Heads up. Santander 123 fee increase: £2>£5 a month

Has everyone supposedly had the letter already? Ive still not got a letter regarding this, i have 4*123 accounts and the credit card so the fee rises are quite frustrating for me. The main issue being that there are no other accounts to move to really.
 
Andybtsn said:
Hmm my cashback is usually between £3-4 a month so it's not really worth it for me. It's the principal if anything! Good bank to jump ship to?
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I've never really had a bad experience with any bank

If you aren't currently with Halifax, then I'd recommend them with the £125 switch incentive, then £5 a month for paying in £750 and having 2 direct debits. Also another £5 a month if you use their clarity credit card and spend £300 a month.

So £120 a year I make for nothing!
 
I think for most it will remain a good deal.

Problem is the credit card, now limited to £3 per category for new custs, so if you only get cashback on fuel, that's £36 p.a. which is same as the fee.
 
Yep i think i will be forced to cancel the credit card, but keep all of the current accounts and absorb the fees. Currently my usage for the credit card is simply £300 of fuel to meet the £9 cap and thats pretty much it. This new structure makes it not worth having over moving the fuel spend back to Amex Platinum. I cant see from the website when the credit card gets downgraded, they appear to still be paying £9 at the moment.
 
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Even when you hit the 20k limit, you still have to pay in £500/month to get the interest rate, right?

There's a new First Time Buyer's ISA coming out in Q4 this year, whereby the govt pays in when you pay in. Not sure if it's worth doing that or the 123 account.
 
Jez said:
Yep i think i will be forced to cancel the credit card, but keep all of the current accounts and absorb the fees. Currently my usage for the credit card is simply £300 of fuel to meet the £9 cap and thats pretty much it. This new structure makes it not worth having over moving the fuel spend back to Amex Platinum. I cant see from the website when the credit card gets downgraded, they appear to still be paying £9 at the moment.
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From what I've read, the £3 per category limit applies to new customers only, so if you already have one you'll keep the £9 limit on fuel.

However, the increase to £3 fee per month does apply to both new and existing custs.
 
Binned off Santander (123 current and credit card customer) by setting up a switch to First Direct for a £150 switcher payment.

I think I was getting something like £8 a month interest prior to this increase and seeing as my funds are at an all-time low, I can't justify £5 cpm. The 3% interest rate doesn't apply to me which is a shame as I'd have kept it if I had £20,000 to chuck about :p
 
Just checked with my account manager - no fee increase if you're a Select customer - happy days :D
 
I'm peeved at this but even more peeved that due to bloody independence rules I have to switch anyway. When you work in big4 audit with all of the banks it makes it very frustrating to actually have decent accounts!!
 
Only got the credit card so I think I'll survive this, looks like current account customers got shafted though.
 
The rich gets richer and the poor gets poorer.jpg

I have a Santander account but not 123. The £500 per month income is no problem because I take home about £950/month, but the t&c's state that you need to maintain £1000+ balance for interest. When I only ever see about £450 of that £950 (because of mortgage/bills), then fat chance of hitting remotely a 4-figure balance!

santpound1000_zps8x51wpzj.png
 
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