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

tempus_fugit

That’s me out then. My wife and I have had Santander accounts as our main accounts for a few years now, first the 123, then the Lite when they changed the interest rates on the 123. This is the last straw so will now be ditching these accounts. I’m not averse to shopping around, but these were our main accounts and it’ll involve a fair bit of admin to do so, so I’m not overly happy about it. I could take the reduction in cashback but the increase in fees is a kick in the teeth. Bye bye Santander.

MDMD

born_again said:

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.

Media outlets normally get notifications of new press releases, and then they turn it into a “MSE can reveal” type story.

https://www.santander.co.uk/about-santander/media-centre/press-releases/santander-announces-current-account-changes-0

it also gives them handy Quotes

colsten

It looks as if I still get more than a fiver a month, after the fee, so it's better than I could get elsewhere (I've got the various Reward / interest-paying accounts already), and I'll be keeping the 123 Lite for now.

It's all gone downhill a lot since the 123 heydays but Santander has served me well over the years, and the grass won't be greener for me elsewhere.

skybluearmyontour

I’ll be £1.12 down a month so will obviously switch... might just downgrade (again) to the everyday account, presume all the details will remain the same like when I transferred from full to lite. 

demprobe

Definite discrimination. Customers in Scotland have their water bill as an integral part of Council Tax and lose out with this change. Nothing like adding more to the Nationalist / Independence argument. Poorly thought out decision.

Herbalus

demprobe said:

Definite discrimination. Customers in Scotland have their water bill as an integral part of Council Tax and lose out with this change. Nothing like adding more to the Nationalist / Independence argument. Poorly thought out decision.

Yes, because leaving the UK is going to make what difference to this Santander Cashback offer??

If a change in the magnitude of a few pence (max a £ or 2) per month is going to sway a political allegiance to a nationalist cause, then we really are in need of help.

ZeroSum

20SmthngSver said:

I specifically opened a 123 Lite when I bought my first home in February and I pay my mortgage and council tax and mobile through it. I get £3.50 a month from mortgage and £1.07 a month from council, and pennies for my mobile.  It doesn't seem worth the hassle of the having the account based on this anymore.

I don't see the point in keeping the account past October. Give it another six months after, and they will alter the cashback again and before you know it, £3 a month (Barclays pay out £7 and charge £4, NatWest pays out £5 and charges £2). This change tells me not many are using the water element but it's costing too much to pay out for peoples media charges. My dads internet, TV and mobiles each month is about £150. Water is £30. It's designed for them to pay out less, while charging more for it.

If people close their accounts in protest, they will lose money. It's time people switched and closed more often to show they aren't happy. 

Natwest & Barclays can be any 2 DD's
Many of us on here run several accounts to maximise all the cashback
For me closing my santander account is just cutting my nose of to spite my face. I'll still clear around £3 a month

Also the natwest one, you lose a £1 if you don't have a brand new phone. And in my opinion one of the worst banks going for customer services 

ZeroSum

If you do want to cheat the cashback system, some energy suppliers (British gas you can) allow you to artificially bump up your DD, then after paid can log into gas/electric account & request a refund for the overpayment. 

block10

I reckon if not for the 3% on water bills, Santander would have to drop the "123" branding.

Many people like me live in a flat, which doesnt have any water bills.

glennevis

ZeroSum said:

If you do want to cheat the cashback system, some energy suppliers (British gas you can) allow you to artificially bump up your DD, then after paid can log into gas/electric account & request a refund for the overpayment. 

Good point. 2% of the inflated payment would be a better return than leaving it in most savings accounts.