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

ZeroSum

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Steve_L

Disappointing, but times are hard and at least they didn't do away with the cashback entirely, like ASDA Money.

The extra 2% on my current water bill DD will earn me an extra 49p each month, so I'm only 51p a month down overall.

I'll still earn £1.67 a month, so the tartan bits of my DNA will still be warm & fuzzy.

Doc_N

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

colsten

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

Doc_N

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

colsten

Doc_N said:

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

No self-respecting MSEer will ever pay that fee.

Doc_N

colsten said:

Doc_N said:

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

No self-respecting MSEer will ever pay that fee.

Exactly my point.  Halifax have made their cuts and the revised product isn’t worth having.

PRAISETHESUN

Doc_N said:

colsten said:

Doc_N said:

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

No self-respecting MSEer will ever pay that fee.

Exactly my point.  Halifax have made their cuts and the revised product isn’t worth having.

I'm curious how you came to that conclusion as the whole revamp of their rewards current account has more than doubled the available rewards - thats by no means cutting back. Sure there's a fee, but it is waived if all the monthly pay in criteria is met, which is incredibly simple to do and I would imagine only a small percentage of people would actually pay it. Even with the fee, you're still at worst earning the same £2/month (net of fee) that you would've before the changes. All in all, this has actually made the product much more attractive in my view.

ZeroSum

Doc_N said:

colsten said:

Doc_N said:

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

No self-respecting MSEer will ever pay that fee.

Exactly my point.  Halifax have made their cuts and the revised product isn’t worth having.

Explain?
I've got 2 reward accounts. I used to get £4 & now I get £10
How is that a cut? 

Doc_N

PRAISETHESUN said:

Doc_N said:

colsten said:

Doc_N said:

colsten said:

Doc_N said:

ZeroSum said:

kevpc said:

many tnx for the replies and info, guys. very helpful. i have made the change now. i'm just waiting to see how long it is before Santander makes changes to this account and kicks customers again! life's strange. when you consider how well received Santander's 123 account was, how it was the account to beat because it actually gave customers something back for a change, to what it has become now and that includes the 123 Lite account as well. shame but Santander seems to have had it's day in the UK. i have to wonder though if there is the same/similar account in Spain and if the customers there have been hit as hard?

Pretty much all the banks are cutting back on the perks atm. (Halifax being exception)

But the 123 lite is still fairly decent & worth having as a bills account. Also I do think many of the full fat 123 customers thought they were getting something more than they actually were (mainly the ones who had 2 or 3 of these accounts) 

Halifax have already done the cutting back though.

How? Halifax have just doubled the Reward payments they offer, and on top of it are now offering a £100 switching bribe, which even existing customers like myself can have a go at. That's not a cut back in my books.

https://www.moneysavingexpert.com/news/2020/03/halifax-to-add-p3-fee-to-reward-current-account/

No self-respecting MSEer will ever pay that fee.

Exactly my point.  Halifax have made their cuts and the revised product isn’t worth having.

I'm curious how you came to that conclusion as the whole revamp of their rewards current account has more than doubled the available rewards - thats by no means cutting back. Sure there's a fee, but it is waived if all the monthly pay in criteria is met, which is incredibly simple to do and I would imagine only a small percentage of people would actually pay it. Even with the fee, you're still at worst earning the same £2/month (net of fee) that you would've before the changes. All in all, this has actually made the product much more attractive in my view.

Because to earn exactly the same net £2 per month as before there are more hurdles to meet, and one of those involves spending £500 pm on their debit card (no Amex cashback) or keeping £5000 with them interest free.  Not a good deal at all.