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

molerat

As one of the discriminated against Scottish customers this will see my net £2.18 gain reduce to 87p.

crumpet_man

I'll keep this account until it costs me or a better one comes along.  Already have the reward accounts requiring DDs so nothing to gain by moving my Santander DDs elsewhere.

brewerdave

This will make one of our two remaining 123 Lite accounts a dead duck, as our telecoms payments come out of it. Oh well ,back to the simple days - one current account and a few savings accounts earning virtually nothing !!

inspectorperez

MSE_Naomi said:

Four million Santander customers will see the cashback offered on their 123 and 123 Lite accounts changed from October - and the fee on the 123 Lite account is being doubled to £2/month...

Read the full story:

'Santander to double 123 Lite fee and shake up current account cashback'

Click reply below to discuss. If you haven’t already, join the forum to reply.

Wonder how Rosie Bannister at MSE found this out before Santander's 4 million customers?

Thanks MSE_Naomi for posting the link.

Santander haven't done themselves many favours this year which is quite disappointing from my perspective as a  customer going back to National Girobank/Alliance Leicester days.

Don't intend to throw any toys out of the pram, but this information should have been disseminated to customers before the media became aware!

Shedman

I guess it's not a surprise,  given that I guess a considerable number of us that switched to them during last years switching bonanza (thank you Santander for the grands worth of Amazon gift cards - which the wife's been working hard at spending during lockdown ) are running the accounts on minimum balances as secondary accounts just to make a couple of quid on cashback and/or for the RS accounts,  and hence are unprofitable so they had to do something.   

We're 3 months into a new RS so will be interested if we can get definitive answer (as there seems to be 2 views in this thread) on whether we need to stick with 123Lite or can drop to an Everyday account (having slightly annoyingly just closed both of them) and keep the 123 rate on the RS.  (I think this evenings reading will be reviewing the T&Cs)

wiseonesomeofthetime

Shedman said:

We're 3 months into a new RS s...

Out of curiosity, what is your RS rate?

My 2.5% matures on Friday.

Shedman

wiseonesomeofthetime said:

Shedman said:

We're 3 months into a new RS s...

Out of curiosity, what is your RS rate?

My 2.5% matures on Friday.

2%  matures April 2021.  

In trying to review T&Cs I see the current offering is a just paltry 0.75%...can't see why anyone would bother with that when 1.15% is available from NS&I with no strings.

Having looked T&Cs I can see it's silent about whether you need to keep a 123 account (as a previous poster said it just mentions having to have a 123 account at time of opening).  It's only seems to stipulate that the money needs to come from 'your Santander current account'.  Hopefully somebody feels inclined to call and get it clarified (I haven't got the patience for a long on-hold call having wasted 2 hours with SSE yesterday)

wiseonesomeofthetime

@Shedman
Try the in-app chat that they are shoving down our throats at the moment. May be quicker.

inspectorperez

As if by magic following my post earlier this afternoon, an email has duly arrived with full details of changes!

born_again

Wonder how Rosie Bannister at MSE found this out before Santander's 4 million customers?

Thanks MSE_Naomi for posting the link.

Santander haven't done themselves many favours this year which is quite disappointing from my perspective as a  customer going back to National Girobank/Alliance Leicester days.

Don't intend to throw any toys out of the pram, but this information should have been disseminated to customers before the media became aware!

Probably just looked on the Santander website

https://www.santander.co.uk/personal/current-accounts/123-lite-current-account

Letters will be coming out as they need to give notice of change (usually 90 days)

Expect them to trickle out over this week. RM will not be able to handle 4 million extra letters from one source, so they will go out in batches.