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

samosaman

Has anyone else been surprised that Santander 123 lite cash back requires £500 being paid into you account every four weeks, rather than every calendar month?  I'm glad I even noticed this, they hardly strive to bring it to you attention.  It will require quite a bit of work for me to arrange a payment schedule to replace the standing order monthly payments for my previous 123 account. 

MDMD

samosaman said:

Has anyone else been surprised that Santander 123 lite cash back requires £500 being paid into you account every four weeks, rather than every calendar month?  I'm glad I even noticed this, they hardly strive to bring it to you attention.  It will require quite a bit of work for me to arrange a payment schedule to replace the standing order monthly payments for my previous 123 account. 

The key facts states that it requires it monthly on the month anniversary of the account opening  - not calendar month, but not 4 weekly either

https://www.santander.co.uk/assets/s3fs-public/documents/123_lite_current_account_key_facts_document_august_2020_v2.pdf

colsten

samosaman said:

Has anyone else been surprised that Santander 123 lite cash back requires £500 being paid into you account every four weeks, rather than every calendar month?  I'm glad I even noticed this, they hardly strive to bring it to you attention.  It will require quite a bit of work for me to arrange a payment schedule to replace the standing order monthly payments for my previous 123 account. 

Where did you find the information about every 4 weeks?

Doc_N

MDMD said:

samosaman said:

Has anyone else been surprised that Santander 123 lite cash back requires £500 being paid into you account every four weeks, rather than every calendar month?  I'm glad I even noticed this, they hardly strive to bring it to you attention.  It will require quite a bit of work for me to arrange a payment schedule to replace the standing order monthly payments for my previous 123 account. 

The key facts states that it requires it monthly on the month anniversary of the account opening  - not calendar month, but not 4 weekly either

https://www.santander.co.uk/assets/s3fs-public/documents/123_lite_current_account_key_facts_document_august_2020_v2.pdf

It's not as restrictive as that if you read the detail.  No requirement to pay on any particular date - there's a period of roughly a month in which to pay, as you'd expect. 

tg99

Has anyone received an email or letter yet from Santander confirming the upcoming fee and cashback changes?

RG2015

tg99 said:

Has anyone received an email or letter yet from Santander confirming the upcoming fee and cashback changes?

I received an email on 22nd July.

wiseonesomeofthetime

RG2015 said:

tg99 said:

Has anyone received an email or letter yet from Santander confirming the upcoming fee and cashback changes?

I received an email on 22nd July.

Ditto. 22 July 2020.

hubb

Well I will stick to the Santader 123 full account if that is the case as I earn from Cashback.

colsten

hubb said:

Well I will stick to the Santader 123 full account if that is the case as I earn from Cashback.

Cashback is a red herring as it's the same for the full-fat 123 and the 123 Lite. It's the monthly fee and the interest potential that you need to look at. See 2 examples below. The full-fat really only makes sense if you need to keep more than about £12k constantly in your current account. I process way more than £12k through my Santander current account each month but that's no good reason for me to keep the money in the account all month long. I have been able to set my max balance at £4k max, and the 123 Lite was therefore a no-brainer for me as it saves me £112 a year over the full-fat one. What's the max balance you need in your current account?


Example 1: you need £5,000 in your current account




Example 2: you need £10,000 in your current account

hubb

Usually it is around 16K but the moment its 11.5 K as I have just had to pay for a funeral but I will top it up again.