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

kevpc

just to clarify, i changed to the Santander Everyday Account and, as stated here, there is no fee, no payback to customers and all function as far as DDs, SOs and swapping monies to/from this account to others, even outside of Santander, remain in tact. i cant help but be cynical and am waiting for Santander to kick me in the nether regions again with yet another change that benefits them and does absolutely nothing for customers, except penalise them, of course.
many tnx to all who advised me about this Everyday Account. i know i'm not getting anything extra from it but at least it's not costing me anything either! thanks again guys

schiff

One side-effect of the switch to Lite has been a sequence of new Debit Cards. One when they moved from Visa to Mastercard, then another following the switch to Lite. My original was linked to scores of online merchants (and I also knew the 16 digits by heart). Fortunately I've not done much replacing of the first one with the second one. And some of the merchants will want evidence of the new card and possibly some new enquiry about my ID in general. Could have done without that.
It also means that the claim that everything carries on as before doesn't entirely hold water. 

colsten

I didn't get a new card when I switched to Lite. Still have my gold Select card. Not that I am using it very often. So they might have decided not to replace it until it expires, which is still 2 years hence.

schiff

schiff said:

One side-effect of the switch to Lite has been a sequence of new Debit Cards. One when they moved from Visa to Mastercard, then another following the switch to Lite. My original was linked to scores of online merchants (and I also knew the 16 digits by heart). Fortunately I've not done much replacing of the first one with the second one. And some of the merchants will want evidence of the new card and possibly some new enquiry about my ID in general. Could have done without that.
It also means that the claim that everything carries on as before doesn't entirely hold water. 

I've just noticed that the latest new card they have issued is a Visa Debit card! I've not had need to use the cards in recent weeks, hence the oversight. Does this mean I'll get a Mastercard to replace it some time! No response needed!

crumpet_man

No new debit cards for me either when changing multiple accounts from full to lite to everyday.
Wouldn't have been a problem for me anyway as I rarely use a debit card.  Would rather put everything on a reward credit card.

soulsaver

Just bumping this. Reminder 123 lite fee goes up to £2 from  27th October..

Black_Cat2

Forgot about that so ty *sigh*

brewerdave

Santander have actually sent me an email ,pointing out that, my remaining sole account, will actually earn less in cashback from DDs than the new fee. Time to move the DDs and close the account, Brownie point to Santander !!

colsten

brewerdave said:

Santander have actually sent me an email ,pointing out that, my remaining sole account, will actually earn less in cashback from DDs than the new fee. Time to move the DDs and close the account, Brownie point to Santander !!

You can just downgrade to an Everyday account. That would save you having to change any 'nominated account' information you might have in savings accounts etc, as you retain the same sort code and account number.

If you don't care about that, you can switch to Natwest / RBS / Ulster or HSBC for a switch bonus. Natwest and RBS are also paying 'rewards' on their Select accounts for 2 DDs, and for logging in once a month. £3 net per month.

PRAISETHESUN

brewerdave said:

Santander have actually sent me an email ,pointing out that, my remaining sole account, will actually earn less in cashback from DDs than the new fee. Time to move the DDs and close the account, Brownie point to Santander !!

Same here:

You may soon earn less than the monthly 1|2|3 Lite Current Account fee

 

We previously contacted you outlining changes to the cash back paid on your 1|2|3 Lite Current account.

 

By reviewing your average balance and how you’ve used your account over the last three months we’ve estimated how much you’ll earn in cashback per month, once these changes are made.

 

Estimated future earning per month	Monthly fee to maintain the account
£1.32	£2.00

 

This shows that your future earnings may be less than the monthly fee charged to maintain the account. We wanted you to be aware of this so that you can decide if this account is still suitable for your needs and remind you of the options available.

 

Make sure you get the most from your account

 

The above future earnings are estimates and could therefore be higher or lower based on how you use your account in the future, so please take a few minutes to check your potential earnings using the cashback calculator at santander.co.uk where you’ll also find a reminder of the changes.

 

There are a number of things you could consider when deciding if this account is still right for you.

 

If you don’t currently pay eligible household bills by Direct Debit from the account, you may want to contact your service providers to set them up so you can start earning cashback.

 

Don’t forget that by holding this account you also qualify for 1|2|3 World – a range of special offers and preferential rates on other Santander products. Plus if you haven’t already, register for Retailer Offers where you can also earn up to 15% cashback when you use your Santander debit card at a range of major retailers. You can find details of the offers available and how to register on our website.

 

Your options

 

1.

You can transfer your account to another Santander account. For example, the Everyday Current Account has no monthly fee, cashback or interest. Take a look at our full range at santander.co.uk/current-accounts. If you transfer your account you can keep your existing account details and you can typically transfer your account online in just 10 minutes.

 

	2.	You can close your account without charge at any time. We’re a member of the Current Account Switch Service, which offers a secure and easy way to switch your account to another bank in seven working days.
	3.	If you want to continue using your account, you don’t need to do anything else.

 

If you choose to close or transfer your account and don’t have an account which is part of the 1I2I3 range, you won’t continue to benefit from 1I2I3 World. You’ll keep any products with preferential rates until the end of their term but won’t be able to apply for any new 1I2I3 World offers.

 

Need more help?

If you have any questions, please get in touch with us using our ‘Chat with us’ service. You’ll find it on every page of our website – look out for the red tab on the right-hand side. It’s also available through Online and Mobile Banking. If you would like to speak to us directly please contact us on 0800 9 123 123.

 

Thank you for taking the time to read this email.

 

Yours sincerely

Point in bold is relevant to anyone with 123 products, such as regular savers