Santander to double 123 Lite fee and shake up current account cashback - MSE News

ZeroSum

mags168 said:

I have normal 123 account and was thinking of switching to 123 Lite but I’ve checked on my online banking app and it says there is no interest payable on your balance so surely it’s not worthwhile changing just to get a few quid cashback

It is cos you're losing money on your interest. (better rates elsewhere) Thats pretty much been the case for last few years

brewerdave

mags168 said:

I have normal 123 account and was thinking of switching to 123 Lite but I’ve checked on my online banking app and it says there is no interest payable on your balance so surely it’s not worthwhile changing just to get a few quid cashback.

I've come down from 3 * 123 accounts, all with he £20k in , to 2* 123 lite accounts - once the latest changes occur we will come down to one 123 lite account ,with all our DDs, which will give us ~ £8 pm cashback. As long as I minimise the balance, the £6 pm nett is still much more than I could earn in interest on a couple of hundred quid. I've moved cash to NS & I, some in PBs ,some in fixed interest and a few thousand in a Direct Saver. Oh ,those days of 3% interest!

ZeroSum

brewerdave said:

mags168 said:

I have normal 123 account and was thinking of switching to 123 Lite but I’ve checked on my online banking app and it says there is no interest payable on your balance so surely it’s not worthwhile changing just to get a few quid cashback.

I've come down from 3 * 123 accounts, all with he £20k in , to 2* 123 lite accounts - once the latest changes occur we will come down to one 123 lite account ,with all our DDs, which will give us ~ £8 pm cashback. As long as I minimise the balance, the £6 pm nett is still much more than I could earn in interest on a couple of hundred quid. I've moved cash to NS & I, some in PBs ,some in fixed interest and a few thousand in a Direct Saver. Oh ,those days of 3% interest!

You do realise you've throwing away £120 a year during the "1.5%" days

crumpet_man

mags168 said:

I have normal 123 account and was thinking of switching to 123 Lite but I’ve checked on my online banking app and it says there is no interest payable on your balance so surely it’s not worthwhile changing just to get a few quid cashback

How much do you think you will earn in interest?  123 soon to be at 0.6% and then subtract annual fee of £60.   

soulsaver

mags168 said:

I have normal 123 account and was thinking of switching to 123 Lite but I’ve checked on my online banking app and it says there is no interest payable on your balance so surely it’s not worthwhile changing just to get a few quid cashback

Done to death on here... 
You got the same cashback as with the full, but you saved £4pm in fees and got as good or better interest elsewhere.

ElizaSue

As Sea_Shell has already mentioned, in Scotland and NI our water bills are incorporated in our Council Tax bills, so it looks like we will only have a Santander12 account from now on.  Did they not do their homework before introducing these cashback changes?  No wonder many people in Scotland want independence because this sort of thing happens all the time.

ElizaSue

MACKEM99 said:

molerat said:

Us Scottish customers are being discriminated against as water is collected with the council tax and not paid separately so losing the additional 91p which would have more than covered the 30p loss from comms. May raise a complaint as they are discriminating - that is raising charges - based on where you live.

Move to England then.

What sort of smartass reply is that?

RG2015

ElizaSue said:

As Sea_Shell has already mentioned, in Scotland and NI our water bills are incorporated in our Council Tax bills, so it looks like we will only have a Santander12 account from now on.  Did they not do their homework before introducing these cashback changes?  No wonder many people in Scotland want independence because this sort of thing happens all the time.

I am not wishing to be adversarial but am genuinely interested in what other things happen all the time that are detrimental to people living in Scotland. 

ElizaSue

RG2015 said:

ElizaSue said:

As Sea_Shell has already mentioned, in Scotland and NI our water bills are incorporated in our Council Tax bills, so it looks like we will only have a Santander12 account from now on.  Did they not do their homework before introducing these cashback changes?  No wonder many people in Scotland want independence because this sort of thing happens all the time.

I am not wishing to be adversarial but am genuinely interested in what other things happen all the time that are detrimental to people living in Scotland. 

I do not wish to be adversarial either, and for the record I am not a Scottish Nationalist.  However, things are said on a daily basis by English people that annoy Scots (and presumably Welsh and NI people too).  I suspect that the English are not even aware of it.  Trivial example, I know, but the other day Peter Crouch described Prince William as the future King of England.  Yes, he is, but he is also the future King of Scotland, Wales and Northern Ireland.  I would like to think that Santander did not know that we Scots pay our water bills with our Council Tax.  Maybe it's an oversight; maybe it's not, but it could be construed by some as discrimination. Just saying!  :-)

RG2015

ElizaSue said:

RG2015 said:

ElizaSue said:

As Sea_Shell has already mentioned, in Scotland and NI our water bills are incorporated in our Council Tax bills, so it looks like we will only have a Santander12 account from now on.  Did they not do their homework before introducing these cashback changes?  No wonder many people in Scotland want independence because this sort of thing happens all the time.

I am not wishing to be adversarial but am genuinely interested in what other things happen all the time that are detrimental to people living in Scotland. 

I do not wish to be adversarial either, and for the record I am not a Scottish Nationalist.  However, things are said on a daily basis by English people that annoy Scots (and presumably Welsh and NI people too).  I suspect that the English are not even aware of it.  Trivial example, I know, but the other day Peter Crouch described Prince William as the future King of England.  Yes, he is, but he is also the future King of Scotland, Wales and Northern Ireland.  I would like to think that Santander did not know that we Scots pay our water bills with our Council Tax.  Maybe it's an oversight; maybe it's not, but it could be construed by some as discrimination. Just saying!  :-)

@ElizaSue, 
I think you have a point but was hoping you may have had some more examples from the banking or financial arena.