Santander 123 Lite doubles fee and changes Cashback

Gizmo70

Shouldn't this be on the Budgeting & Bank Accounts forum?

talexuser

Just worked out my cashback with a fee of £24 and on a balance of £1000 the result is £15.50 ahead which is still beating Marcus so will keep it meanwhile to feed the two TSBs. Other half has just £24 cashback a year which just pays the new fee so not so good, but she feeds her two TSBs and will probably keep it.

ratechaser

Well that's irritating, having just downgraded to lite... most of our  cashback comes from the tv/phone bucket. Can still make a net return but will need to consolidate accounts, which means moving DDs. Including from people like Vodafone, who are less than perfect in that regard.

I sense trouble ahead 

wiseonesomeofthetime

Gizmo70 said:

Shouldn't this be on the Budgeting & Bank Accounts forum?

It should.


Though there is a thread on there already too: https://forums.moneysavingexpert.com/discussion/6171712/santander-to-double-123-lite-fee-and-shake-up-current-account-cashback-mse-news

Bobblehat

Vortigern said:

If I downgrade from lite to ordinary, what happens to my regular saver? Time to dig out the T&Cs.

OH recently downgraded from full 123 CA to ordinary CA .... she had to close her RS in the process. It had only run two months so no big deal with the interest lost.

talexuser

The regular saver is another reason to stay put even if the cashback does not profit that much. I wonder if it will stay at 2.5% for long.

MaxZorin

The 2.5% Regular Saver is long gone. Its 0.75% now.

colsten

Randy said:

I'm proper fuming about this, yet again they move the goalposts. I've just renewed my 5 year mortgage with them and took into account the £5 a month mortgage cashback when choosing which bank to go for. Now they say they're cutting that to 1%
We can't change our side of the contract so how can they

If you had a contract that stated you would get 5% cashback for some or all of your mortgage duration, you would have an excellent case for a complaint. I fear though you don't have such a contract as none exists, and none has therefore been changed.

ZeroSum

Randy said:

I'm proper fuming about this, yet again they move the goalposts. I've just renewed my 5 year mortgage with them and took into account the £5 a month mortgage cashback when choosing which bank to go for. Now they say they're cutting that to 1%
We can't change our side of the contract so how can they

I thought mortgage was always 1%?

ZeroSum

colsten said:

Randy said:

I'm proper fuming about this, yet again they move the goalposts. I've just renewed my 5 year mortgage with them and took into account the £5 a month mortgage cashback when choosing which bank to go for. Now they say they're cutting that to 1%
We can't change our side of the contract so how can they

If you had a contract that stated you would get 5% cashback for some or all of your mortgage duration, you would have an excellent case for a complaint. I fear though you don't have such a contract as none exists, and none has therefore been changed.

£5 not 5%
Which I'm assuming their mortgage payment is more that £500 a month, they'll get their 1% or £5 less the additional £1 fee