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  • FIRST POST
    • hubb
    • By hubb 8th Oct 18, 4:16 PM
    • 1,984Posts
    • 378Thanks
    hubb
    Santander 123 still best savings account ?
    • #1
    • 8th Oct 18, 4:16 PM
    Santander 123 still best savings account ? 8th Oct 18 at 4:16 PM
    I have been with Santander 123 savings account for 3 years and earned some decent interest. I have monthly outgoings and earn cashback from those payments on top of my normal interest. Their rate is 1.5% interest.

    I see in the top here shows Marcus as the best option, also with 1.5% BUT they don't seem to offer cashback on payments made. Am I missing something of is the Santander 123 still the best offer at the moment ?
Page 6
    • Yorkshire Pud
    • By Yorkshire Pud 21st Oct 18, 9:51 PM
    • 976 Posts
    • 658 Thanks
    Yorkshire Pud
    I've stayed with the 123 paying the £5 a month.
    Tempted by the lite version my worry is I have numerous regular savers and only need to muck one up to go overdrawn. Otherwise I need to keep a balance not earning interest to guard against that.

    My solution possibly, is when my monthly saver matures. Will switch the 123 account to Lloyds Club or BOS Vantage which both pay 1.5% on a balance of up tom£5000. Then I will always have enough in the account for standing orders, credit card payments etc.
    • YorkshireBoy
    • By YorkshireBoy 21st Oct 18, 10:04 PM
    • 30,676 Posts
    • 18,684 Thanks
    YorkshireBoy
    I've stayed with the 123 paying the £5 a month.
    Tempted by the lite version my worry is I have numerous regular savers and only need to muck one up to go overdrawn. Otherwise I need to keep a balance not earning interest to guard against that.

    My solution possibly, is when my monthly saver matures. Will switch the 123 account to Lloyds Club or BOS Vantage which both pay 1.5% on a balance of up tom£5000. Then I will always have enough in the account for standing orders, credit card payments etc.
    Originally posted by Yorkshire Pud
    Similar situation here, although I did make the move to Lite.

    Like you, my 123 account was the hub for numerous regular savers and used to manually feed to and receive from a handful of other accounts.

    What swayed it for me this month was that just as Marcus launched I had 6 regular savers maturing (with BoS, Halifax, TSB, Virgin, and 2 with Lloyds) so the only ones left with Santander are 5-off Virgin, Santander itself, and a couple of LBS.

    My solution was to set up the new regular savers from Lloyds, and also set up future dated FPs each month from Lloyds to Santander to cover the rest. I'd then have a month in which to replenish Lloyds ready for the next round, whilst at the same time I was guaranteed to be making 1.5% wherever the cash was.

    BoS remains as was with £15K across 3 accounts.
    • Yorkshire Pud
    • By Yorkshire Pud 21st Oct 18, 10:42 PM
    • 976 Posts
    • 658 Thanks
    Yorkshire Pud
    Similar situation here, although I did make the move to Lite.

    Like you, my 123 account was the hub for numerous regular savers and used to manually feed to and receive from a handful of other accounts.

    What swayed it for me this month was that just as Marcus launched I had 6 regular savers maturing (with BoS, Halifax, TSB, Virgin, and 2 with Lloyds) so the only ones left with Santander are 5-off Virgin, Santander itself, and a couple of LBS.

    My solution was to set up the new regular savers from Lloyds, and also set up future dated FPs each month from Lloyds to Santander to cover the rest. I'd then have a month in which to replenish Lloyds ready for the next round, whilst at the same time I was guaranteed to be making 1.5% wherever the cash was.

    BoS remains as was with £15K across 3 accounts.
    Originally posted by YorkshireBoy
    Thanks for clarifying my thought process. I will have until next march for the 5% Santander monthly saver to mature and when regular savers mature over that time set new ones up with Lloyds. I get £2.30 a month cashback versus the £1 fee with lite and needing 2DD will not bother with that will just switch to Lloyds.

    I also recently had a lot of trouble with Santander over three days after they did a fraud check on a FP which I phoned up to authorise but then they locked the transfer for three days even though I made a couple more phone calls to verify.
    • YorkshireBoy
    • By YorkshireBoy 21st Oct 18, 10:50 PM
    • 30,676 Posts
    • 18,684 Thanks
    YorkshireBoy
    I get £2.30 a month cashback versus the £1 fee with lite and needing 2DD will not bother with that will just switch to Lloyds.
    Originally posted by Yorkshire Pud
    Still worth keeping for me, as I get around £4.90/mth cashback. Plus I live in hope they may increase the rate...even if it means a reduction in max balance.
    • hoc
    • By hoc 22nd Oct 18, 12:18 AM
    • 296 Posts
    • 162 Thanks
    hoc
    As I join many, at least on this forum, downgrading to Lite and reducing my balance I wonder what Santander's next move is likely to be. Increase the rate, reduce the fee or do nothing. I am in the minority here making little cashback on DDs so the Lite in itself isn't particularly useful and is likely my step before switching away unless Santander shows the 123 is worth keeping.
    • Zanderman
    • By Zanderman 22nd Oct 18, 6:16 AM
    • 2,228 Posts
    • 5,070 Thanks
    Zanderman
    As I join many, at least on this forum, downgrading to Lite and reducing my balance I wonder what Santander's next move is likely to be. Increase the rate, reduce the fee or do nothing. I am in the minority here making little cashback on DDs so the Lite in itself isn't particularly useful and is likely my step before switching away unless Santander shows the 123 is worth keeping.
    Originally posted by hoc
    I very much doubt that the behavioural trends (in this case for 123 account v Marcus accounts) you read about on this forum reflect the behavioural trends of the wider public.

    If that's correct it would seem likely most 123 account holders will not have changed anything - and so Santander won't be making any move in response.
    • hubb
    • By hubb 22nd Oct 18, 10:49 AM
    • 1,984 Posts
    • 378 Thanks
    hubb
    As I already set the Marcus ball rolling by opening an account at the beginning of this month, I feel I am losing the benefit of the rate as the 1 year meter is still running. I am really close to sending nearly all my money (bar £1000) to Marcus but a huge lump scares me a bit. I suppose I can transfer it back over to Santander if they up the interest and cut the fees but it's a conundrum for sure.
    • polymaff
    • By polymaff 22nd Oct 18, 11:47 AM
    • 2,770 Posts
    • 1,269 Thanks
    polymaff
    I've stayed with the 123 paying the £5 a month.
    Tempted by the lite version my worry is I have numerous regular savers and only need to muck one up to go overdrawn. Otherwise I need to keep a balance not earning interest to guard against that.
    Originally posted by Yorkshire Pud
    Simple solution adopted here on changing to low-balance Lite account.

    Set up overdraft to cover the maximum daily outflow that will occur.

    Set up Text Alerts to tell me when I am about to slip into overdraft charges.
    • hubb
    • By hubb 22nd Oct 18, 12:56 PM
    • 1,984 Posts
    • 378 Thanks
    hubb
    Simple solution adopted here on changing to low-balance Lite account.

    Set up overdraft to cover the maximum daily outflow that will occur.

    Set up Text Alerts to tell me when I am about to slip into overdraft charges.
    Originally posted by polymaff
    You are forgetting you have to pay a minimum of £500 a month into the account.
    • hubb
    • By hubb 22nd Oct 18, 1:41 PM
    • 1,984 Posts
    • 378 Thanks
    hubb
    You cannot change to a lite account online. I have just had this reply from Santander:

    Thank you for your email.

    To speak to us for help with opening a more suitable current account please call us on 0800 707 6692 or 0800 032 4601 for a savings account. We are available Monday to Friday from 8am to 9pm and Saturday from 8am to 4pm.

    Alternatively you can visit any Santander branch. Your local branch details can be found on our website santander.co.uk > Help & Support > Branch locator. To make an appointment please call 0800 085 1553. We are available Monday to Friday 8am to 9pm and Saturday 8am to 4pm.
    • IanManc
    • By IanManc 22nd Oct 18, 1:55 PM
    • 845 Posts
    • 1,590 Thanks
    IanManc
    You cannot change to a lite account online. I have just had this reply from Santander:

    Thank you for your email.

    To speak to us for help with opening a more suitable current account please call us on 0800 707 6692 or 0800 032 4601 for a savings account. We are available Monday to Friday from 8am to 9pm and Saturday from 8am to 4pm.

    Alternatively you can visit any Santander branch. Your local branch details can be found on our website santander.co.uk > Help & Support > Branch locator. To make an appointment please call 0800 085 1553. We are available Monday to Friday 8am to 9pm and Saturday 8am to 4pm.
    Originally posted by hubb
    That reply does not say you cannot transfer online.

    You transfer online using this webpage:

    https://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions

    which, once you've ticked the boxes, takes you to this form:

    https://apply.santander.co.uk/PubRetOJBankWeb/ola.htm?_flowId=baupgrade&prodId=123lite&refId=123 Litetxf&PPC=3007390000001

    which you submit online.
    • soulsaver
    • By soulsaver 22nd Oct 18, 2:09 PM
    • 2,356 Posts
    • 1,145 Thanks
    soulsaver
    How do I change my 123 to a lite ? there is no way to do this. As Marcus state that the bank account given upon application is the only linked account allowed, that would mean changing to a lite with a different account number would deem it impossible to move money unless in my current 123 account.
    Originally posted by hubb
    Tick the boxes on this linked page (below) and click Transfer Now - and then fill in the account you're transferring... (haven't actually tried it but it looks like it should work)

    https://www.santander.co.uk/info/current-accounts/123-lite-current-account/transfer-terms-and-conditions
    Originally posted by Zanderman
    Post #23. 'Is it half term still?' Or what?
    Last edited by soulsaver; 22-10-2018 at 3:12 PM.
    • polymaff
    • By polymaff 22nd Oct 18, 3:49 PM
    • 2,770 Posts
    • 1,269 Thanks
    polymaff
    You are forgetting you have to pay a minimum of £500 a month into the account.
    Originally posted by hubb
    No. Your point has no relevance whatsoever.
    • Yorkshire Pud
    • By Yorkshire Pud 22nd Oct 18, 3:57 PM
    • 976 Posts
    • 658 Thanks
    Yorkshire Pud
    Simple solution adopted here on changing to low-balance Lite account.

    Set up overdraft to cover the maximum daily outflow that will occur.

    Set up Text Alerts to tell me when I am about to slip into overdraft charges.
    Originally posted by polymaff
    True but I'm still going to use my Lloyds Club and switch my 123 ac.
    Santander doesn't offer what it once did and Im happy to move on
    • RG2015
    • By RG2015 22nd Oct 18, 4:00 PM
    • 1,642 Posts
    • 1,055 Thanks
    RG2015
    You are forgetting you have to pay a minimum of £500 a month into the account.
    Originally posted by hubb
    You can transfer £500 in from your Marcus account or anywhere else if you have other accounts and then just transfer it back . This will satisfy the 123 requirement.
    • polymaff
    • By polymaff 22nd Oct 18, 4:05 PM
    • 2,770 Posts
    • 1,269 Thanks
    polymaff
    True but I'm still going to use my Lloyds Club and switch my 123 ac.
    Santander doesn't offer what it once did and Im happy to move on
    Originally posted by Yorkshire Pud
    That's fine - but you flagged an issue which all of us lite-eners have faced - the fall-out from moving from a fully-funded 123 to a sparsely funded 123 lite.

    ... and I addressed that issue head-on
    • hubb
    • By hubb 28th Oct 18, 12:00 PM
    • 1,984 Posts
    • 378 Thanks
    hubb
    Well I made a payment of £500 from my Natwest account to Marcus. I had no money showing in the Marcus account. They emailed me saying they refunded the money as payment was not made from my chosen bank (Santander) that was on the 21st and still no money showing in my Natwest account or Marcus. This worries me a lot
    • YorkshireBoy
    • By YorkshireBoy 28th Oct 18, 12:20 PM
    • 30,676 Posts
    • 18,684 Thanks
    YorkshireBoy
    Well I made a payment of £500 from my Natwest account to Marcus. I had no money showing in the Marcus account. They emailed me saying they refunded the money as payment was not made from my chosen bank (Santander) that was on the 21st and still no money showing in my Natwest account or Marcus. This worries me a lot
    Originally posted by hubb
    The advice generally given, and followed, on these boards is to send a small test payment first, to both check the conduit and the timings. You were very brave to send £500 when you hadn't even read or understood the T&Cs, namely all payments must come from your linked account.


    That aside, presumably you've contacted them several times since the 21st? What's their response been?
    • hubb
    • By hubb 28th Oct 18, 2:38 PM
    • 1,984 Posts
    • 378 Thanks
    hubb
    I got confused. They credited me the money back before it was deducted which looked like I was £500 better off.
    • philng
    • By philng 5th Nov 18, 5:37 PM
    • 665 Posts
    • 88 Thanks
    philng
    Closing santander account timing
    Looking to close santander account with monthly interest and charge due 12th november. Am i best waiting till just after 12th? Or if i close now i guess i will get interest to date of closure and will charge be pro rata?
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