Santander 123 options

soulsaver

I've been a Select customer for years. I recently had the same experience as Colsten... as far as the first email; but they initiated the change for me without the CS call or branch appointment; I just received an email confirmation a couple of days later. 

colsten

I have now received a few days worth of interest, and also cashback for a DD that happened between my last full-fat statement and the downgrade. 

I have also been un-Selected overnight. The end of an era, and the beginning of keeping £48 in my own pocket 😛

soulsaver

colsten said:

I have now received a few days worth of interest, and also cashback for a DD that happened between my last full-fat statement and the downgrade. 

I have also been un-Selected overnight. The end of an era, and the beginning of keeping £48 in my own pocket 😛

How can you tell? The banner's gone?
As at this morning, I've still got it. Maybe because I still use a lite as my hub.

colsten

Yep, the banner is gone. Nothing to do with whether you use the account as a hub or not. I have a large number of SOs which remained unchanged by the downgrade.

Anyway, since the only half-way tangible benefit of Select for me was the £700 ATM limit, and I hardly use any cash these days, being un-Selected is no loss to me.

SFindlay

colsten said:

When downgrading from Select to Lite, they will let you fill in the online form and then say they will be in touch by email in the next 1-2 working days.

The email advises you that the downgrade from Select can only be done in Branch (appointment needed) or on 0800 032 3323.

When you call that [general] number, you are being asked to use online banking or chat. When you use chat, you get to "speak" with a useless bot who tells you to use online banking to downgrade.

So, eventually, you put all the "don't call us"  warnings to the wind and call them. Depending on how long the Q is, you can complete the downgrade in 40-50 minutes as you have to listen to lengthy explanations of how the 123 Lite works. They aren't quizzing you for reasons for the downgrade, and are not making any attempts to convince you not to downgrade. Your downgrade is complete at the end of the call but you have 14 days to cool down and change your mind.  Account number and card stay the same, as do all the SOs and DDs, and any alerts you may have set up on the account. I was told I would lose my Select status, the daily ATM limit reverts to £300, no more access to the Select helpline, and the account month now starts on the day of downgrade. None of this is an issue, or unexpected. I didn't ask about part-payment of the full-fat fee because it will all come out in the wash. 

This was a hard earned £48!

Must be hit and miss how they're doing this as yesterday I completed online downgrade form as you did, got the email saying will get back within 2 days then read your post so expected email to give me the runaround like you however lunchtime today got email saying account had been changed to a 123 Lite, all account numbers etc will remain the same etc etc. Checked online and only difference is account now called 123 Lite in account list so think I've been lucky. No doubt will be hit and miss for everyone but worth trying online initially. 

merchant_ac

Just litened my Santander 123 Account online, happened within 24hrs but no notification received yet. It appears that the interest rate is to be further reduced to 0.60% from 3rd August! I never did receive a letter (or email) from Santander about the change from 1.50% to 1.00%.

Newly_retired

How did you find out about the further drop in interest? I haven’t spotted that anywhere.
could you remind me of the exact date of the reduction from 1.50 to 1% please?

trickydicky14

Today - now

Newly_retired

Thought so. Thanks for saving me trawling through stuff.

kev2009

The interest rate is on santanders website for 123 account:-
"Monthly interest of 0.60% AER/gross (variable) on balances up to £20,000. Before 3 August 2020 you’ll receive 1.00% AER/gross (variable) interest on the entire balance up to a maximum of £20,000."
Kev