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  • FIRST POST
    • Fingerbobs
    • By Fingerbobs 8th Oct 18, 5:43 PM
    • 482Posts
    • 137Thanks
    Fingerbobs
    Downgrading Santander 123 Current Account
    • #1
    • 8th Oct 18, 5:43 PM
    Downgrading Santander 123 Current Account 8th Oct 18 at 5:43 PM
    When downgrading a Santander 123 current account to a normal account, do they pay interest pro-rata up to the date of conversion, or do you just lose all interest for the final statement month?

    If they pay the interest pro-rata, what happens with the monthly fee?

    Just trying to work out the optimum time to downgrade the account :-)
Page 1
    • talexuser
    • By talexuser 8th Oct 18, 5:48 PM
    • 2,490 Posts
    • 1,979 Thanks
    talexuser
    • #2
    • 8th Oct 18, 5:48 PM
    • #2
    • 8th Oct 18, 5:48 PM
    answer here
    https://forums.moneysavingexpert.com/showthread.php?t=5900728&page=8
    #290
    • Fingerbobs
    • By Fingerbobs 8th Oct 18, 5:53 PM
    • 482 Posts
    • 137 Thanks
    Fingerbobs
    • #3
    • 8th Oct 18, 5:53 PM
    • #3
    • 8th Oct 18, 5:53 PM
    Sorry, where? Post #?

    Oh, ok, not on the page directly linked - found it :-)

    Although this is referring to downgrading from 123 to 123 Lite, rather than downgrading to a normal account with no perks, but I guess the answer is the same.
    Last edited by Fingerbobs; 08-10-2018 at 5:59 PM.
    • Purpleheart
    • By Purpleheart 8th Oct 18, 5:59 PM
    • 6 Posts
    • 1 Thanks
    Purpleheart
    • #4
    • 8th Oct 18, 5:59 PM
    • #4
    • 8th Oct 18, 5:59 PM
    Page 15 about 3 posts from the end. I've downgraded my 123 to a lite that way.
    • Fingerbobs
    • By Fingerbobs 12th Oct 18, 9:54 PM
    • 482 Posts
    • 137 Thanks
    Fingerbobs
    • #5
    • 12th Oct 18, 9:54 PM
    • #5
    • 12th Oct 18, 9:54 PM
    Downgraded in-branch today, but disappointed not to get any interest added on for the period up to the downgrade :-(
    • ColdIron
    • By ColdIron 12th Oct 18, 10:00 PM
    • 4,742 Posts
    • 6,211 Thanks
    ColdIron
    • #6
    • 12th Oct 18, 10:00 PM
    • #6
    • 12th Oct 18, 10:00 PM
    Mine was paid into my Lite the day after I downgraded
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 18, 10:14 PM
    • 30,277 Posts
    • 18,180 Thanks
    YorkshireBoy
    • #7
    • 12th Oct 18, 10:14 PM
    • #7
    • 12th Oct 18, 10:14 PM
    Mine was paid into my Lite the day after I downgraded
    Originally posted by ColdIron
    Ditto, along with the cashback. I also avoided the £5 fee. And they won't take the first £1 fee until next month. Did mine over the phone, instant change to Lite in my online area. Was a long call though!
    • Fingerbobs
    • By Fingerbobs 12th Oct 18, 10:19 PM
    • 482 Posts
    • 137 Thanks
    Fingerbobs
    • #8
    • 12th Oct 18, 10:19 PM
    • #8
    • 12th Oct 18, 10:19 PM
    Thanks - sounds like I probably need to wait until monday for the interest :-)

    I was only in the branch for about 15 minutes all-in, and quite a lot of that was waiting for an advisor to become available.

    I didn't want to do it by phone because I had two 123 accounts, and only wanted a specific one downgraded to an Everyday - doing it face-to face allows me to keep an eye on what they're actually doing :-)
    • sham63
    • By sham63 12th Oct 18, 10:26 PM
    • 984 Posts
    • 755 Thanks
    sham63
    • #9
    • 12th Oct 18, 10:26 PM
    • #9
    • 12th Oct 18, 10:26 PM
    I want to close my 123 next week - am I right in thinking I can only do this in a branch?
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 18, 10:36 PM
    • 30,277 Posts
    • 18,180 Thanks
    YorkshireBoy
    I want to close my 123 next week - am I right in thinking I can only do this in a branch?
    Originally posted by sham63
    Not according to the FAQ on their website. You can also request closure by phone or by secure message.
    • Fingerbobs
    • By Fingerbobs 15th Oct 18, 2:59 PM
    • 482 Posts
    • 137 Thanks
    Fingerbobs
    Thanks - sounds like I probably need to wait until monday for the interest :-)
    Originally posted by Fingerbobs
    Itís in! 😀
    • ColdIron
    • By ColdIron 15th Oct 18, 6:39 PM
    • 4,742 Posts
    • 6,211 Thanks
    ColdIron
    Hurrah!!!!
    • tommysaver
    • By tommysaver 16th Oct 18, 9:33 PM
    • 152 Posts
    • 60 Thanks
    tommysaver
    Guys, can I just ask - is this because of the new account paying 1.5% interest? I'm thinking of ditching my 123 too because of the £5 charge each month. If I can get the same interest elsewhere then so be it..
    • Fingerbobs
    • By Fingerbobs 16th Oct 18, 11:48 PM
    • 482 Posts
    • 137 Thanks
    Fingerbobs
    Guys, can I just ask - is this because of the new account paying 1.5% interest? I'm thinking of ditching my 123 too because of the £5 charge each month. If I can get the same interest elsewhere then so be it..
    Originally posted by tommysaver
    In my case, no, but a number of others have opted to downgrade from the full 123 account to the 123 Lite account because of the availability of a new easy-access savings account paying 1.5%.

    As for me; I previously had two full 123 accounts, but the DD cashback only really covered the monthly fee on one account, thus the second account wasn't cost-effective to maintain, so I downgraded it to an Everyday account, and retained only one full 123 account.
    • sham63
    • By sham63 16th Oct 18, 11:48 PM
    • 984 Posts
    • 755 Thanks
    sham63
    Not according to the FAQ on their website. You can also request closure by phone or by secure message.
    Originally posted by YorkshireBoy
    Thanks, closed by phone today
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