Regular Saver Thread **New and Restarted**

karlie88 wrote: »

I can't see where in the account terms it states that they may downgrade it to an Everyday account.

It doesn't have to say so in the account terms. They can choose to withdraw an account at any time, subject to notice being given. They may then offer you an alternative account. One of the things that might make them do so would be a perception that a customer was playing the sytem to benefit from the higher interest rate in a regular saver, without ever using the current account as intended.

You should also note, that I haven't disputed that some people have been able to do this so far, and that in my original post I said, "Santander could reasonably close your 123 Lite, or downgrade it to an Everyday account if you didn't have those DDs. If they downgraded it you would still be able to keep the regular saver, but it would only pay 3%, rather than 5%." I used conditional statements, which clearly, therefore, referred to a possible, not a definite, outcome.

karlie88 wrote: »

The £1 monthly fee is taken once you've set up 2 active DDs, paid in £500 etc. If you don't fulfil it then you don't get charged £1/month. That's written in the terms.

Yes, and I never disputed that. Your point is?

karlie88 wrote: »

So it can basically be used as a bog standard current account with no DD activity in order to gain 5% interest on their regular saver for as long as their terms allow.

It can, for as long as Santander choose to allow it to be, but they still retain the right to close it and offer an Everyday account as an alternative, if they decide that it is not being operated in the manner that they intended it to be. This is true of all current acounts.

Nothing you have said contradicts what I have.

karlie88 wrote: »

@ValiantSon. I'm not going to go into great depths as your reply and we're starting to derail the thread.

Tantalus86 asked in relation to the 123 Lite account:



And you replied:



It's not a condition of the account to have 2 active DDs, that condition relates to receiving cashback on household bills and the £1 monthly fee. You can still have a 123 Lite account without DDs.

The answer to Tantalus86's original question is 'yes'.

You have tried to pick an argument where none was possible because I had not given a definitive answer, but rather explained a potential outcome. The answer is not, "yes" because the scenario I describe is a potential outcome, albeit one that has not, to our knowledge arise, as of yet. If you misunderstood my comments then that's fine, but you are wrong to try and argue that I am wrong. I will assume that is because you haven't read carefully what I wrote, rather than because you are being deliberately argumentative.