It seems they’ve reduced all the features people liked
Was about to post the same. Searched first and found your post
I found out about mine from MSE, not Santander!
Thankfully, I only have a 123 Lite account, for household bills cashback and the 2.5% regular saver, so does not affect me.
My cashback of £4.92 (against a monthly fee of a pound) is unaffected, so makes this household bills account still worthwhile.
I earned £7.09 cashback last month, but with the interest rate drop it’s not really worth keeping much of a balance in the account, may as well move most of it to Marcus until that rate runs out then decide what to do next.
I transfer enough from my Monzo account to cover direct debits and saver standing order. Don’t hold a balance in there as such a 0%
Has anyone downgraded to the Lite account and was it an easy process?
Downgrading and upgrading isn’t an issue. I’ve been with them for years - from when they were far and away the choice if you had a decent current account balance (the 3% days). When they reduced their rates to 1.5% it was a bummer but not surprising.
Now they’re about to reduce again, it’s a deal-breaker. I had an ISA with them which will shortly, rate-wise, fall through the floor.
They’re making their intention clear about what business they do and don’t want. Given their rates are better abroad, they seem to be losing interest in the UK.
I may as well keep my DDs in place and just move most of the balance to Marcus, and downgrade in May. Not sure it’s worth keeping it open for the £6 I’ll make a month though.
I had been thinking along the same lines. I’ll be waiting until it actually happens, though. There’s been quite a few news reports that interest rates might be cut soon. Maybe by May 1% will look very attractive
Santander are upping the (completely gratuitous) foreign currency conversion fee.
Gotta keep those £££ flowing.
Their 123 account was so good for so long - head & shoulders above the competition. I reckon they’re playing catch-up.
Not sure who they’re hoping to attract - wonder if they’re quietly withdrawing from the UK market…
And don’t forget their attractive Regular Saver at a whopping 0.75% now too!
They just launched in app chat!
Blimey, what’s to chat about ?
A bad app?
Perhaps this adds to the picture…
It’s a good question.
I was a happy Abbey National Building Society customer, a happy Abbey National Bank customer, and am now a happy Santander customer. I’ve been a Monzo customer since the prepaid accounts and have had reason to contact Monzo with queries or complaints many more times than I ever did with Santander (or any other bank).
I suppose that they have released the feature either in response to customer demand, or in response to COVID-19. Or both.
I can’t be bothered to do much for now, but will when it drops again in Aug. Probably change to the Lite account and move most of the money somewhere else.
That’s understandable, and I said that when the current decrease was announced that by May, 1% might not look too shabby, and it doesn’t right now.
It might be worth looking at fixed savings accounts now, though, depending on your circumstances.