Santander | 123 Current Account customer reviews.
3.6 out of 5 stars
Smart Money People
NO LOYALTY WHATSOEVER - GREEDY MONEY GRABBING. Absolutely the worst bank to deal with. Having banked with Santander (in various guises) for OVER 30 YEARS, we have been treated like children when applying for a new mortgage and told we 'can't be trusted' !!! (Three other major high street lenders have approved us and by the way our Experian credit score falls into the 'Excellent' category). For the sake of TWO months Santander are going to charge us over £6,000 in early repayment fees for a position we feel they forced us into and there is no flexibility whatsoever. Staff are patronising and rude and don't want to do anything to help with or assess a situation on its own merits. No 'human' element to their thinking or decision process just a 'computer says' attitude. Not only will we be moving our mortgage we will also be moving our bank and savings accounts and will have nothing more to do with this awful Bank. Loyalty breeds loyalty .. I'm afraid Santander have NONE. Still I'm sure there'll be some nice fat bonuses and happy shareholders which is all that is at the (black) heart of this Bank.
Nickyc
Smart Money People
I get cash back for my monthly bills and interest on my balance along side other 123 benefits. Whats not to love.
Becky Lawrence
Smart Money People
The plan was easy to set up and the staff were ever so polite, and remain to be everytime i pop in
FlyingSheep
Smart Money People
Even though this 123 current account has reduced the interest rate your still getting £25 odd quid a month, better than any other current account out there and you can even have one sole and one joint account. Highly recommended!!!
kkhimji2001
Smart Money People
Pay your bills from your account, and have credit in the account, and you'll more than make up for the account fee with interest and cashback. Great bonus for having the account.
Jamie Millard
Smart Money People
Overall I don't have huge problems with this bank/account, but there are a serious lack of branches that I can actually walk into these days. However the online banking element is a strong one, and a major positive for me with this particular account.
Shaunicus42
Smart Money People
Me and my husband have 3 123 accounts between us and take full advantage of the cash back and savings available. The only downside is the interest rate has reduced to half.
Helen Rosbotham
Smart Money People
Great service by the staff and a great product too
Greig Spencer
Smart Money People
It was cashbook issue .According to Santender I have selected credit card for accepting cash back money which I was anware and now I changed to my curent account.But they won't pay me back the cash back which went on credit card as I have not used the credit card.As it's not santdender error they said I lost that money.. One bank I phoned to report theft of my card..as a sorry they gave me £20.0 with no reason..so happy as I lost some cash aswell. See the difference between service with other bank and santender. Here they didn't give me what I earned through shopping saying it's not santender error and the other bank paid me because they valued customer.
Sos
Smart Money People
Build up good rewards, and no problems with my account.
Hannah
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.
Highlights
- 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
Fees
- 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.
FCA registration
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 3AN
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