Santander | 123 Current Account

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

3.6 out of 5 from 492 reviews

Best bank we have ever used

17:32 04-10-2017

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Every thing about this bank 123 account is first class. and he bank staff are also first class as well. But on the business side they are very very poor maybe i would give then 2 stars

Trev Thomas

So far so good

13:35 04-10-2017

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Switched to Santander 4 months ago when my building society stopped doing current accounts. With interest rates so low I was attracted by the rate I would get on my balances and the cash back. The switch went smoothly and running the account on-line is straight forward. Had a couple of issues that needed customer support and I was satisfied with the speed and quality of response.

Richard Jacobs

Always recommend santander

12:30 04-10-2017

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Have never had a bad experience with Santander. Great customer service. Although I don't like being directed to a machine instead of a person. If I go into the bank I want to deal with a human

Stephanie Jasper

Good Bank

08:18 04-10-2017

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Good bank what few issues we have had been dealt with quickly and fairly. Great customer service.

David Porteous

Instant online banking .... unless you're locked out for weeks

20:19 29-09-2017

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I got locked out of my account due to using an incorrect PIN. A new one was requested immediately but was told it takes 5 to 7 working days. 13 days and several complaints later, they said they would send new login details which would take a further 5 to 7 working days. For the last 3 days, via twitter, I have been promised a call but nothing. I am still waiting having been locked out of my account for 16 days. Using faster payments I can transfer money within minutes; that is after waiting several weeks to get back online!


Great modern service

09:34 26-09-2017

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They have a vastly greater app and overall online banking service than other high street banks that i have dealt with. Another great point is their modern and convenient ATM machines that allow deposits and £5 withdrawals.

Sam hunt

Great service

07:47 19-09-2017

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This is my first account with Santander, they were so helpful when setting the account up. I had lots of questions afterwards, I phoned them and they talked me through everything - even repeating much of the same thing!

Lynette Godfrey


19:00 17-09-2017

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I've needed the overdraft more than once and been very thankful to have one. Would recommend to any student.

Luke Hegarty


13:49 17-09-2017

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Has been everything I needed it to be whenever I wasn't able to help myself

Hannah Smith

Student account

16:42 14-09-2017

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I have a student account with Santander and I love it. I have a £1500 free over draft limit which suits me so well and get a free railcard for 4 years which is so handy as I live near London for uni. Recommend for any new student needing a student account.


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.