Santander 123 options

soulsaver

https://www.santander.co.uk/personal/current-accounts

[Deleted User]

Hi,

here's a message from MSE about rate drop.

Alexland

kev2009 said:

"Monthly interest of 0.60% AER/gross (variable) on balances up to £20,000."

And they still expect people to pay an extra £4 pm for that preferential rate? If anyone was in doubt about downgrading to Lite then that's the final nail in the coffin.

colsten

SFindlay said:

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. 

Perhaps they were inundated with downgrade requests and realised that its not best use of their resources, and not best customer service, to spend 35-40 minutes reading T&Cs to customers who know very well what they are doing.

SallySunshine

I was  going to change to Light this week, but todays news made me start to do it today. however I have just realised, ours is a joint account, I have it in my name online on my  desktop and my O.H. has the app in his name on his phone/ipad.
got a bit flummoxed after starting the upgrade through my desktop , don't have the app. then i realised.
anyone else have this dilemma, not sure how to proceed. 

Speculator

Just downgraded. 
I assume my account number and sort code will remain the same.
Will now keep the money in my 1.35% Marcus but will leave £500 in the lite for spending.

SFindlay

Speculator said:

Just downgraded. 
I assume my account number and sort code will remain the same.
Will now keep the money in my 1.35% Marcus but will leave £500 in the lite for spending.

Yes everything remains the same and SO / DD all transfer across

Alexland

SallySunshine said:

I was  going to change to Light this week, but todays news made me start to do it today. however I have just realised, ours is a joint account, I have it in my name online on my  desktop and my O.H. has the app in his name on his phone/ipad.
got a bit flummoxed after starting the upgrade through my desktop , don't have the app. then i realised.
anyone else have this dilemma, not sure how to proceed. 

Well assuming you both want to do the downgrade then only one of you needs to request it. I had no problem requesting our joint 123 account to be downgraded via the website about a year ago.

wallofbeans

Hi All,
I was planning on just closing my 123 account after the rate drop. The money I make is all from the interest and only a tiny ammount from the cashback. Should I downgrade to the lite account though? I can perhaps use it for switching bonuses in future and at the moment to look good as a long standing account for credit score etc.

It doesn't seem worth having the lite even, as my cashback with it is just my mobile phone so not worth the fee or the hassle. I assume I can downgrade to the basic account just as easily.

Speculator

wallofbeans said:

Hi All,
I was planning on just closing my 123 account after the rate drop. The money I make is all from the interest and only a tiny ammount from the cashback. Should I downgrade to the lite account though? I can perhaps use it for switching bonuses in future and at the moment to look good as a long standing account for credit score etc.

It doesn't seem worth having the lite even, as my cashback with it is just my mobile phone so not worth the fee or the hassle. I assume I can downgrade to the basic account just as easily.

Why not open a Marcus at 1.2% for the interest and downgrade your 123?