Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Naomi
    • By MSE Naomi 14th Jan 20, 11:38 AM
    • 349Posts
    • 77Thanks
    MSE Naomi
    Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback
    • #1
    • 14th Jan 20, 11:38 AM
    Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback 14th Jan 20 at 11:38 AM
    Santander will be slashing current account interest to 1% on its popular 123 account this spring, and introducing a single overdraft interest rate of 39.9%...
    Read the full story:
    'Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback'

    Click reply below to discuss. If you havenít already, join the forum to reply.
Page 2
    • colsten
    • By colsten 14th Jan 20, 9:19 PM
    • 11,661 Posts
    • 11,036 Thanks
    colsten
    Exactly, it doesn't include those who are too lazy/don't make the time as everyone has the time IF they really want to do it. Maybe that was your feeble excuse? If you can't be bothered then you've insulted yourself.
    60mins to set up, 10 mins to facilitate each month
    out of 43000+ mins....hardly onerous is it.
    Originally posted by Wheres My Cashback
    I don't need any excuses, and your renewed attempt to insult me, this time as 'lazy', hasn't worked either. You have absolutely no idea how I use my accounts and my time, so you are in no position to comment on my money management. The same applies to many other people's accounts and time. So give it a rest please.
    • Zero Sum
    • By Zero Sum 14th Jan 20, 10:26 PM
    • 1,515 Posts
    • 1,231 Thanks
    Zero Sum
    No, there weren't even dozens with instant access paying more than 1.19%. Not that I recognise 1.19%, as I have enough cashback to eliminate the monthly fee. Before you say '123 Lite', I have just posted elsewhere why that is not a viable alternative for me.
    Originally posted by colsten
    Ok maybe not 'instant' but there were dozens of easy access. (Got 3 or 4 myself) Marcus is instant.
    There were any amount of better options for spare cash than full fat 123
    • Cookie LS21
    • By Cookie LS21 14th Jan 20, 10:47 PM
    • 1 Posts
    • 2 Thanks
    Cookie LS21
    Still best for those with savings
    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    • Zero Sum
    • By Zero Sum 14th Jan 20, 11:02 PM
    • 1,515 Posts
    • 1,231 Thanks
    Zero Sum
    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    Originally posted by Cookie LS21

    Probably because your first statement just isnt true.
    What do you define as very small & how much do you need in a current account to pay bills? Full fat 123 really is just for those who cant be bothered. But you really dont need to do too much chasing rates to beat it. But aside from chasing rates & perks it is actually very sensible to have a backup account or 2 anyway.
    This is why utilising the 123 lite for bills & cashback, then having a better rate paying account with spare cash in for something else kills 2 birds with one stone in both maximusing benefits & mitigating risk

    Lloyds pays 1% on upto £4k then 2% on balances between £4-£5k. So potentially 1.2% £5k isnt a very small deposit.
    Marcus is instant access faster payment to linked current account & pays 1.35% thats nearly double santanders real rate.
    • colsten
    • By colsten 14th Jan 20, 11:30 PM
    • 11,661 Posts
    • 11,036 Thanks
    colsten

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    Originally posted by Cookie LS21
    You could look at replacing your Italian account with a Starling Bank Euro account. I find them an excellent alternative to chargeable accounts in Euroland. Don't ditch your Italian account yet, though, as Brexit could still create havoc for financial dealings with Euro countries.
    • Ben8282
    • By Ben8282 15th Jan 20, 4:38 AM
    • 4,764 Posts
    • 2,629 Thanks
    Ben8282

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    Originally posted by Cookie LS21
    Yes it used to be like that here. They were called 'bank charges' and we paid them on all transactions. There was even a time within living memory when we were charged stamp duty on every cheque we wrote. I can remember when bank charges were abolished in the 1980's and offering 'free banking' was the latest thing the banks were introducing to attract customers.
    • mpw33cfr
    • By mpw33cfr 15th Jan 20, 5:22 AM
    • 2 Posts
    • 1 Thanks
    mpw33cfr
    In 2016 we (my wife and I) had four San123 accounts between us. Since then itís come down to two accounts, then one account. In May itíll be none. Bye Bye Santander...
    • veryintrigued
    • By veryintrigued 15th Jan 20, 5:38 AM
    • 2,859 Posts
    • 2,418 Thanks
    veryintrigued
    You ladies and gents not get exhausted.in turning almost every thread into fighting spats?
    • peter021072
    • By peter021072 15th Jan 20, 6:12 AM
    • 22 Posts
    • 1 Thanks
    peter021072
    Does anyone know if its possible to switch to the lite account without changing account number?
    • daveyjp
    • By daveyjp 15th Jan 20, 6:55 AM
    • 8,596 Posts
    • 7,213 Thanks
    daveyjp
    What Martin fails to tell us is that there is still no better alternative easy access current account. Accounts paying a higher interest rate will only do so on very small deposits, so the outcome is considerably worse. If, like many retired people, you have a spare £20,000 that you don't need immediate access to, even 1.00% is better than many ISAs and savings accounts. If you need the convenience of a current account and never let your balance drop below £20,000, it works well. Unless you want to waste your whole life chasing money around, swapping accounts etc. for the sake of . zero whatever % and a few extra quid a year, don't worry about it. Trust me, life is far too short so just live it.

    People get wound up about banking in the UK. In comparison to the rest of Europe, it's pretty amazing. I have to pay 8.5 euros a month just for the privilege of keeping money in my Italian account, and that's one of the better ones. In most, you have to pay a fee for each direct debit! They laugh when you mention the concept of free banking, let alone a bank account that pays you.
    Originally posted by Cookie LS21
    The 1,2,3 account isn't free.
    • Zero Sum
    • By Zero Sum 15th Jan 20, 6:55 AM
    • 1,515 Posts
    • 1,231 Thanks
    Zero Sum
    Does anyone know if its possible to switch to the lite account without changing account number?
    Originally posted by peter021072
    Think you can just downgrade it so account number should remain
    • Zero Sum
    • By Zero Sum 15th Jan 20, 6:57 AM
    • 1,515 Posts
    • 1,231 Thanks
    Zero Sum
    In 2016 we (my wife and I) had four San123 accounts between us. Since then itís come down to two accounts, then one account. In May itíll be none. Bye Bye Santander...
    Originally posted by mpw33cfr
    Why? The 123 lite account is still the best account for bills on the market.
    • eDicky
    • By eDicky 15th Jan 20, 7:42 AM
    • 5,037 Posts
    • 3,084 Thanks
    eDicky
    Does anyone know if its possible to switch to the lite account without changing account number?
    Originally posted by peter021072
    Your account number and debit card remain the same, I downgraded last month.
    • roddydogs
    • By roddydogs 15th Jan 20, 7:51 AM
    • 6,520 Posts
    • 2,836 Thanks
    roddydogs
    No indication of a reduction to its e.isa, I'm still getting 1.5%, easy access., I can put money in that. Plus I'm still getting 1.5 % with marcus for a few more months.
    • soulsaver
    • By soulsaver 15th Jan 20, 10:08 AM
    • 2,644 Posts
    • 1,330 Thanks
    soulsaver
    Does anyone know if its possible to switch to the lite account without changing account number?
    Originally posted by peter021072
    FTAOD, it's not a 'switch' as such - you keep the same sort code & ac number.

    You can ring them or go to branch, but to do it on line, when you're logged in use 'upgrade' on the RH side options to downgrade your existing 123ac to 123 lite.
    Last edited by soulsaver; 15-01-2020 at 10:14 AM. Reason: eta FTAOD
    • Eco Miser
    • By Eco Miser 15th Jan 20, 11:30 AM
    • 3,663 Posts
    • 3,438 Thanks
    Eco Miser
    Yes it used to be like that here. They were called 'bank charges' and we paid them on all transactions. There was even a time within living memory when we were charged stamp duty on every cheque we wrote. I can remember when bank charges were abolished in the 1980's and offering 'free banking' was the latest thing the banks were introducing to attract customers.
    Originally posted by Ben8282
    Yes I remember the 2d stamp duty on cheques, prepaid when a chequebook was issued. That was the only transaction charge I ever paid a bank, since my first account in 1968. Bank charges may have been common then, but they weren't universal.
    Eco Miser
    Saving money for well over half a century
    • Wheres My Cashback
    • By Wheres My Cashback 15th Jan 20, 12:07 PM
    • 3,268 Posts
    • 38,236 Thanks
    Wheres My Cashback
    I don't need any excuses, and your renewed attempt to insult me, this time as 'lazy', hasn't worked either. You have absolutely no idea how I use my accounts and my time, so you are in no position to comment on my money management. The same applies to many other people's accounts and time. So give it a rest please.
    Originally posted by colsten
    I've no interest in knowing how you use your accounts, but if you wish to incorrectly pick me up on my factually correct response then expect a response back. If not, don't quote my posts with inference. Have a nice day !
    • xylophone
    • By xylophone 15th Jan 20, 12:10 PM
    • 32,002 Posts
    • 19,877 Thanks
    xylophone
    No indication of a reduction to its e.isa, I'm still getting 1.5%, easy access.
    But doesn't this end a year after opening?
    • Hagman
    • By Hagman 15th Jan 20, 12:49 PM
    • 6 Posts
    • 0 Thanks
    Hagman
    The 1,2,3 account isn't free.
    Isn't the 1-2-3 Mini account fee free - and will still get 3% interest after May ?

    Parents could lump two grand in one for their kid in trust and benefit from the better deal until the child reaches 13 - a bit unscrupulous mind you.

    I wonder if Santander will look into that loophole ?
    • dralla
    • By dralla 15th Jan 20, 6:18 PM
    • 23 Posts
    • 3 Thanks
    dralla
    But...
    Presumably this is still worthwhile if you have £20.000 in the a/c
    something missing
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,317Posts Today

6,404Users online

Martin's Twitter