Santander Regular Saver 5% (123 customers)
pinklady21
Posts: 870 Forumite
Hello all
Anyone know the answer to this?
I have an ordinary current account with Santander. no charges and no interest.
I also have a 123 "full fat" Santander charging £5 per month, and paying 1.5% interest. It is not my main current account.
The balance is £20,000 which I want to transfer to an ISA before 5th April.
I have a linked regular saver paying 5% with a monthly standing order for £200 taken from the 123 account. I have made 5 payments so far, so another 7 payments to go.
I understand that without a 123 account the interest would reduce to 3%.
However.... from the info here:
https://www.santander.co.uk/info/savings/regular-esaver
it says that to be eligible for the 5%, you only have to be a 123 customer when you open the regular savings account.
So - my question is: can I close my 123 account, and change the SO to come from my ordinary account, and still achieve the 5% on the regular saver until the end of the 12 months?
Anyone already done it?
Thank you!
Anyone know the answer to this?
I have an ordinary current account with Santander. no charges and no interest.
I also have a 123 "full fat" Santander charging £5 per month, and paying 1.5% interest. It is not my main current account.
The balance is £20,000 which I want to transfer to an ISA before 5th April.
I have a linked regular saver paying 5% with a monthly standing order for £200 taken from the 123 account. I have made 5 payments so far, so another 7 payments to go.
I understand that without a 123 account the interest would reduce to 3%.
However.... from the info here:
https://www.santander.co.uk/info/savings/regular-esaver
it says that to be eligible for the 5%, you only have to be a 123 customer when you open the regular savings account.
So - my question is: can I close my 123 account, and change the SO to come from my ordinary account, and still achieve the 5% on the regular saver until the end of the 12 months?
Anyone already done it?
Thank you!
0
Comments
-
Technically you need to be a 123 World member to access the Regular Saver at 5%. If you have an Everyday Current Account it doesn't qualify (though your full fat 123 does). However, presumably you have a couple of direct debits that ideally qualify for cashback so you could downgrade to a 123 Lite at £1 per month to continue to receive cashback. A 123 Lite does qualify as a 123 World account for your Regular Saver0
-
Yes I agree. But the Ts and Cs say you must hold a 123 Account at the "time of opening" the regular saver. I have been unable to find anything that suggests you have to have the 123 account for the entire period you have the regular saver.
https://www.santander.co.uk/csdlvlr/BlobServer?blobtable=MungoBlobs&blobkey=id&blobcol=urldata&blobheader=application%2Fpdf&blobheadervalue1=inline%3Bfilename%3DRegular+eSaver+do-ec-286.pdf&blobwhere=1314024674754&blobheadername1=Content-Disposition
It is intuitive that if the reason you get 5% is because of the 123, then you should keep the 123 for the duration. But that is not what the Ts and Cs say - as far as I can see.
Has anyone else been over this already?0 -
I would be interested in any answers as I am in an identical situation. But because my 2 direct debits come from Tesco I don't really have alternatives I can think of to substitute for them, but then I don't really have anywhere else to park my £20K if I withdraw it.0
-
-
Even if you have to pay £1 a month for the lite account and get no cashback on DDs, surely it is still worth it. Paying £1 a month fees would reduce the interest from about 5% to about 4%.
And I think I read somewhere on here that they don't make the £1 monthly charge if there is no activity on the account.0 -
Have you got any credit cards? If so, set those up to paid from your Santander account and just make sure you make a payment against each one every month even if it's only for a few pounds.I would be interested in any answers as I am in an identical situation. But because my 2 direct debits come from Tesco I don't really have alternatives I can think of to substitute for them, but then I don't really have anywhere else to park my £20K if I withdraw it.0 -
I have a 123 lite to qualify for the reg saver.
I don't earn much in cashback but it's still worth it.0 -
It does actually stipulate that if the standing order is not paid from your Santander account or you pay over £200 a month, then they have the right to revert it to a Easy Saver account. I would imagine that they would reduce the rate down to the 3% upon you funding it from your normal Santander, but your best option is to ask via secure message.0
-
Anyone thought about asking Santander?0
-
A lite account does not entitle you to the 5% saver.
OP - Just give it a go!0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards