Santander | 123 Current Account
Monthly fee: £5.00
Santander | 123 Current Account customer reviews.
3.6 out of 5 stars
Always been a Santander member, I think they are a very fair company, good overdraft limits and customer service
Good experience from the company
Santander have the best current account rates and an amazing cashback system for normal household bills. My account receives a generous income boost each month and now also includes cashback from shopping at specific retailers. Their banking app is very user-friendly and straight forward to use, and the customer service/support is brilliant. 100% would recommend Santander to a friend.
been with santander about 6 years and have been really impressed with the customer service. Staff are always friendly and knowledgeable. They made a small mistake when first swapping to them which they put right as soon as we mentioned it and gave us a small amount of money to say sorry for the inconvenience. What more can you ask for. Very impressed.
The 123 account is good but not the best on the market. It is easy to set up, plenty of branches in towns to speak to someone in person. They are very honest about whether it is worth paying the fee to get the cash back. Online banking is good quality.
We get a great interest rate on up to £20000, and its always a pleasure to go into branch
My 123 Current Account is simple and easy to use. Santnader have made it clear with regards to my spending and even have an app 'Spendylytics' to help show my use on my 123 current account. It suits all my needs and offers a useful overdraft for emergencies too. On top of this, they have special offers for discounts on other stores.
Charged £5 per month for account benefits, a large increase from £2. Not much benefits.
Good online account with offers got credit card use and 1.5% on £20k. Energy bills cash back as well. Not bad....
Joined in 2014, no issues with products or communications and 123 account is sill just about worth it for me despite interest drops/increased charges. Plenty of branches in city centres (often multiple) but hard to find elsewhere.
Our review of Santander | 123 Current Account
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
- You must be aged 18 or over
- You need to be a UK resident
- Maximum APR %
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
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.
Registration number: 02294747
2 Triton Square, Regent's Place, London NW1 3AN
Reference No: 106054
Trading names: Santander, Cahoot, Santander Corporate and Commercial Bank (SCCB), Santander Global Corporate Banking
Place of business: 2 Triton Square, Regent's Place, London NW1 3AN
Data protection registration
Registration No: Z8737433
Data controller: Santander UK PLC
Address: 2 Triton Square, Regent's Place, London NW1 3ANApply Now