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

Sea_Shell

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."


So, I'm just suggesting to wait until they are past the "planning" stage.   

GeoffTF

Sea_Shell said:

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."

So, I'm just suggesting to wait until they are past the "planning" stage.   

I am inclined to agree. I am inclined to wait until Santander tells me that it is going to happen.

brewerdave

Stargunner said:

brewerdave said:

friolento said:

The end of an era.

It was a lovely account.

Can't decide yet what I will do.

Oh for the days of the original 123 account(s), stuffed with up to £20k !
I will lose ~ £80 per year staying with Edge so I'll be moving my services elsewhere - just need to research.
IF I was a synic, I'd say that they are prepared for an outflow ready to sell the remaining customers onwards !!

Can you please advise how you would be as much as £80 a year worse off with an efge acc.

Sorry - missed this yesterday - I didn't calculate myself - the output of the Santander "calculator" when I bunged in my current DDs - showed a reduction in earnings of ~ £6.70 per month.. Curently I don't keep much of a balance in the 123 Lite account and I haven't got a Saver

Section62

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

The actual date on which your account gets converted, and the detail of what they are doing about the last fee and last cashback payment, may make a difference to whether it is worth doing something sooner, or else just waiting for the account to be converted by Santander.

Zanderman

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

Well yes, it's definitely going to happen, but there's no hurry to change accounts as the 123Lite cashback will continue asis until that end date.

(and there might, in the few months remaining, be a new cashback paying offer from another bank, though that is probably unlikely) 

where_are_we

GeoffTF said:

where_are_we said:

GeoffTF said:

Sea_Shell said:

Is the Edge saver continuing?    With the introductory rate of 6%?

That is the big question. I recently learned here that it is possible to close the saver when the bonus runs out and open a new one to get a new bonus. If I do that I will come out ahead with the Edge and £4K in the saver, but I do not know how long that will last. I expect that Santander is cutting current account perks to pay for bonuses to people transferring in. I do not want to have savings with the same bank as my current account, but I can live with that.

Please explain your rationale behind not having savings with the same bank as your current account.

If the bank has an outage or blocks my account, I do not want to lose access to my savings too. I currently have my short term savings with the Skipton BS, which allows two nominated bank accounts. If the Skipton went down, I could raise money by selling investments, if needs be. Having some some money with Santander beyond what I need to pay the month's Direct Debits, would add some resilience. The downside is extra complexity. Cash deposits are not tax efficient for me, so I try to keep them as low as I reasonably can.

OK - I would understand your rationale if your ONLY savings were with the same bank as your current account.

It is sensible not to have all your money with one financial institution. This includes having more than one current account and savings in more than one place. I suspect most forumites adhere to this policy especially if it means a better return. Personally I have current accounts, easy access accounts, notice accounts, regular savers and ISA`s. You are correct, in that the downside is complexity.

badger09

Sea_Shell said:

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."


So, I'm just suggesting to wait until they are past the "planning" stage.   

Like you, I’m planning to wait & see. I’m in the process of slimming down the number of accounts I operate to make life easier for my Executors. If I miss a month’s cashback but have to pay the fee, it’s not the end of the world. 

With any luck, when it happens, I’ll either be on a cruise, or tucking into Mezze on my favourite Greek island😎

friolento

GeoffTF said:

Sea_Shell said:

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."

So, I'm just suggesting to wait until they are past the "planning" stage.   

I am inclined to agree. I am inclined to wait until Santander tells me that it is going to happen.

If you are on paperless communication, you probably have the notice sitting in your Documents folder by now.

Zanderman

friolento said:

GeoffTF said:

Sea_Shell said:

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."

So, I'm just suggesting to wait until they are past the "planning" stage.   

I am inclined to agree. I am inclined to wait until Santander tells me that it is going to happen.

If you are on paperless communication, you probably have the notice sitting in your Documents folder by now.

Has anyone in this thread reported getting any personal notification yet?  The basis of the thread is an announcement on the website, not actual notifications. There's certainly no notification on my account, which is set to be paper-free.

GeoffTF

friolento said:

GeoffTF said:

Sea_Shell said:

Olenna said:

Sea_Shell said:

I think I'm going to wait until I get Official notification of the changes, then make a decision at the time.

Anything could happen before then.

It's already on their website; waiting until you get a letter or PDF addressed to you won't change anything.
Changes to your current account | Santander UK

Santander don't consider the UK market profitable enough, so it's logical they ditch loss leading accounts.

But within that link it says...

"...we're planning to convert..."

So, I'm just suggesting to wait until they are past the "planning" stage.   

I am inclined to agree. I am inclined to wait until Santander tells me that it is going to happen.

If you are on paperless communication, you probably have the notice sitting in your Documents folder by now.

Nothing there.