Santander 123 account

35har1old

After all the Bank of England rate hikes is it not time for Santander to return its 123 account to its original format as reason given to reduce the terms was as interest rates where so low we have to change the terms to these low levels. I Know their has been a small change to 1.75% - Fee of £4 Still short of the 3% paid when you where in the top tier given that some easy limited excess accounts are now paying 3.50% . So come on Santander increase your rate and it might encourage others namely LLoyds Bank of Scotland and the TSB to follow you lead

eskbanker

You make it sound as if it's just a matter of time before Santander return to 3% interest on the 123, but I suspect that, having made the decision to break the link between the product name and its interest rate structure, they won't be planning to reinstate it as a matter of course.

Who knows what the future might hold though, but if you're seeing a comparable 3.5% account elsewhere then why aren't you just funding one (or more) of those instead, rather than waiting for a 3% that may never come?

mebu60

35har1old said:

After all the Bank of England rate hikes is it not time for Santander to return its 123 account to its original format as reason given to reduce the terms was as interest rates where so low we have to change the terms to these low levels. I Know their has been a small change to 1.75% - Fee of £4 Still short of the 3% paid when you where in the top tier given that some easy limited excess accounts are now paying 3.50% . So come on Santander increase your rate and it might encourage others namely LLoyds Bank of Scotland and the TSB to follow you lead

Not going to happen.

Did you grab the Santander eSaver when it was 2.75%? (now 1.50% for new applications). 

MikeJXE

mebu60 said:

35har1old said:

After all the Bank of England rate hikes is it not time for Santander to return its 123 account to its original format as reason given to reduce the terms was as interest rates where so low we have to change the terms to these low levels. I Know their has been a small change to 1.75% - Fee of £4 Still short of the 3% paid when you where in the top tier given that some easy limited excess accounts are now paying 3.50% . So come on Santander increase your rate and it might encourage others namely LLoyds Bank of Scotland and the TSB to follow you lead

Not going to happen.

Did you grab the Santander eSaver when it was 2.75%? (now 1.50% for new applications). 

I'm not expecting my Santander 123 to go back to how it was, those days are gone but I am not leaving anytime soon.

I am happy with their service, never had any problems with them so never had to phone them.

Yep I took up the esaver at 2.75% as soon as it opened, theres better rates out there but again I'm happy with Santander and also Coventry Building Society with my extra savings 

Doing the switch jive also so i have had a few incentives to boost my account, bring on some more please 

35har1old

Hope your getting 3.25 % with your Coventry Building Society account

MX5huggy

Why haven’t you switched to the 123 lite? Same cash back only £1 a month fee. No interest paid but you need a pile of cash to cover the £3 extra for the full 123 account which is paying a worse rate than the e-saver anyway so don’t use it. 

Then they seem to have switch focus to the new Edge account paying 4% on £4k for £3 a month fee, with different cash back rules. 

35har1old

You soon run out of switch incentives after a few years don't no how these may affect your credit rating. Also the terms that you have to meet namely having 2 active direct debits finding these are getting harder to find in savings account. AA savings account no longer setups direct debits, Birmingham Midshires closed all theirs, Post office savings no longer setups direct debits the list goes on

MikeJXE

35har1old said:

Hope your getting 3.25 % with your Coventry Building Society account

Yes I do have that 

MX5huggy said:

Why haven’t you switched to the 123 lite? Same cash back only £1 a month fee. No interest paid but you need a pile of cash to cover the £3 extra for the full 123 account which is paying a worse rate than the e-saver anyway so don’t use it. 

Then they seem to have switch focus to the new Edge account paying 4% on £4k for £3 a month fee, with different cash back rules. 

Probably haven't got my head round it yet as too busy with the switching game. 

I'm not rich by any means and I don't watch every penny like the rich do (thats why they are rich I guess) but I am happy and thats the main thing at 82 years old. 

I really could't be bother checking bank accounts and which bank account I should be in to get the very best out of my savings.

Life to me is never stressful, I have everything I need and nothing I don't 

When I moved from my own home to rented 4 years ago I did the maths and chose rented because If nothing much changed I could live as I wanted to for the next 25 years, well we all know thats unlikely 

After a couple of years my calculations changed from 25 years to 40 years so Christmas 2021 I gave my 2 kids and 4 grandkids £10,000 each purely because I didn't need it. 

Now although inflation is raging we have better interests for our savings. Since my wife died 10 years ago  I live alone with no debts and thats how I like it 

Life is good 

35har1old

At one stage i switched to a basic current with Santander due to the fact that i don't have many qualifying direct debits and these are annual direct debits with the monthly cap i would receive £10. The reason i stay with Santander is having excess to a branch
and i have a lot of standing orders setup on this account so i have returned to 123 account. True the edge account would change this to £20 plus additional cash back on shopping etc But the £4000 is not in the current account but in a savings account with a bonus payment of 0.50%.for i year. Having a joint account may allow you to both have a savings accounts but not sure if this would happen

MikeJXE

35har1old said:

At one stage i switched to a basic current with Santander due to the fact that i don't have many qualifying direct debits and these are annual direct debits with the monthly cap i would receive £10. The reason i stay with Santander is having excess to a branch
and i have a lot of standing orders setup on this account so i have returned to 123 account. True the edge account would change this to £20 plus additional cash back on shopping etc But the £4000 is not in the current account but in a savings account with a bonus payment of 0.50%.for i year. Having a joint account may allow you to both have a savings accounts but not sure if this would happen

Plus the edge some of the Cashback is via debit card and I am against using debit as opposed to credit card 

Middle_of_the_Road

MX5huggy said:

Why haven’t you switched to the 123 lite? Same cash back only £1 a month fee. No interest paid but you need a pile of cash to cover the £3 extra for the full 123 account which is paying a worse rate than the e-saver anyway so don’t use it. 

Then they seem to have switch focus to the new Edge account paying 4% on £4k for £3 a month fee, with different cash back rules. 

If I'm not mistaken,123 lite is no longer available to switch to, but when it was, the monthly fee was £2