Santander 123 options

wallofbeans

Speculator said:

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?

I have a Marcus, and that's where I am going to move the money. It's just how and if to keep hold of the Santander at all.

colsten

wallofbeans said:

I have a Marcus, and that's where I am going to move the money. It's just how and if to keep hold of the Santander at all.

Only you can tell whether keeping the [downgraded] account is worth it for you.

Remember you may have used this account as your linked / nominated account, e.g. in your Marcus account. If you do get rid of the Santander account, it might be prudent to change all linked/nominated accounts to your new account before you close/switch the Santander.

You should be able to "upgrade" your 123 to an Everyday account in online banking.

kev2009

the 123 account is worth keeping still for me as all my bills mortgage etc go out from that account so even after the £1 lite fee per month, the cashback i get will cover the £1 a month fee and leave me me a few extra quid so i think its worth it for now.  Still look at Marcus, just i'm just bit weary as i always dealt with high street banks/Building Societies who are well know and can go in to every day but think i'm just gonna take the plunge and do it.  I'm only going to keep enough in my 123 lite account (when i switch to it) to cover my monthly bills and then top it up each month to cover next months etc.
If works quiet tomorrow (as i'm WFH) i'll login to Santander and see if i can downgrade to light, fingers crossed my card number, SO, DD, account number etc all remain the same
Thanks
Kev

trickydicky14

To day I to changed from select full fat to light and got the full run around. Had email to say can't change online and needed to ring, got it done in 30mins. Why are you put through all this when we are told staff are so stretched.

Stubod

..I have recently closed 4 of my Santander accounts and moved to Lloyds and Marcus. I need to keep a basic current account so will just "downgrade" my 123 to a "normal account". I note I can "upgrade" online but before I push the button, does anybody know if this means I will retain my current 123 account no.?

colsten

Stubod said:

..I have recently closed 4 of my Santander accounts and moved to Lloyds and Marcus. I need to keep a basic current account so will just "downgrade" my 123 to a "normal account". I note I can "upgrade" online but before I push the button, does anybody know if this means I will retain my current 123 account no.?

Yes, your sort code and account number will stay the same. Card stays the same, any SOs and DDs are kept, your transaction and statement history is kept.

cb2490

Opened a Marcus account tonight but just looking for advice before I move money across. Interest usually paid by Santander 13th of each month. Will it affect any interest this month or should I just move it now? I'll be downgrading the account to a 123 Lite asap.

colsten

You'll receive the Santander interest up to the downgrade day. 

george9071

A lot of places are currently reducing rates, it may be best to wait till the change in interest rates then shop around.

Uhura

I would like to know what impact does changing to 123 Lite have on the 123 Credit Card