Santander | 123 Current Account

Monthly fee: £5
AER: 1.5%
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Santander | 123 Current Account customer reviews

3.6 out of 5 from 567 reviews

Great service

15:45 21-11-2017

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It's been a great account and the customer service is good. Apart from the reducing the cashback you get back from 3% to 1.5% due to the Bank of England lowering the interest rate it has been a good account to have. The company overall is efficient and I definitely would recommend it.

Chaz Pound

Room for improvement

09:23 21-11-2017

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Great for convenience, monthly utility cash back etc but there are others accounts out there that provide a better financial option


Started well but going downhill

22:00 20-11-2017

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It started well with good benefits but has gradually been going downhill and I'm now looking at moving elsewhere

Adele Tyler

Still worth having

18:59 20-11-2017

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Reliable and consistent Internet banking with reasonable interest rate and useful cash back on many suppliers.

David Stone

Amazing Account

18:54 20-11-2017

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You make more on this current account than you would with a savings account.

Darren Nice

Unethical charges

14:36 19-11-2017

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Authorised overdraft charges are extortionate and can build rather rapidly.

Liam O'Connor

Great rewards!

21:09 15-11-2017

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Offers great rewards for having an account with them, including cashback and interest on checking account balance.

Flavio Lerda

Great product

10:11 15-11-2017

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Good rate of interest paid and cashback paid on dd's and mortgage each month.

clare lewis


21:37 13-11-2017

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Kept in queue as staff have to sell product to customers not impressed

Ken Jones

Current Account

22:48 11-11-2017

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Good bank account wish I had opened this when it first appeared

Muriel Baxter

Our review of Santander | 123 Current Account

Written by: Alex
Our review by Alex

Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. To be eligible to earn this you’ll need to set up at least two Direct Debit payments from your Santander 123 Current Account – the amount you can earn varies between the different types of bill, but it can be between 1% and 3% which all adds up in the long run. There are also fair rates of interest to be earned on your balance, as long as it’s over £1,000, again these rates depend on how much money is in your account but all interest earned is paid monthly.

Customers of the Santander 123 Current Account also have access to the 123 World Offers which enables them to get better rates on other Santander products such as ISAs, personal loans and fixed term bonds. You can also receive 30% off online travel insurance and receive 18 months free business banking if you decide to open a Start-Up Business Current Account.

Despite being such a big name in banking, Santander have received a rating of ‘bad’ from TrustPilot. Customers have expressed particularly negativity towards the difficulty of the application process, poor customer service and the cost of their overdraft charges. As with everything there is two sides to every story and many customers do have positive views of Santander.

Overall verdict: Using the Santander 123 Current Account as your main account for bills and your wages will allow you to benefit from earning cashback and interest. Despite the poor reviews, there are satisfied customers out there.


  • Earn monthly cashback on selected household bills
  • Earn monthly interest of 3% up to a balance of £20,000
  • Access to 1|2|3 World offers
  • Manage the account with online and mobile banking

Minimum criteria

  • You must be aged 18 or over
  • You need to be a UK resident

About Santander | 123 Current Account

The Santander 123 Current Account has a £5 monthly fee which is automatically debited from your account each month. For this fee customers are able to earn monthly cashback on selected household bills by paying in at least £500 to the account each month and setting up at least two monthly bills to be paid via Direct Debit from your Santander 123 Current Account. The rate of cashback differs between dependent on the type of bill, for example you can earn 1% on water and council tax bills, but 3% on your mobile and broadband bills.

Customers can also earn monthly interest on their Santander 123 Current Account balance. If it is £1,000 or above then the interest rate is 1% AER, for balances of £2,000 and above it will be 2% AER and balances between £3,000 and £20,000 can earn 3% AER each month. It takes up to seven days for Santander to switch from another bank or building society and they will move your Direct Debits, standing orders and salary. They will also close your old current account and ensure that any payments to and from the previous account are redirected to the 123 Current Account for 36 months.

When applying for the Santander 123 Current Account you’ll also be able to apply for an arranged overdraft. The exact amount agreed will depend on your financial circumstances and is decided by Santander. The fees range from £1 to £3 per day depending on your outstanding balance, and if you go over your limit then there is an unarranged overdraft usage fee of £6 per day.