Santander 123 Lite doubles fee and changes Cashback

Vortigern

Bobblehat said:

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.

Thanks for your reply. I've now checked the figures and I'll gain 6p per month in cashback, but lose an extra pound in the account fee. Cashback still exceeds fee so I'll keep the lite until my 2% regular saver matures.

wiseonesomeofthetime

Woo hoo. My RS matures today.

Now to wait three working days before I can access my money 

MaxZorin

Mine matured on Wednesday and the interest was added yesterday.

Ageing_Stick_Insect

For my DDs the monthly cashback from 27/10 will be £4.40 minus £2 = £2.40 per month for a 123 Lite account.

If I keep my 123 account I would need to keep £6K to maintain same monthly payback. For me switching account doesn't seem worth it. Always useful to have some funds available. The rest of what I normally keep in that account will go to NS&I paying 1.15%.

Santander was a decent account until a few years ago. Now it's pitiful.

talexuser

MaxZorin said:

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

Unfortunately yes, but I've still got 6 months to go on my 2.5%. Even without that it's possible your cashback makes you (just) better off than Marcus, but whether that's still the case in 6 months with these trends.....!