Switching back from Lite to 1I2I3

ZeroSum

Once you factor in fees, you ain't getting 0.6%
You'll always be financially better off sticking with lite, and keeping cash elsewhere. 
If you want to pay more for a bit of convenience then crack on. Many of us on here run multiple accounts, so don't share your lazy view. 

ratechaser

ZeroSum said:

Once you factor in fees, you ain't getting 0.6%
You'll always be financially better off sticking with lite, and keeping cash elsewhere. 
If you want to pay more for a bit of convenience then crack on. Many of us on here run multiple accounts, so don't share your lazy view. 

Bit harsh. Convenience vs. laziness is a matter of opinion. Some people don't feel the need to spend hours chasing another tenners worth of interest. Personally I quite enjoy that chase but it's not what it used to be, and it's increasingly hard work, so I have no issue with anyone that has a different return/effort approach...

Plus could you imagine if everyone was like Colsten... the best rates would be pulled quicker than they could ever make it onto the MSE boards  Perhaps it's already happening, some accounts barely last a day right now... probably an avalanche of cash still to come out of NS&I in the near future...

wiseonesomeofthetime

RG2015 said:

colsten said:

tempus_fugit said:

I’m finally moving away from Santander following successive reductions in the “benefits” and increases in the fees. The final nail in the coffin came today when, yet again, they are threatening to remove my debit card because I “haven’t used it”. I assume they are insisting that I physically go into a shop to use it (not good in these times) as I use it online but that doesn’t seem to count. As far as I am aware they are the only bank that do this. Will be switching to First Direct at the end of the month.

The only time I have ever used my remaining Santander debit card in the last 8 years is very, very occasionally for an online transaction. I have had no communication from Santander threatening to remove my debit card.

Got a letter this morning saying they were not going to send me a replacement debit card unless I used it at least once before 20 December.

My Santander debit card is locked away in my safe and never used as the account is purely for household bills DDs now, having been primarily for the 2.5% regular saver.

Added that card to Netflix this month, after I cancelled Sky Ultimate Demand, so wonder if they will accept that as a debit card transaction, or whether I shall receive something in the post.

schiff

colsten said:

Eh? Where did I say anything about shifting any SOs or DDs?

I thought via this comment: "You mention the Skipton - why would you not use that one for your instant access money if you have the account?" you were suggesting I used Skipton as my main account in place of Santander. Misunderstood. Skipton is not much use for access money as they don't transact at the weekend, do they?
To emphasise my situation I needed more cash in Santander following an offer this afternoon. Went to Marcus for the money about 4pm, it's not their yet! 

schiff

Neil_Jones said:

schiff said:

Can you imagine shifting 25/30 SOs and 10 DDs to another bank!! And another bank with its interest rate variable and the deal due to end in 12 months. No thanks.
And I would get the full interest on my balance - if my cash-back is £7, it's £2 pm clear profit. £5K at 0.60%, it's £2.50 pm clear profit. 

If you use the CASS, the direct debits and the standing orders move themselves.  So that excuse for not doing it has gone.

That is true but I am 100% not moving everything from Santander to anywhere else. It's either Lite or 1I2I3. I was hoping to have made that clear.

schiff

ZeroSum said:

Once you factor in fees, you ain't getting 0.6%
You'll always be financially better off sticking with lite, and keeping cash elsewhere. 
If you want to pay more for a bit of convenience then crack on. Many of us on here run multiple accounts, so don't share your lazy view. 

I am getting 0.60%!
'Always'??
I'm one of 'the many on here who run multiple accounts'. Well, since about 2006 anyway. That satisfy you?  

colsten

schiff said:

colsten said:

Eh? Where did I say anything about shifting any SOs or DDs?

I thought via this comment: "You mention the Skipton - why would you not use that one for your instant access money if you have the account?" you were suggesting I used Skipton as my main account in place of Santander. Misunderstood. Skipton is not much use for access money as they don't transact at the weekend, do they?
To emphasise my situation I needed more cash in Santander following an offer this afternoon. Went to Marcus for the money about 4pm, it's not their yet! 

I know Skipton is no good as a direct feeder for Regular Savers, or for DDs. It yields twice as much as a 123 does for the same amount of savings, though. I don't (want to) know what offers you get a weekends for which you urgently need money 🤣 but you wouldn't need to get money [from Skipton to Santander] for SOs or DDs at weekends. On weekdays, Skipton send you the money within a couple of hours, during working hours only. You can also set up one or more SOs to  automatically transfer money from Skipton to Santander, on the day you need it, or a day before if you prefer.

I have no opinion on the usability of Marcus since I have never had more than £1 in my Marcus account since I have so far always managed to secure a better alternative, at least as far as the interest rate is concerned.

But as I said before, do what is right for you.

ZeroSum

schiff said:

ZeroSum said:

Once you factor in fees, you ain't getting 0.6%
You'll always be financially better off sticking with lite, and keeping cash elsewhere. 
If you want to pay more for a bit of convenience then crack on. Many of us on here run multiple accounts, so don't share your lazy view. 

I am getting 0.60%!
'Always'??
I'm one of 'the many on here who run multiple accounts'. Well, since about 2006 anyway. That satisfy you?  

You keep thinking that.... 
It's an extra £36 a year in fees for full fat v lite. On £20k savings that's a loss of 0.18% on the 0.6%
As you can do better than 0.42% (Marcus paying 0.7%). Iite has always been the better option since they dropped the rate from 3% which was quite a few years back. 

Hammer_Time

RG2015 said:

colsten said:

tempus_fugit said:

I’m finally moving away from Santander following successive reductions in the “benefits” and increases in the fees. The final nail in the coffin came today when, yet again, they are threatening to remove my debit card because I “haven’t used it”. I assume they are insisting that I physically go into a shop to use it (not good in these times) as I use it online but that doesn’t seem to count. As far as I am aware they are the only bank that do this. Will be switching to First Direct at the end of the month.

The only time I have ever used my remaining Santander debit card in the last 8 years is very, very occasionally for an online transaction. I have had no communication from Santander threatening to remove my debit card.

Got a letter this morning saying they were not going to send me a replacement debit card unless I used it at least once before 20 December.

I only use my debit card to withdraw money from ATMs, how will you be able to get cash from Santander? 

RG2015

Hammer_Time said:

RG2015 said:

colsten said:

tempus_fugit said:

I’m finally moving away from Santander following successive reductions in the “benefits” and increases in the fees. The final nail in the coffin came today when, yet again, they are threatening to remove my debit card because I “haven’t used it”. I assume they are insisting that I physically go into a shop to use it (not good in these times) as I use it online but that doesn’t seem to count. As far as I am aware they are the only bank that do this. Will be switching to First Direct at the end of the month.

The only time I have ever used my remaining Santander debit card in the last 8 years is very, very occasionally for an online transaction. I have had no communication from Santander threatening to remove my debit card.

Got a letter this morning saying they were not going to send me a replacement debit card unless I used it at least once before 20 December.

I only use my debit card to withdraw money from ATMs, how will you be able to get cash from Santander? 

The letter said that they had noticed that I hadn't used my card for some time, so they just wanted to make sure that I still needed it. They went on the say:

If you want us to send you a replacement card when it expires

Simply use the card to

• make a purchase ; or
• withdraw money from a cash machine.