Santander | 123 Current Account

1584 reviews

Monthly fee: £4.00

AER: 0.5%

Representative example: Arranged Overdraft facility (subject to status) - If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable).

Santander | 123 Current Account customer reviews.

1584 reviews

1.5 out of 5 stars

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. 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.

Andrew Freelander
Written by
Andrew Freelander
Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.

Highlights

  • Earn monthly interest of 0.50% 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

  • Overdraft Rate: 0%
  • Credit Rate: 0%
  • APR: 0%
  • Monthly Fee: £4
  • Interest Rate: 0.5%

About Santander | 123 Current Account

Earn up to 3% cashback every month on selected Household bills paid by Direct Debit, capped at £5 for each cashback tier each month 

Plus, earn cashback on selected household bills and interest on your balance. 

Earn up to 3% cashback on selected household bills, capped at £5 for each cashback tier each month

Earn monthly interest of 0.50% AER/gross (variable) on balances up to £20,000 - It's easy to manage online or on our mobile app

Get access to a range of 123 offers - To be eligible you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently

There is a £4 monthly fee for maintaining the account that will automatically be taken from your account each month - Arranged Overdraft facility (subject to status)

If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable).

 

 

 

 

 

 

 

Company information

Registration number: 02294747

www.santander.co.uk

08456006014

2 Triton Square, Regent's Place, London NW1 3AN

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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