treeman
Member of DD Central
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Post by treeman on May 7, 2020 10:21:54 GMT
Official email received this morning announcing the further drop in August. Off the back of the drop on the 5th May to 1% I yesterday triggered the switch to the 123-Lite, £1 monthly fee. The cost of losing the convenience of maxing out the 123 current account and not worrying about sweeping money in to avoid going sub-zero was borderline @1.5% but stopped making sense @ 1%. At 0.6% it makes even less sense. The float required to cover the additional £4 per month fee or £48 per annum: 0.6% - £8,000 1.0% - £4,800 1.5% - £3,200 3.0% - £1,600. Requesting a switch to 123-Lite was straightforward and all done online. I started in the app but might be easier to start in a browser as you are switched to a browser anyway. The process is: - look at the range of current accounts - click to apply for the 123-Lite - select option to transfer from existing Santander account - fill in details of existing S-123 account I'll likely be switching soon too. One question - do you keep the same sort code and account no by switching to Lite? Just thinking about all the linked account details for my other FSCS stuff and of course the P2P withdrawals and whether I'd be launching a tsunami of AML/KYC/authorisation situations. Coll and L spring to mind most alarmingly. Forewarned and all that...
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hazellend
Member of DD Central
Posts: 2,361
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Post by hazellend on May 7, 2020 12:32:20 GMT
I switched even though I keep enough in the account to still benefit. Interest rates are heading down even further so thought I’d pre empt it
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Post by skidrow on May 7, 2020 12:44:19 GMT
Official email received this morning announcing the further drop in August. Off the back of the drop on the 5th May to 1% I yesterday triggered the switch to the 123-Lite, £1 monthly fee. The cost of losing the convenience of maxing out the 123 current account and not worrying about sweeping money in to avoid going sub-zero was borderline @1.5% but stopped making sense @ 1%. At 0.6% it makes even less sense. The float required to cover the additional £4 per month fee or £48 per annum: 0.6% - £8,000 1.0% - £4,800 1.5% - £3,200 3.0% - £1,600. Requesting a switch to 123-Lite was straightforward and all done online. I started in the app but might be easier to start in a browser as you are switched to a browser anyway. The process is: - look at the range of current accounts - click to apply for the 123-Lite - select option to transfer from existing Santander account - fill in details of existing S-123 account I'll likely be switching soon too. One question - do you keep the same sort code and account no by switching to Lite? Just thinking about all the linked account details for my other FSCS stuff and of course the P2P withdrawals and whether I'd be launching a tsunami of AML/KYC/authorisation situations. Coll and L spring to mind most alarmingly. Forewarned and all that...
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Post by skidrow on May 7, 2020 12:45:09 GMT
According to MSE you do keep your details provided you "upgarde" not "apply"
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Post by bernythedolt on May 7, 2020 13:45:28 GMT
Also lara 's helpful post on page 1 confirms the account number remained the same, and added a couple of useful insights, including the requirement to pay in £500 monthly and log in every three months. On balance, I can't be bothered with all the overheads for such a measly reward, so Mrs Dolt and I will be switching our accounts elsewhere.
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angrysaveruk
Member of DD Central
binomial
Posts: 1,005
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Post by angrysaveruk on May 7, 2020 17:09:28 GMT
I had 2 123 accounts for a number of years, still have one. They were a great way to get interest/cash back on bills. Then I moved to Atom Bank which was ok for 6/12 month deposits last time I checked. I still have day dreams while walking through the country side away from the worries of COVID19 of the days I could get 7% for a 18 month deposit with Nation Wide.
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Post by bracknellboy on May 7, 2020 17:24:09 GMT
I had 2 123 accounts for a number of years, still have one. They were a great way to get interest/cash back on bills. Then I moved to Atom Bank which was ok for 6/12 month deposits last time I checked. I still have day dreams while walking through the country side away from the worries of COVID19 of the days I could get 7% for a 18 month deposit with Nation Wide.I still have nightmares about the days I got not dissimilar with Icelandic and Kaupthing Edge........
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Post by df on May 7, 2020 18:57:18 GMT
Official email received this morning announcing the further drop in August. Off the back of the drop on the 5th May to 1% I yesterday triggered the switch to the 123-Lite, £1 monthly fee. The cost of losing the convenience of maxing out the 123 current account and not worrying about sweeping money in to avoid going sub-zero was borderline @1.5% but stopped making sense @ 1%. At 0.6% it makes even less sense. The float required to cover the additional £4 per month fee or £48 per annum: 0.6% - £8,000 1.0% - £4,800 1.5% - £3,200 3.0% - £1,600. Requesting a switch to 123-Lite was straightforward and all done online. I started in the app but might be easier to start in a browser as you are switched to a browser anyway. The process is: - look at the range of current accounts - click to apply for the 123-Lite - select option to transfer from existing Santander account - fill in details of existing S-123 account I've done exactly the same £5 fee is no longer worth it. The cash back I'm getting is at around £3 (my bills are quite low). With Lite, it still makes sense to save a couple of quid p/m. Emptied my 123 on Tuesday - 5k went to Lloyds (1.2%) and the other 15k to Al Rayan (currently 1.6% - it will go down to 1.35% from 1st June which is still the leading rate for instant access). Took me few hours to deal with resetting all my standing orders (Santander was my "hub" account for many years). Upgrade (switch) was in deed easy - requested on the 5th and upgrade was completed on the 6th.
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Post by df on May 7, 2020 19:01:38 GMT
Official email received this morning announcing the further drop in August. Off the back of the drop on the 5th May to 1% I yesterday triggered the switch to the 123-Lite, £1 monthly fee. The cost of losing the convenience of maxing out the 123 current account and not worrying about sweeping money in to avoid going sub-zero was borderline @1.5% but stopped making sense @ 1%. At 0.6% it makes even less sense. The float required to cover the additional £4 per month fee or £48 per annum: 0.6% - £8,000 1.0% - £4,800 1.5% - £3,200 3.0% - £1,600. Requesting a switch to 123-Lite was straightforward and all done online. I started in the app but might be easier to start in a browser as you are switched to a browser anyway. The process is: - look at the range of current accounts - click to apply for the 123-Lite - select option to transfer from existing Santander account - fill in details of existing S-123 account I'll likely be switching soon too. One question - do you keep the same sort code and account no by switching to Lite? Just thinking about all the linked account details for my other FSCS stuff and of course the P2P withdrawals and whether I'd be launching a tsunami of AML/KYC/authorisation situations. Coll and L spring to mind most alarmingly. Forewarned and all that... Yes, you keep the same sort code, account number, DD's, SO's etc. The only change is the fee and interest.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
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Post by littleoldlady on May 7, 2020 20:03:48 GMT
Requesting a switch to 123-Lite was straightforward and all done online. I started in the app but might be easier to start in a browser as you are switched to a browser anyway. The process is: - look at the range of current accounts - click to apply for the 123-Lite - select option to transfer from existing Santander account - fill in details of existing S-123 account I've done exactly the same £5 fee is no longer worth it. The cash back I'm getting is at around £3 (my bills are quite low). With Lite, it still makes sense to save a couple of quid p/m. Emptied my 123 on Tuesday - 5k went to Lloyds (1.2%) and the other 15k to Al Rayan (currently 1.6% - it will go down to 1.35% from 1st June which is still the leading rate for instant access). Took me few hours to deal with resetting all my standing orders (Santander was my "hub" account for many years). Upgrade (switch) was in deed easy - requested on the 5th and upgrade was completed on the 6th. One minor problem with the 123 account is that you can't close it on line, only by post. Is it the same for Lite? If that can be closed on-line then switching to it might be an easy way of closing a 123 a/c/
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Post by df on May 7, 2020 20:30:56 GMT
I've done exactly the same £5 fee is no longer worth it. The cash back I'm getting is at around £3 (my bills are quite low). With Lite, it still makes sense to save a couple of quid p/m. Emptied my 123 on Tuesday - 5k went to Lloyds (1.2%) and the other 15k to Al Rayan (currently 1.6% - it will go down to 1.35% from 1st June which is still the leading rate for instant access). Took me few hours to deal with resetting all my standing orders (Santander was my "hub" account for many years). Upgrade (switch) was in deed easy - requested on the 5th and upgrade was completed on the 6th. One minor problem with the 123 account is that you can't close it on line, only by post. Is it the same for Lite? If that can be closed on-line then switching to it might be an easy way of closing a 123 a/c/ I used to have 2 of 123's at the start. I've closed one of them few years ago - couldn't be done on line, I've closed it by phoning them. I'd imagine simple things like this would still be achievable by calling 0800 9 123 123 As far as the procedure for closing the account is concerned, I think all 123's will be under the same rule, 123Lite won't be an exception.
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Post by bernythedolt on May 9, 2020 2:20:41 GMT
Closing an account with multiple direct debits and credits could be daunting and time-consuming enough to put some people off. Having hooked us, I think Santander now relies on that inertia to keep a lot of us in place. Being unable to close the account online (which I hadn't realised until I read it here) is another small irritant, so I'm tempted by an alternative... Has anyone tried the current account switching service? It's run by BACS and Santander is a member. It's free, looks quite comprehensive (eg. they will redirect any incoming payments to the new account until you notify the payer to switch, and they switch across direct debits and payee details). Closing down the old account is taken care of. Plus the service is 'guaranteed' by the new bank, which I take to mean you're not left out of pocket if it doesn't go as smoothly as expected. Looks appealing.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on May 9, 2020 7:02:46 GMT
Worked smoothly for me (on another bank) and probably worth it if you have a lot of SOs and or DDs, but if you only have the mandatory 2 DDs then maybe not.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on May 9, 2020 7:32:55 GMT
Worked smoothly for me (on another bank) and probably worth it if you have a lot of SOs and or DDs, but if you only have the mandatory 2 DDs then maybe not. Works ok for me 4 times, and there is a guarantee, personally i took note of dd's and so's and checked they arrived.
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Post by df on May 9, 2020 7:56:17 GMT
Closing an account with multiple direct debits and credits could be daunting and time-consuming enough to put some people off. Having hooked us, I think Santander now relies on that inertia to keep a lot of us in place. Being unable to close the account online (which I hadn't realised until I read it here) is another small irritant, so I'm tempted by an alternative... Has anyone tried the current account switching service? It's run by BACS and Santander is a member. It's free, looks quite comprehensive (eg. they will redirect any incoming payments to the new account until you notify the payer to switch, and they switch across direct debits and payee details). Closing down the old account is taken care of. Plus the service is 'guaranteed' by the new bank, which I take to mean you're not left out of pocket if it doesn't go as smoothly as expected. Looks appealing. I've switched few times for bonuses. It's very convenient, no need to worry about rearranging your DDs and SOs.
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