? 1.3 easy access?
Kev

Steve_L

kev2009 said:

@Steve_L  - looks like i'll have to check Cynergy bank out, never used them etc.
Kev

Neither have I before. They do have the usual £85K FSCS cover. (I had to use this with ICICI years ago: I say use, what little I was owed just appeared in my bank account. Most impressed.) They're also mentioned by Martin on here, but you can't have everything.:-)

kev2009

nice, thanks @steve-L
Did you consider Marcus at all which is paying bit more interest and easy access?
I'm considering them atm.
Kev

katies_mum

Please would anyone know if you still get the same offers on the 123 Lite that you get with the main 123 account?  thank you

Wheres_My_Cashback

katies_mum said:

Please would anyone know if you still get the same offers on the 123 Lite that you get with the main 123 account?  thank you

Offers? Do you mean the Retailer Offers ? Those are loosely based on you debit/credit card spending patterns or their own promotions they run with various retailers.
Yes, you'll still get those.

katies_mum

Thank you, yes I think that`s what I meant.  The offers are in little boxes and click on one - we set up DD for Sky and then after 2 payments had gone out we got £50 at the end of the following month! 

AlwaysLearnin

soulsaver said:

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.

Just to share our experience, we're Select customers and tried to 'upgrade' from a Select account (joint) to a 123 Lite online this week.  Received an Email this morning stating:

"Thank you for applying to transfer your Select Current Account to another Santander Current Account.

Unfortunately, we don’t allow transfers out of the Select Current Account online.

If you’d like to continue with this account change, please speak to us in branch, or call us on 0800 032 3323."

Called them today (after trying the 'Chat' facility first, to try to avoid taking up a phone line) and got it sorted fairly easily (had to listen to quite a bit of the obligatory T&C reading etc...). I did enquire whether we would retain Select status, and the agent said that the criteria for Select is holding the Select account (or having £75k invested/saved with them)*, therefore we may lose Select 'if we're picked by a review'. So, might get away with it, for a while at least, but it's not worth the extra £4 p/m fee compared to the Lite

* https://www.santander.co.uk/select/support/join-us?icid=shp-r2_t1-Join Select-0320

soulsaver

AlwaysLearnin said:

soulsaver said:

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.

Just to share our experience, we're Select customers and tried to 'upgrade' from a Select account (joint) to a 123 Lite online this week.  Received an Email this morning stating:

"Thank you for applying to transfer your Select Current Account to another Santander Current Account.

Unfortunately, we don’t allow transfers out of the Select Current Account online.

If you’d like to continue with this account change, please speak to us in branch, or call us on 0800 032 3323."

Called them today (after trying the 'Chat' facility first, to try to avoid taking up a phone line) and got it sorted fairly easily (had to listen to quite a bit of the obligatory T&C reading etc...). I did enquire whether we would retain Select status, and the agent said that the criteria for Select is holding the Select account (or having £75k invested/saved with them)*, therefore we may lose Select 'if we're picked by a review'. So, might get away with it, for a while at least, but it's not worth the extra £4 p/m fee compared to the Lite

* https://www.santander.co.uk/select/support/join-us?icid=shp-r2_t1-Join Select-0320

Good you got it sorted without too much trouble. I lited our Joint 123 c/a online at end of March and got a confirmation email 3rd of April.

I wonder if you can be a Select Customer without (all) your accounts necessarily being Select accounts? If so that could be the difference.  :?:

ecnirp98

I am debating what to do with my 2 Santander 123 accounts (mine & joint), each have £20,000 in, the 1% interest rate isn't that much lower than the Instant access rates currently available.

colsten

ecnirp98 said:

I am debating what to do with my 2 Santander 123 accounts (mine & joint), each have £20,000 in, the 1% interest rate isn't that much lower than the Instant access rates currently available.

It's a matter of maths and of what matters to you. 

The spreadsheet below should give you some inspiration. The Al Rayan account is only available for existing customers. 1.2% AER is still available at a number of other accounts. You may or may not need £5K in your current account at all times.

Do your own spreadsheet.