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

captainlongtoes

Speaking of apps, I notice that Santander Wallet will be discontinued in September. I hope they do import its features into the main Santander app as they say they will.

where_are_we

ask66 said:

schiff said:

I'm re-posting as this thread is more relevant:

I currently have the full fat. My cash-back has arrived today as expected. My next interest is due on August 7th and on that same day my monthly £5 charge is normally levied. If I switch to the Lite version on say August 4th, will I still be charged £5? Or £1? Or nothing? I do recall that people have been through this routine.
TYIA

Hi, not sure if this will help you @schiff but may help others... I've just transferred (over the phone) my full 123 down to an Everyday Current account.  Done instantly - well, in 10 minutes.  £5 monthly fee (paid in arrears) was due tomorrow so think I've dodged paying that.  Having switched just before the month was up, I'd forfeit any cashback (also payable tomorrow), but that's not a problem as I don't generally receive cashback on this account.  I will however expect to receive interest up to the date of transfer - found this out by reading T&Cs, two Santander staff told me differently but I eventually got a chat transcript confirming what the T&Cs said!

"Having switched just before the month was up, I'd forfeit any cashback" - I think you will find this is incorrect. My understanding is that you will lose no cashback overall. The monthly fee and cashback for the previous month are paid on the same day. The date of your move to 123 Lite will determine your new start date and your monthly fee of £1 will be paid in one months time along with any cashback you have earned in that month. You will get your cashback for the previous month up to your changeover date on that day but no monthly fee will be taken.  

Helen28

will the 123 lite account still have a minimum £500 a month deposit after the changes in October?

badger09

Helen28 said:

will the 123 lite account still have a minimum £500 a month deposit after the changes in October?

Nothing about the minimum £500 pay in in my email notifying the cashback changes

RG2015

Helen28 said:

will the 123 lite account still have a minimum £500 a month deposit after the changes in October?

It still shows as a requirement on their website.

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

schiff

where_are_we said:

ask66 said:

schiff said:

I'm re-posting as this thread is more relevant:

I currently have the full fat. My cash-back has arrived today as expected. My next interest is due on August 7th and on that same day my monthly £5 charge is normally levied. If I switch to the Lite version on say August 4th, will I still be charged £5? Or £1? Or nothing? I do recall that people have been through this routine.
TYIA

Hi, not sure if this will help you @schiff but may help others... I've just transferred (over the phone) my full 123 down to an Everyday Current account.  Done instantly - well, in 10 minutes.  £5 monthly fee (paid in arrears) was due tomorrow so think I've dodged paying that.  Having switched just before the month was up, I'd forfeit any cashback (also payable tomorrow), but that's not a problem as I don't generally receive cashback on this account.  I will however expect to receive interest up to the date of transfer - found this out by reading T&Cs, two Santander staff told me differently but I eventually got a chat transcript confirming what the T&Cs said!

"Having switched just before the month was up, I'd forfeit any cashback" - I think you will find this is incorrect. My understanding is that you will lose no cashback overall. The monthly fee and cashback for the previous month are paid on the same day. The date of your move to 123 Lite will determine your new start date and your monthly fee of £1 will be paid in one months time along with any cashback you have earned in that month. You will get your cashback for the previous month up to your changeover date on that day but no monthly fee will be taken.  

[[The monthly fee and cash-back for the previous month are paid on the same day.]] 
The fee on my account is charged on the same day as my interest is credited. The cash-back is credited 14 or so days apart from that.
I suppose that means what you are saying is not universally so!

Wheres_My_Cashback

molerat said:

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

But just think, you have Wee Jimmy Krankie heading up your country.....
That must be priceless   

datostar

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, and some Local Authorities in England integrate both Councll Tax and water bills into the rent payment, so their tenants with 123 accounts get no cash back for either, adding to their Nationalist / Independence argument.

colsten

Wheres_My_Cashback said:

molerat said:

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

But just think, you have Wee Jimmy Krankie heading up your country.....
That must be priceless   

Better than having a clown heading up your country.

[Deleted User]

Wheres_My_Cashback said:

molerat said:

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

But just think, you have Wee Jimmy Krankie heading up your country.....
That must be priceless   

True, a few more pennies cashback and be led by a morally vacant buffoon ::wink: