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

where_are_we

schiff said:

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!

Ask66 - Apologies - I overlooked that the fact that you moved to an everyday current account from 123.

Schiff - the fact that both myself and Ask66 were charged £5 fee and had cashback credited on the same day is unlikely to be a coincidence? Yes interest is credited also on that same day. In answer to your original question you will not be charged the £5 fee if you move to 123 lite before August 7, nor will you be charged £1 - which is a bonus! You possibly will get any cashback due on your changeover date. Changeover was done online in one or two days.

Wheres_My_Cashback

colsten said:

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.

She's not a clown at all, she's very well respected 

colsten

Wheres_My_Cashback said:

colsten said:

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.

She's not a clown at all, she's very well respected 

I wasn't talking about her.

Never mind. Off topic.

DaddyWoofWoof

I joined this when it started with the 3% on 20K. It coincided with a house move that left us with about 50k for 'jobs'. I kept that account operating at +20k for at least 2 years, with the rest in a higher interest instant access account. With the cashback we were easily taking 500+ a year, so I reckon I've had £1000+ off Santander prior to all the rate reductions. It was still well profitable when the interest was first reduced. However with the last reduction I moved to the Lite. My view is that at the end of the day 'Current' accounts are for current spending. Sure, it's nice if you get extra, but as long as it doesn't cost me, then great. I think I've been pretty 'spoiled' over the first few years with that account and always knew it was probably unsustainable and was there from the inception to drum up new business before the perks were slowly withdrawn. With the Lite account and the new changes in August, we'll be up by maybe £6 a month after the £2 charge...certainly rubbish by the halcyon days of a few years ago, but it is still one of the better current accounts.

colsten

DaddyWoofWoof said:

I reckon I've had £1000+ off Santander prior to all the rate reduction

It will tell you in your online banking and in the app precisely how much you have got in interest and cashback. For example:

DaddyWoofWoof

colsten said:

DaddyWoofWoof said:

I reckon I've had £1000+ off Santander prior to all the rate reduction

It will tell you in your online banking and in the app precisely how much you have got in interest and cashback. For example:

Slight overestimate but close.....Never seen that before...ta!

st999

DaddyWoofWoof said:

colsten said:

DaddyWoofWoof said:

I reckon I've had £1000+ off Santander prior to all the rate reduction

It will tell you in your online banking and in the app precisely how much you have got in interest and cashback. For example:

Slight overestimate but close.....Never seen that before...ta!

Less what you have paid in fees.

KJarvis

After reading and evaluating advice from ML newsletter, my husband and i decided to switch our accounts to 123 Lite, from the 123 accounts we've had since the days of 5%! We went to talk to advisors at the bank only we were not allowed in due to Corona V. We explained what we wanted to do- close one account and switch the other 2. to the Lite. He advised that this was not possible to switch as there is no internal mechanism for doing this. He actually advised us to switch to another bank (using their switching service) then open 123 Lite accounts and switch back!! I must say i found this an incredulous response. We tried to close the one account on line- however i  couldn't find this option on line. I then wrote a secure message to them to seek clarification and relay the advice we were given and check this was accurate (still doubted they were unable to do the swap internally). Got an automated reply saying the service was no longer available and to use a webchat. I looked for this to find it is a virtual web chat so no personalised chat where we can raise the issues. 
Has anyone else had this problem or advised it is the case that Santander cannot switch accounts internally?

colsten

It's well known that you cannot use CASS to switch internally as CASS is designed to switch between banks. You were correctly advised that if you insist on using CASS to move a 123 to a 123 Lite, the only way to achieve this would be to switch the 123 to another bank, and then from the other bank to the 123 Lite. However, it's puzzling why you were not advised that you can move your money and your SOs yourself, and advise any DD recipients of your new sort code and account number.

What you don't get by doing things yourself is the redirection of any future payments that may still come with the old account details. If this is critical, you need to go the CASS route. Your old account will also not be closed if you move manually - again, this can be achieved through the CASS route, or by asking the Branch.

steffangl

KJarvis said:

After reading and evaluating advice from ML newsletter, my husband and i decided to switch our accounts to 123 Lite, from the 123 accounts we've had since the days of 5%! We went to talk to advisors at the bank only we were not allowed in due to Corona V. We explained what we wanted to do- close one account and switch the other 2. to the Lite. He advised that this was not possible to switch as there is no internal mechanism for doing this. He actually advised us to switch to another bank (using their switching service) then open 123 Lite accounts and switch back!! I must say i found this an incredulous response. We tried to close the one account on line- however i  couldn't find this option on line. I then wrote a secure message to them to seek clarification and relay the advice we were given and check this was accurate (still doubted they were unable to do the swap internally). Got an automated reply saying the service was no longer available and to use a webchat. I looked for this to find it is a virtual web chat so no personalised chat where we can raise the issues. 
Has anyone else had this problem or advised it is the case that Santander cannot switch accounts internally?

You can do it yourself on the website.
Go to Current Accounts and then the 123 Lite page.  Click the red apply button.  On the next page there are 2 options - 1 to open a new account and the other to transfer an existing account.  Will be done very quickly, all details/DD/card/login stay the same.