If I close my Santander 123 current account, what will happen to my 5% monthly eSaver?

C2361491 · 24 August 2019 at 7:57AM

I've had some trouble with my Santander 123 current account, and would like to apply for a Nationwide account, and get the switching/closing bonus from them.

I have a 12-month eSaver (at 5%, 200PCM deposit) which is reaching maturity in mid-September. I've already funded it 12 times with my Santander account DD.

On the Santander site it says:

- "Exclusively available to current account customers who are part of 1|2|3 World, Santander Select or Private Banking"

So, what happens if I close my Santander current account (via the switch function of Nationwide)? Will I still get my payout? Or will I become ineligible and get less money?

Will the switching service of Nationwide close my savings account too?

Zanderman · 24 August 2019 at 8:10AM

You will become ineligible for the 5% saver.
So best to delay your switch until it is mature next month. Not long to wait.
The switch service deals with current accounts only.
The savings account will stay with Santander, though if you wait until it's mature you'll probably be closing it anyway..

soulsaver · 24 August 2019 at 11:04AM

Open a 123 lite and switch it or the existing 123 ac. so you'll still have a 123 world status.

surreysaver · 24 August 2019 at 1:24PM

Or time the switch to complete after your regular saver has matured. I believe (you would have to double check) that you can request your switch to occur for up to a month after you apply for it. To be honest, its nearly the end of August now, so commencing the switch process now you might only have to request the completion for a week or two after an immediate request would complete. You would probably want to wait until you've received your debit card, you're set up for online banking and your account is fully up and working before switching anyway

YorkshireBoy · 24 August 2019 at 1:52PM

The Nationwide RAF offer gives you 90 days to switch after being recommended, so no need to open and switch at the same time. Simply open the account, get everything working, debit card, online access, payees set up etc, then get yourself recommended for the switch.

But watch out for the Santander regular saver...isn't there a quirk with it depending on how you set your standing order up?

Paenymion · 24 August 2019 at 3:02PM

In my previous experience, the regular saver will continue to exist but you simply can't add anymore funds. When it matures it transforms into some other type of account and you can transfer the money + interest out.

badger09 · 24 August 2019 at 3:23PM

The Santander Regular eSaver now auto renews, though its currently only 2.5%

OP if you want to keep one @ 2.5%, I would do as others have suggested and delay your switch until this RS matures.

Open a 123 Lite before the switch completes and move your cashback generating DDs to it before the switch.

bristolleedsfan · 24 August 2019 at 8:20PM

YorkshireBoy wrote: »

The Nationwide RAF offer gives you 90 days to switch after being recommended, so no need to open and switch at the same time. Simply open the account, get everything working, debit card, online access, payees set up etc, then get yourself recommended for the switch.
?

9. "The amount of the payment will depend on the offer applying at the time we receive the correctly completed online recommendation form from the recommended friend"

C2361491 · 27 August 2019 at 1:51PM

Thanks for your responses everyone!

To confirm:

I don't want to keep the eSaver, I'm happy to close it and open one with Nationwide.

I just care about getting the interest that I've been saving for a year.

To confirm: the consensus is that I wait until mid-September, right?

surreysaver · 27 August 2019 at 2:41PM

C2361491 wrote: »

Thanks for your responses everyone!

To confirm:

I don't want to keep the eSaver, I'm happy to close it and open one with Nationwide.

I just care about getting the interest that I've been saving for a year.

To confirm: the consensus is that I wait until mid-September, right?

Nationwide stopped doing their regular saver a while ago (assuming that's what you mean by e saver?)
There's no harm in beginning the process now, as you can specify the actual switch date to be after your Regular Saver has matured. But the advice is to wait until your new account is up and running - i.e. you've got the debit card, the PIN number, you're set up for online banking and can add new payees (you need one if those keypad things with Nationwide). Make sure everything is working before you burn your bridges

If I close my Santander 123 current account, what will happen to my 5% monthly eSaver?

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