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

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...

surreysaver

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.

You only think you're better off. Santander's calculator thingy is designed to make you think that.
Santander is actually the one that's better off.

WillPS

Agree. You need to exclude the linked saver to get a decent picture. 

HedgehogRulez

subjecttocontract said:

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.

I also care - you are wrong

goatfaced

For me I'm more like 60 pounds loss over the year with the switch. I get the edge saver without paying the £3 fee so I don't include that. I currently make nearly 6 quid profit from 123 and that will change to 99p profit. 

I reckon getting rewards from NatWest and RBS will be my best bet. I don't have many direct debits really, other than the household ones. So if I move some of those my 99p profit on the edge dwindles. 

I'm on a low income and all these extra bits of cashback go into savings for birthdays and Christmas. It's totally worth the effort of moving things around for a few minutes each month. 

Newly_retired

I still have a full fat 123 as well as123 lite and a free Edge account with no DDs, plus the Edge saver. I wonder if I can get my 123 lite moved to my full fat123?

harz99

Newly_retired said:

I still have a full fat 123 as well as123 lite and a free Edge account with no DDs, plus the Edge saver. I wonder if I can get my 123 lite moved to my full fat123?

As all 123 accounts are closed to new business now I doubt you can do that, but you really need to ask Santander that question, do you have a branch near you?

Olenna

harz99 said:

Newly_retired said:

I still have a full fat 123 as well as123 lite and a free Edge account with no DDs, plus the Edge saver. I wonder if I can get my 123 lite moved to my full fat123?

As all 123 accounts are closed to new business now I doubt you can do that, but you really need to ask Santander that question, do you have a branch near you?

Standard 123 is closed to new business; they won't switch current accounts internally either. 

Allowing the conversion and manually transferring everything to the standard 123, converting to a 'live' product, switching to an external bank or closing the account would be the four main options that I can see.

WillPS

Newly_retired said:

I still have a full fat 123 as well as123 lite and a free Edge account with no DDs, plus the Edge saver. I wonder if I can get my 123 lite moved to my full fat123?

You can (and should!) get the DDs moved (by changing them yourself) to the full fat 123, and get the 123 Lite downgraded to an Everyday to save you £3/month.

brewerdave

Just reading up on Zopa Biscuit current account - looks like a possible home for my Santander 123 lite switch - but currently can't use switching service so it would mean doing everything manually and app based. Will need to work out annual potential earnings vs Edge.