Santander | 123 Current Account

Monthly fee: £5
AER: 1.5%
OPTIOSCORE 55.6/100 
Santander | 123 Current Account customer reviews

3.5 out of 5 from 481 customer reviews

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Santander | 123 Current Account customer reviews

3.5 out of 5 from 481 reviews

no hassle good interest

21:00 15-08-2017

via Smart Money People

easy to deal with, no problems, good interest rates

Wendy Astill

Problems with Online Access

11:45 11-08-2017

via Smart Money People

Experiencing problems with online banking. Its the second day now that I cannot access this service. Would like to know if this is a server issue or whether its personal accounts being affected. Regards

Samuel Mulenga

Good online but not enough branches

17:35 10-08-2017

via Smart Money People

Like so many banks these days there is in my opinion a complete lack of actual branches.

Tracey Belcher

Good interest rates and easy to manage online

18:25 04-07-2017

via Smart Money People

Whilst the interest rate for this current account has reduced, it is still providing leading market rates compared to most other providers, particularly if you are able to have the £20k maximum limit in the account - as this helps you get the most out it. Customer service in the branch is good, and internet banking is easy to use to manage the account.

Anna G

Does the cashback job well . Good customer service.

05:50 30-06-2017

via Smart Money People

Does the job. Good customer service when needed. We have been clever-ish in making sure we maximise the cashback income using all possible indirect debits including our mortgage. Result!

Justin Smith

Hassle free current account

15:48 29-06-2017

via Smart Money People

Was late to Santander, but now would recommend to all family and friends.

Iain Bruce

Great Bank, Great Account

11:52 23-06-2017

via Smart Money People

I earn cashback on my direct debits, interest on my balance, and low charges on my overdraft. Santander are great!

David Anderson

no help when needed

19:30 22-06-2017

via Smart Money People

The account works fine, although even with the cash back it was not worth it. Basically I got cheaper banking elsewhere and with more benefits. I stuck with Santander until they rejected me for credit, which was strange give my credit score, and my history with them... went into a branch to ask why, and no help was given... the machine had decided. Gave up and went elsewhere, got a credit, and I'm saving money on the current bank account.


Earn money from a bank

19:01 22-06-2017

via Smart Money People

This is the best way to actually earn money on your own money. Very impressed with this bank account.

Darren Nice

123 Current Account great Perks!

16:45 12-06-2017

via Smart Money People

Its great to get the 1/3 off rail card

Danielle Delaney

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.