Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 7
    • EachPenny
    • By EachPenny 5th Nov 18, 6:23 PM
    • 10,736 Posts
    • 31,538 Thanks
    EachPenny
    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?
    Originally posted by philng
    Experience suggests interest will be paid up to the date of transfer/closure with the final 5 fee not charged provided the date is in advance of the due date.

    I.e. best to do it now or very soon.

    Also, are you sure you want to close the account rather than downgrading to Lite (for cashback/RS eligibility) or Everyday (to use for future switching and/or upgrading if the 123 interest rate is increased)?
    "In the future, everyone will be rich for 15 minutes"
    • RG2015
    • By RG2015 5th Nov 18, 6:25 PM
    • 1,642 Posts
    • 1,055 Thanks
    RG2015
    I downgraded mine to a Santander Lite four days before my statement date. The next day I got my interest to date and cashback for dds already paid. Crucially though, I was not charged the 5 monthly fee and did not pay the new 1 fee until the same date the following month.
    • YorkshireBoy
    • By YorkshireBoy 5th Nov 18, 6:32 PM
    • 30,675 Posts
    • 18,681 Thanks
    YorkshireBoy
    Experience suggests interest will be paid up to the date of transfer/closure...
    Originally posted by EachPenny
    ...assuming the poster has credited 500 in the current statement period and had/still has two DDs on the account?
    • philng
    • By philng 5th Nov 18, 6:43 PM
    • 665 Posts
    • 88 Thanks
    philng
    Is there anyway to downgrade to 123 lite version online to avoid gaving to go in or phone up?
    • Susan1942
    • By Susan1942 5th Nov 18, 6:46 PM
    • 1,087 Posts
    • 196 Thanks
    Susan1942
    I have got the Santander 123 account and have continued to pay the 5 fee I get about 8 in cashback, I realise that I am losing interest by having around 26.000 in that account. Interest is now only 1.5% down from the 3%. I have got the regular saver of 200 a month. I know that I should move some of the money to another account but it all seems like a lot of hard work. I am funding 2 Student Grandchildren paying for their accommodation whilst at University. One doing a Master's and the other doing a year in the USA as part of her degree.
    Sue.
    • YorkshireBoy
    • By YorkshireBoy 5th Nov 18, 6:50 PM
    • 30,675 Posts
    • 18,681 Thanks
    YorkshireBoy
    Is there anyway to downgrade to 123 lite version online to avoid gaving to go in or phone up?
    Originally posted by philng
    You haven't read the whole thread have you? (page 2 if you're on 20/page)
    • Neil Jones
    • By Neil Jones 5th Nov 18, 6:56 PM
    • 2,195 Posts
    • 1,559 Thanks
    Neil Jones
    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?
    Originally posted by philng
    You get interest applied up until closure.
    5 charge is not pro-rated. Never has been.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

115Posts Today

1,972Users online

Martin's Twitter
  • Snap post #BBCOurNextPM poll: Who do you think did best. (I had to have two in one category, so I picked randoml? https://t.co/gYTNBBn3SP

  • Emily Maitliss being v mean to Boris using his own past quotes against him on Heathrow, having an election when lea? https://t.co/4baNAlmMid

  • Wow - impressive performance from the 15 year old climate change activist. Not sure I'd have had such confidence when still at school.

  • Follow Martin