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

wiseonesomeofthetime

My 123 Lite was opened from scratch.

molerat

David28 said:

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.

Got 3% for my comms paid today with £2 fee

Maybe it was too difficult for the programmers !

funkycredit

Mine is done on anniversary of opening so around 25th of month - the fee goes out and interest etc comes in. 

wiseonesomeofthetime

I was expecting less than a quid, and received £4.26 (so £2.26 net)

As a popular supermarket says, Every Little Helps  

molerat

Just noticed on my statement, changes to cashback will be on statements from 27th November

schiff

wiseonesomeofthetime said:

I was expecting less than a quid, and received £4.26 (so £2.26 net)

As a popular supermarket says, Every Little Helps  

I regard the net cash-back as the monthly interest on the few hundred pounds I leave in the account. Highest interest rate by far of all my money and it's not taxable!

wiseonesomeofthetime

Even when it reverts to a few pence, it will still net me more than any of my current accounts combined each month.

Hence why I've kept it.

Good move to Barclays and get £3pm through their Blue Rewards, but cannot be bothered with opening a new account and cycling £800 through that one.

The £500pm for this account is more than I need to cover my DDs, so playing hokey cokey with my cash lol

Nebulous2

I’ve just had my first payment under the new rates. £6.08 less the £2 fee, £4.08 net. I was getting between £8 and £9 net before. In my two months without council tax I’ll be just about breaking even. 

schiff

It depends how much you keep in it earning no interest, but £4.08 on say £500 is equivalent to 9.8% per annum. You can't get that anywhere else safely.

wiseonesomeofthetime

Nebulous2 said:

I’ve just had my first payment under the new rates. £6.08 less the £2 fee, £4.08 net. I was getting between £8 and £9 net before. In my two months without council tax I’ll be just about breaking even. 

This is why I opted to pay my Council Tax over 12 months.

schiff said:

It depends how much you keep in it earning no interest, but £4.08 on say £500 is equivalent to 9.8% per annum. You can't get that anywhere else safely.

I will make 56p per month, with a float balance of £200.

So, £6.72pa on £200 = 3.36% return 

My cashback will increase slightly next year when council tax and energy DDs rise.