Santander | 123 Current Account customer 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.
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).
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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