Santander | 123 Current Account

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

3.7 out of 5 from 662 reviews

Good overall, lacking branches outside of city centres.

21:43 14-02-2018

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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.


Was a great account untill they cut the intrest rate

16:51 14-02-2018

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Account is OK nothing special, was really good until they cut the interest rate and raise the monthly fee. Noticed as the base rate went up by .25% they didn't increase the interest rate.


Decent rate of interest

13:10 14-02-2018

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Good cashbook as well as a half decent rate of interest

Su George

Easy switch good cashback and interest

18:29 12-02-2018

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So easy to switch, offers good interest in the current climate and the cashback on bills covers the cost of the account, very pleased


great cashback account

10:46 12-02-2018

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i pay all of my bills out by direct debit, and the cashback pays off the monthly account details and a bit extra. nice way to make a little bit of money on my outgoings


Student account freebie

23:54 11-02-2018

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I opened a current account with Santander back in 2015 mainly for the railcard.


Reduced Interest

22:10 11-02-2018

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We used to love our 123 accounts, which gave us a great return on our savings (5%), but unfortunately, since this was reduced (to 1.5%) it's much reduced and our savings are better off elsewhere. Other than that, we really like the account though.


Loyal customer

20:25 11-02-2018

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I was with the Abbey National and when Santander took them over I considered moving my account but I'm glad I didn't as the customer service, both in branch and through customer service centres, has been both professional and friendly. The only improvement they could make is bringing in rewards for loyal customers rather than short term offers to new customers.

Julie Maria Warner

Reliable and reasonable.

20:04 11-02-2018

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I opened a 123 account some time ago.I have always been pleased at how Santander have until recently offered a reasonable rate of interest. I like the regular paper statements.


Easy to use

19:58 11-02-2018

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Online banking and banking with mobile easy to use and troublefree. Still got a local branch to visit when needed. Staff are always helpful and friendly. Paying in cheques using my visa card means no more filling in bank giro credits. Pays me interest and commission which always outstrips the monthly charge - would have scored higher but the rewards were cut last year.

Karen Martin

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.