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  • FIRST POST
    • claire07
    • By claire07 4th Mar 18, 10:20 AM
    • 517Posts
    • 149Thanks
    claire07
    Santander 123 account
    • #1
    • 4th Mar 18, 10:20 AM
    Santander 123 account 4th Mar 18 at 10:20 AM
    My 5% regular saver ends this month and as I only just about break even each month with the 123 account after the fee I'd like to close it as I'll have run out of direct debits for it when Tesco withdraw that facility.


    However if I just leave it empty and dormant (on the off-chance a future switch offer comes along) would I still get charged the 5 monthly charge? Apologies if this has been mentioned before but I couldn't find it.
Page 1
    • EachPenny
    • By EachPenny 4th Mar 18, 10:33 AM
    • 4,979 Posts
    • 13,253 Thanks
    EachPenny
    • #2
    • 4th Mar 18, 10:33 AM
    • #2
    • 4th Mar 18, 10:33 AM
    My 5% regular saver ends this month and as I only just about break even each month with the 123 account after the fee I'd like to close it as I'll have run out of direct debits for it when Tesco withdraw that facility.

    However if I just leave it empty and dormant (on the off-chance a future switch offer comes along) would I still get charged the 5 monthly charge? Apologies if this has been mentioned before but I couldn't find it.
    Originally posted by claire07
    Yes, you will get charged. You can avoid this by getting the account downgraded to the Everyday version and then leave that empty until a switch offer comes up. That's what I'll be doing in April when my DD's all get moved elsewhere for the same reason as you.

    Alternatively, you can downgrade to the 123Lite account with a 1/month fee which would retain the option of opening a new 5% regular saver when the existing one matures. You'd need to do the maths to see whether paying 12 in fees to get the 5% RS makes sense for you, or if you'd be able to get a better return from an account elsewhere.
    "In the future, everyone will be rich for 15 minutes"
    • AndyPK
    • By AndyPK 4th Mar 18, 11:42 AM
    • 2,835 Posts
    • 787 Thanks
    AndyPK
    • #3
    • 4th Mar 18, 11:42 AM
    • #3
    • 4th Mar 18, 11:42 AM
    what is this talk of tesco removing the DD facility
    • polymaff
    • By polymaff 4th Mar 18, 12:49 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    • #4
    • 4th Mar 18, 12:49 PM
    • #4
    • 4th Mar 18, 12:49 PM
    what is this talk of tesco removing the DD facility
    Originally posted by AndyPK
    I'd think that you were joking, Andy - were it not for the recent NS&I "revelation".

    Many, many threads and posts about it.
    • surreysaver
    • By surreysaver 4th Mar 18, 2:14 PM
    • 2,463 Posts
    • 1,371 Thanks
    surreysaver
    • #5
    • 4th Mar 18, 2:14 PM
    • #5
    • 4th Mar 18, 2:14 PM
    what is this talk of tesco removing the DD facility
    Originally posted by AndyPK
    I presume you are just having a laugh?
    I consider myself to be a male feminist. Is that allowed?
    • claire07
    • By claire07 4th Mar 18, 4:33 PM
    • 517 Posts
    • 149 Thanks
    claire07
    • #6
    • 4th Mar 18, 4:33 PM
    • #6
    • 4th Mar 18, 4:33 PM
    Many thanks EachPenny. I hadn't thought of moving to the Everyday Saver so I'll probably do that when the Regular Saver comes to the end of its term in March.
    • AndyPK
    • By AndyPK 4th Mar 18, 5:21 PM
    • 2,835 Posts
    • 787 Thanks
    AndyPK
    • #7
    • 4th Mar 18, 5:21 PM
    • #7
    • 4th Mar 18, 5:21 PM
    No today is the first day I have known about it.

    Tesco have sent me no letters, or emails about this.

    I will have to hunt the other threads.

    What am I gonna do about my 3 BOS ?
    • AndyPK
    • By AndyPK 4th Mar 18, 5:27 PM
    • 2,835 Posts
    • 787 Thanks
    AndyPK
    • #8
    • 4th Mar 18, 5:27 PM
    • #8
    • 4th Mar 18, 5:27 PM
    This one has passed me by.

    Can't see a thread NS&I "revelation"

    Can see one about Tesco DD
    • polymaff
    • By polymaff 4th Mar 18, 6:59 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    • #9
    • 4th Mar 18, 6:59 PM
    • #9
    • 4th Mar 18, 6:59 PM
    This one has passed me by.

    Can't see a thread NS&I "revelation"

    Can see one about Tesco DD
    Originally posted by AndyPK
    That was the post where you revealed that you had no idea that you could have more than 3,000 in a NS&I bond - remember?

    Now, you've no idea - despite hundreds of posts on MSE - that Tesco will completely withdraw from DD pulls next month.

    Wake up at the back, there
    • AndyPK
    • By AndyPK 4th Mar 18, 7:04 PM
    • 2,835 Posts
    • 787 Thanks
    AndyPK
    Haha I remember. I will revisit it.

    I spend too much time in energy and phones/Bb on here

    Sorry.

    Did they give us lots of notice?
    • polymaff
    • By polymaff 4th Mar 18, 7:11 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    Haha I remember. I will revisit it.

    I spend too much time in energy and phones/Bb on here

    Sorry.

    Did they give us lots of notice?
    Originally posted by AndyPK

    Yes. Six Months. Here is the first thread on the subject:

    http://forums.moneysavingexpert.com/showthread.php?t=5730177

    Then, look at a current thread:

    http://forums.moneysavingexpert.com/showthread.php?t=5734632
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