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

Black_Cat2

At least they are up-front and keeping you informed about that, so we'll done Santander... but... I still don't forgive them for dropping the interest rates to ludicrously low figures, very disappointing 😹

gt94sss2

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 !!

I got one too.
I don't think Santander had much choice in sending them though, given previous bank miselling and current regulation.

brewerdave

colsten said:

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.

Thanks for the advice - but only had the account originally for £20k savings @3% (those were the days!) . The DDs I'll switch to a joint Santander Lite account - had no other use for it ,so will just close the account as I have two other current accounts elsewhere already.

RG2015

My first £2 fee was taken on 3rd November but my cashback was credited at the old 123 rates, ie 3% for telecoms direct debits. I assume this will take effect on 3rd December.

wiseonesomeofthetime

My cashback is credited 14 days after my account fee. Is that not the case for you?

If so, your new cashback rates should kick-in on or around 17 November.

RG2015

wiseonesomeofthetime said:

My cashback is credited 14 days after my account fee. Is that not the case for you?

If so, your new cashback rates should kick-in on or around 17 November.

No, it's the same day for both, as it was before I downgraded from the full 123 account.

David28

My DDs are paid out on the 1st of the month and I get my cashback on the 5th of the month.
I too got 3% for my comms but was charged £2.00 for the account fee on 5th Nov.

wiseonesomeofthetime

I wonder why such the variance between dates?

Not that it matters greatly in the scheme of things.

nownewretiredin2011

wiseonesomeofthetime said:

I wonder why such the variance between dates?

Not that it matters greatly in the scheme of things.

The date when the account was opened/changed from full 123?

bristolleedsfan

nownewretiredin2011 said:

wiseonesomeofthetime said:

I wonder why such the variance between dates?

Not that it matters greatly in the scheme of things.

The date when the account was opened/changed from full 123?

Both my 123 Full and subsequently 123 Lite Interest/Cashback were paid on same date as fees were taken