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

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.

Doc_N

ZeroSum 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.

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

See post above.

ZeroSum

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Doc_N

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

ZeroSum

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

Many savings accounts allow it. 
Post Office & YBS to name 2
You can also do the same via P2P accounts, and investment funds, just depositing in your cash holding account, then withdraw. 

Also paying off credit cards counts. 

Doc_N

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

Many savings accounts allow it. 
Post Office & YBS to name 2
You can also do the same via P2P accounts, and investment funds, just depositing in your cash holding account, then withdraw. 

Also paying off credit cards counts. 

Thanks.  The T&C state that:

.• In order to qualify for the Monthly Reward in any

calendar month, you must spend £500 or more

using your debit card.

• Cash withdrawals from cash machines, branches

or Post Office® counters and payments that are

disputed will not count towards the £500. We will

also only include payments taken out from your

account by the last day of the month.

Do transfers meet the criteria?  I'm thinking of the word 'spend' in particular.
How do you do this with a debit card (as against a direct debit) online?  Doesn't it involve a phone call?

ZeroSum

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

Many savings accounts allow it. 
Post Office & YBS to name 2
You can also do the same via P2P accounts, and investment funds, just depositing in your cash holding account, then withdraw. 

Also paying off credit cards counts. 

Thanks.  The T&C state that:

.• In order to qualify for the Monthly Reward in any

calendar month, you must spend £500 or more

using your debit card.

• Cash withdrawals from cash machines, branches

or Post Office® counters and payments that are

disputed will not count towards the £500. We will

also only include payments taken out from your

account by the last day of the month.

Do transfers meet the criteria?  I'm thinking of the word 'spend' in particular.
How do you do this with a debit card (as against a direct debit) online?  Doesn't it involve a phone call?

No idea what you're on about but all you need to do is find a savings account that accepts debit card deposits. Then deposit £500 by debit card, then transfer out after a couple of days when it's cleared. Its that simple

Halifax's systems aren't that clever enough to determine what's spend & what isn't. You get the money for £500 of debit card transactions.
Tesco bank don't allow transactions to certain establishments for obtaining club card points (ie other financial orgs & betting) . Halifax aren't as strict

Doc_N

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

Many savings accounts allow it. 
Post Office & YBS to name 2
You can also do the same via P2P accounts, and investment funds, just depositing in your cash holding account, then withdraw. 

Also paying off credit cards counts. 

Thanks.  The T&C state that:

.• In order to qualify for the Monthly Reward in any

calendar month, you must spend £500 or more

using your debit card.

• Cash withdrawals from cash machines, branches

or Post Office® counters and payments that are

disputed will not count towards the £500. We will

also only include payments taken out from your

account by the last day of the month.

Do transfers meet the criteria?  I'm thinking of the word 'spend' in particular.
How do you do this with a debit card (as against a direct debit) online?  Doesn't it involve a phone call?

No idea what you're on about but all you need to do is find a savings account that accepts debit card deposits. Then deposit £500 by debit card, then transfer out after a couple of days when it's cleared. Its that simple

Halifax's systems aren't that clever enough to determine what's spend & what isn't. You get the money for £500 of debit card transactions.
Tesco bank don't allow transactions to certain establishments for obtaining club card points (ie other financial orgs & betting) . Halifax aren't as strict

Is it really that easy?  No time wasting phone calls involved?  Done online instantly?

ZeroSum

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum said:

Doc_N said:

ZeroSum 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.

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

See post above.

The 'hurdles' on paper appear to be tougher, but they're actually easier.

The minimum funding is neither here nor there as its a slosh between accounts. 
The 'spend' again is just a slosh between accounts via debit card, which I'd argue is easier than creating 2 separate DD mandates.

So, have another go at explaining why? 

Always happy to learn!  Wasn't aware that you could move £500 between accounts instantly online using a debit card - how do you do that?

Many savings accounts allow it. 
Post Office & YBS to name 2
You can also do the same via P2P accounts, and investment funds, just depositing in your cash holding account, then withdraw. 

Also paying off credit cards counts. 

Thanks.  The T&C state that:

.• In order to qualify for the Monthly Reward in any

calendar month, you must spend £500 or more

using your debit card.

• Cash withdrawals from cash machines, branches

or Post Office® counters and payments that are

disputed will not count towards the £500. We will

also only include payments taken out from your

account by the last day of the month.

Do transfers meet the criteria?  I'm thinking of the word 'spend' in particular.
How do you do this with a debit card (as against a direct debit) online?  Doesn't it involve a phone call?

No idea what you're on about but all you need to do is find a savings account that accepts debit card deposits. Then deposit £500 by debit card, then transfer out after a couple of days when it's cleared. Its that simple

Halifax's systems aren't that clever enough to determine what's spend & what isn't. You get the money for £500 of debit card transactions.
Tesco bank don't allow transactions to certain establishments for obtaining club card points (ie other financial orgs & betting) . Halifax aren't as strict

Is it really that easy?  No time wasting phone calls involved?  Done online instantly?

Yes it's that easy. Everything online
(There's a whole thread on here somewhere about what options are available) 
Apart from post offices online savers which 90% of the time have a technical error & can't process the card payment so avoid that. 
The best one is ratesetter, as they'll refund straight away & don't need to wait until payment has cleared.