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

goatfaced

I'm looking at the zopa account too. Currently trying to find a referral code on the Internet for an additional tenner 🤣

fergie_

I believe the Zopa cash back is capped at £15 a year - so pretty pointless. Though I have the current account for the high interest linked saver.

I'm planning to switch my 123 mini into Nationwide for the £200 existing customer offer. It equates to almost 2 years of 123 cash back.

goatfaced

fergie_ said:

I believe the Zopa cash back is capped at £15 a year - so pretty pointless. Though I have the current account for the high interest linked saver

15 per year is more than I would gain from an edge account, it's £30 a year although I'm hoping to get the whole £30 in one go from sending 1500 to money box. I've done every switch in recent years so I don't expect to find anything amazing. 

B0bbyEwing

Thanks. Glad I saw your thread.

Interesting they choose the 21st. My cashback date is the 26th. So I imagine I earn all the cashback there is but then don't get the payout because the account converts right before the payout date.

So I'll have to close my account 26th July in this case then.

I only ever get £2-£4 on the bills after the £2 monthly fee so we're not talking retirement money but anything that's a plus is worth it (I do TCB on eBay purchases which is 1% so I'll do anything that gives a bit of cash back).

Section62

B0bbyEwing said:

...
Interesting they choose the 21st. My cashback date is the 26th. So I imagine I earn all the cashback there is but then don't get the payout because the account converts right before the payout date.

So I'll have to close my account 26th July in this case then.
...

I think (could be wrong) that the best approach is to just let Santander convert the account without me actively doing anything.  If you've earned cashback while the account was a 123Lite then Santander should pay you that cashback, even if they have converted it to an Everyday account by the time the payment is normally made.  And Santander shouldn't be charging a fee for a service they aren't providing the customer.

If I don't get my cashback for August (like you my payment date is after the 21st) then I'll make a complaint.

It is up to Santander to deal with the conversion of the accounts in a way which doesn't disadvantage the customer.  However, if the customer proactively makes changes then they can't fairly hold Santander liable if their own actions have caused disadvantage to themselves.

youngretired

Both my sister and I have contacted Santander and have both been told that you will get any cashback due on direct debits up to the 20th August when the account is converted on the 21st. 

In my case my fee is taken on the 22nd and cashback paid on the 27th. I was told that I would get the cashback on the 27th and also pay the fee on the 22nd. I was advised that if I was going to upgrade to an Edge account to allow it to convert to the Everyday first and once cashback received then upgrade incase it mucks up the cashback rate.

My sister pays her fee and gets her cashback on the 2nd/3rd of the month and was told she'd get any direct debits between this date and the 20th (so in her case just Octopus) and would not pay another fee. They couldn't say if the cashback would be paid on your normal cashback day or earlier.

crumpet_man

Just realised my octopus DD is 23rd so changed it to 19th and made sure it is for £250.  May as well make sure I get the max cashback I can for July and August.

harz99

So, our joint 123 switched to Nationwide on 4th July, and my statement period to 2nd July saw no monthly fee taken and no cashback paid on 3rd July, unlike all our previous statement periods.

Our final statement for the account closure and period 3rd to 4th July showed only the account fee taken on 3rd, an occupational pension paid in on the 4th, and full balance subsequently transferred to Nationwide on 4th upon account switch completing.

It isn't a lot, but I reckon I've been robbed of the cashback which has always been paid before or at the same date as the account fee is taken, views please.

GeoffTF

harz99 said:

So, our joint 123 switched to Nationwide on 4th July, and my statement period to 2nd July saw no monthly fee taken and no cashback paid on 3rd July, unlike all our previous statement periods.

Our final statement for the account closure and period 3rd to 4th July showed only the account fee taken on 3rd, an occupational pension paid in on the 4th, and full balance subsequently transferred to Nationwide on 4th upon account switch completing.

It isn't a lot, but I reckon I've been robbed of the cashback which has always been paid before or at the same date as the account fee is taken, views please.

What you did was high risk. I waited until the monthly fee had been taken and the cashback paid before converting my 123 Lite to an Edge account. That worked flawlessly. Your best strategy was probably to downgrade to an Everyday account as soon as the monthly fee is taken and the cashback paid, and then switch that to Nationwide.

pfpf

switched all my DD's out now and about to downgrade account. annoyingly the council tax cashback wasn't paid this week and i assume its the same issue as when Octopus energy changed their payment ID code, my council has just merged and now appears on the DD differently.