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

Herbalus

Not much change here. My water bill (average £30 per month) is about the same as my phone (£9) and broadband (£20) so I see no real net difference in Cashback. The £1 extra in fee will see me go down to a £1.50 return per month as opposed to £2.50. Hardly worth bothering with, but it’s all virtually automated so not much bother now either.

PRAISETHESUN

My bills are quite low so this change actually tips it to the point where I will start losing money from this account. Need to look into how this will affect my regular saver though, but I suspect I'll be downgrading it to an everyday account and waiting until whenever the next switch bonanza rears it's head...

PRAISETHESUN

FYI to anyone else with a 123 Regular eSaver, from what I've read the T&Cs only seem to state that you need to be a 123 customer at point of opening, which implies that you can downgrade to an everyday current account after opening your eSaver without any issues. Not sure if the terms are different for different issues of eSaver however.

Yorkshire_Pud

roddydogs said:

FFFS another £1 pm, obviously cause so many are on lite now.

 Revised Lite (semi skimmed) is the new full fat but without the butter (interest).

A sorry tale over the last seven years. 

Too much churning of their offering without any butter (Shakespeare)

wiseonesomeofthetime

It comes to something when you find this information out from a forum site and not the bank itself.

Santander not ticking many boxes with me recently.

garfield33

schiff said:

I think it depends on what you need to protect your credit rating for. An upcoming mortgage perhaps?

Yes - hoping to move in the next 12-18 months (or sooner to take advantage of the stamp duty changes)

Yorkshire_Pud

Congrats to mse staffer however for presenting the news before the great unwashed!

minislim

ooops! just lost a potential customer. was considering a move to them but thats just blown them out of the water.

wiseonesomeofthetime

I have used the revised Cashback Calculator for the 123 Lite account here : https://www.santander.co.uk/personal/current-accounts/123-lite-current-account and my cashback will become just 43p.

It's tax free though!!!! 

MACKEM99

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.