Santander 1/2/3 Account down to 0.60% from 3 August 2020

[Deleted User]

Thank you bengal-stripe. Hopefully all will be well on Tuesday.

roddydogs

Took mine 2 days, same ac no everything just transferred. Though I wouldn't call it an upgrade, its a downgrade.

bengal-stripe

colsten said:

On working days, the change seems to happen overnight. I am not sure whether they pause the transfers at weekends. 

Yes, you're right!

I initiated the change last night, got a reference number and the promise of an email within two days. Just logged into my account and it's already described (and maybe functions already) as "123 Lite Current Account".

[Deleted User]

I have two 123 accounts. I changed one to Lite and the other to Everyday. I looked this morning and they were unchanged.. Now one has changed to Lite correctly but the other not yet changed to Everyday. I haven't received an e-mail confirmation about the Lite change.

MACKEM99

digalumps said:

Egg money - those were the days...

Mind you I still have my Egg now Barclaycard 0.5% cashback card i keep expecting them to reduce the rate but they don't.

Ah yes Egg - did a free balance transfer with them and put the money (a few k) in one for their savings accounts.  So they were paying me interest on their money.  Those were the days.  

grimsalve

ZeroSum said:

grimsalve said:

I'm just going through the process of closing down my 123 account and saying goodbye to Santander. I did consider a transfer to 123 Lite but I don't see why I have to jump through so many hoops just for a couple of quid once a month... so stuff 'em

But surely downgrading to lite is less hassle than closing & moving DD' s or switching & having to register for new online banking etc (not sure what bribes are currently on offer, suspect there's very little). Even for a few quid it's still probably simplest & best option. Then move bulk of saving to Marcus. 

I was getting a couple of quid cashback every month from 123 so after the monthly fee I'd only be getting just over a pound.

grimsalve

bsms1147 said:

grimsalve said:

colsten said:

grimsalve said:

Switching isn't an option so I'm stuck at the moment.

What, or who, stops you from switching?

Nowhere else to switch it to.

I raised a complaint with Santander and they said they're going to close the account down manually (there seems to be a problem with their online procedures at the moment as you can't request an account closure via the chat or the app or secure messaging, and the phone service just hangs up on you).

If you have 'Nowhere else to switch it to' then you must have no other current accounts, in which case what are you going to do when you close down your only current account at Santander? Or alternatively you do have other current account(s), in which case the simplest solution is to use the CASS as mentioned into that account.

Can you use CASS to transfer DDs to an existing account? I thought it was just for new accounts?

I only had a couple of DDs on 123 anyway so there seemed little point in using CASS (moving the DDs wasn't the problem anyway, it was Santander).

colsten

grimsalve said:

Can you use CASS to transfer DDs to an existing account? I thought it was just for new accounts?

The age of the account you switch into is not relevant. A CASS switch moves all your DDs and SOs, and closes the originating account. 

grimsalve

colsten said:

grimsalve said:

Can you use CASS to transfer DDs to an existing account? I thought it was just for new accounts?

The age of the account you switch into is not relevant. A CASS switch moves all your DDs and SOs, and closes the originating account. 

Okay, that's good then - CASS only talks about new accounts so maybe they need to explain that a little bit better!

vigman

Sorry to sound so needy but I am really very unwell currently (not Covid) and my eyesight is extremely poor from AMD so scrolling through all the threads on this is really difficult..
My wife and I have a Santander 123 account each and a joint account all maintaining £20K balances with the appropriate feed ins and outs and Direct Debits.
With the move to 0.6% interest in August, please could someone do the figures to show when this is breaking even, and if/when it would actually cost us to maintain the accounts, please. Assume no cashback (although in reality there is some)
Many thanks in advance