Santander Monthly Saver status when you switch from 123?

kuepper

I decided to switch account from 123 to another bank. The Monthly Saver I've paid into for 8 months t&c suggest you can only pay in from a 123 current a/c so I expect the account will bar payments from elsewhere, but the standing order to pay into it was transferred to my new bank along with everything else. If I don't do anything will the money bounce back or should I proactively cancel the standing order to ensure there's a clean break, in which case I assume the money in the account will continue to attract interest for the remainder of the 12 month term?

soulsaver

You could open another Santander 123 lite current ac, takes a couple of mins, and use that?
edited to add 123 lite re below

reefer37

Don't think that will work as need to be a 123 world customer or select customer. Website say they may well turn your account into an everyday saver account

badger09

A Santander 123 Lite would do the trick if OP is concerned about the potential loss of interest.

kuepper

reefer37 said:

Don't think that will work as need to be a 123 world customer or select customer. Website say they may well turn your account into an everyday saver account

Yes I don't want a 123 Lite so that's what I'm trying to avoid! Santander say if I don't fund the account from a 123 current account  they 'reserve the right' to revert my Monthly Saver account into an Everyday Saver. So my thinking is if I stop the SO I won't be funding / trying to fund the account anymore so at least the money already there should stay getting interest (at 2.5%) for the remaining 4 months of the 12.

I've also since read January MSE article about dead duck 123 but I wonder if the info in it still applies: "The good news is you can keep your regular saver if you close your 123 account. However, you can only pay money into your regular saver from a Santander current account, so if you close your 123 account (and don't switch to 123 Lite) you won't be able to keep adding money to it. If that happens, you've a choice: you can keep the regular saver or close it. If you keep it, you won't be able to add to it but you will keep earning interest on whatever's in there (until it matures, at which point it'll then be converted into a lower-paying Everyday Saver account)."

soulsaver

Why not a 123 lite?

wiseonesomeofthetime

123 Lite is the way I fund mine.

Account paid for by a few household DDs, and still in credit 

kuepper

soulsaver said:

Why not a 123 lite?

Just my personal circumstances