Santander | 123 Current Account

1158 reviews

Monthly fee: £4.00

AER: 0.3%

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.

1158 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 – their new reward is £130 cashback when switching to the 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 0.30% up to a balance of £20,000
  • Access to 1|2|3 World offers
  • Manage the account with online and mobile banking
  • £130 cashback to switch and earn cashback every month on selected bills + interest on your balance

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 £4 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. If these requirements are met, when switching to a Santander 123 Current Account will earn you £130 in cashback.

Customers can also earn monthly interest on their Santander 123 Current Account balance of up to 0.30% AER/Gross (variable). 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.

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

Apply Now