Santander 123 Lite - conversion to Everyday Account from 21 August 2025?

youngretired

I had a chat with Santander asking about my cashback, because my fee is taken on the 22nd monthly and my cashback is paid the 27th monthly (I think this happened because I added my husband to my account 8 years ago and so they changed the statement date). I was told that I would still get my cashback on the 27th and the £2 fee would still be taken in August, even though both will be after the 21st.

I specifically asked if I decided to change to the Edge, will that muck up my cashback in August and the fee or should I allow them to convert to the Everyday and then after receiving my cashback then upgrade to the Edge. I was told yes to allow the conversion to the Everyday and then upgrade.

subjecttocontract

Moving from a 123 account to an Edge account makes me £40 a year better off so I think I will do it.

kaMelo

subjecttocontract said:

Moving from a 123 account to an Edge account makes me £40 a year better off so I think I will do it.

How is that mathematically possible?  Like for like an Edge account is only equal to or worse compared to a 123 account of any variety so I don't understand how anyone can be better off with an Edge.

subjecttocontract

I have a 123 account not a 123 lite account. Feeding my details into the Santander checker shows me a positive result for an Edge account :-
* With a £10K avg balance I get £40 extra
* With a £5K avg balance I get £136 extra. 
I'd be putting £4K in the Edge saver also which pumps up the return.

kaMelo

Including interest from the 123 account in the total benefit is misleading as the return can be equalled or bettered elsewhere and the Edge saver can be had without even paying the £3 Edge fee.

Just focusing on cashback the 123 account, whether full fat or lite, equals or beats the Edge account in every scenario.

crumpet_man

You might be better off if you open an edge current account but don't actually use it as you will not be charged the monthly fee.

Get the edge saver and move the rest of your existing current account balance to an interest paying savings account.  There are some current accounts paying 1 or 2%, use one of those and deposit as much as required to pay the direct debits etc.

subjecttocontract

kaMelo said:

Including interest from the 123 account in the total benefit is misleading as the return can be equalled or bettered elsewhere and the Edge saver can be had without even paying the £3 Edge fee.

Just focusing on cashback the 123 account, whether full fat or lite, equals or beats the Edge account in every scenario.

Well you asked how that was mathematically possible and I showed you that it was. 
It's important to realise that not everyone will want the same things as you. Like others, i'm very happy with Santander so don't want to look elsewhere.

friolento

subjecttocontract said:

kaMelo said:

Including interest from the 123 account in the total benefit is misleading as the return can be equalled or bettered elsewhere and the Edge saver can be had without even paying the £3 Edge fee.

Just focusing on cashback the 123 account, whether full fat or lite, equals or beats the Edge account in every scenario.

Well you asked how that was mathematically possible and I showed you that it was. 

I don’t think you did. You didn’t compare apples with apples, as @kaMelo explained 

subjecttocontract

friolento said:

subjecttocontract said:

kaMelo said:

Including interest from the 123 account in the total benefit is misleading as the return can be equalled or bettered elsewhere and the Edge saver can be had without even paying the £3 Edge fee.

Just focusing on cashback the 123 account, whether full fat or lite, equals or beats the Edge account in every scenario.

Well you asked how that was mathematically possible and I showed you that it was. 

I don’t think you did. You didn’t compare apples with apples, as @kaMelo explained 

I disagree but nobody is likely to care other than you.

harz99

subjecttocontract said:

Moving from a 123 account to an Edge account makes me £40 a year better off so I think I will do it.

And for the vast majority of people, on here or not, the move leaves them in a lesser financial position than remaining with their existing 123 or 123 lite would/does...