Page 1 of 1

Can I swap current account type? parking_question_chap

Posted: Fri Mar 10, 2017 3:45 am
by paradiddle
Can I drop down from the Santander 123 account to the Everyday account? I moved up a few years ago when the interest rates were good and the monthly fee was low. Now the fee is £5 and the interest rate is low. So I am putting a chunk my money into p2p lending and some long term savings accounts instead.



This means I would be losing money on the 123 account each month due to the interest not covering the £5 fee.



Has anybody here reverted back to the basic account?

Posted: Fri Mar 10, 2017 9:26 pm
by kevin_wilson967
Why not switch to another bank and pick up a switching bonus and better net rate of interest at the same time?

Posted: Sat Mar 11, 2017 9:38 am
by kresimirzuvelajr
The simple answer to your question is yes. However...



If you have some cashback generating DDs on the account (generating >£1 per month) then maybe consider downgrading to 'Lite'.



Then open a new Everyday account for the switch if you take masonic's advice above.

Posted: Sat Mar 11, 2017 2:18 pm
by paradiddle
Thanks for the replies.



I dont have any cashback DDs set up, so would not need the lite version.



I am keen to keep with Santander as on the whole I have had really great customer service both over the phone and in the branch. Plus the hassle of swapping DDs over, telling my employer, remembering new passwords and so forth.

Posted: Sun Mar 12, 2017 2:28 am
by provost



I am keen to keep with Santander ........ the hassle of swapping DDs over, telling my employer, remembering new passwords and so forth.
Originally posted by parking_question_chap


Who says that the banking industry still does not benefit from customer inertia-driven decisions.

Posted: Sun Mar 12, 2017 8:59 am
by saltwater



Who says that the banking industry still does not benefit from customer inertia-driven decisions.
Originally posted by Freecall


Absolutely and the benefits of switching service not widely known.



Remembering passwords might be an issue, none of the others should be with the switch service