Current Accounts Details Page

2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

To apply for this current account

Go to the Santander website

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Product review

If you’re looking for a current account which pays interest when you’re in credit, the Santander 123 account could be worth considering.

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What’s the deal?

This account pays Monthly interest of 1.50% AER / 1.49% gross (variable) payable on your entire balance up to £20,000. You will receive interest gross, with no income tax deducted. Providing you pay your household bills by direct debit from the account, you will earn cashback of between 1.00% and 3.00% on this spending which could provide a useful financial boost. The account comes with a Visa contactless debit card.

Any catches?

This account has a £5 monthly fee, so you’ll need to make sure you can earn more than this in cashback to make it worthwhile. To get the cashback on your household bills and interest on your balance you must pay at least £500 into your account each month and have at least 2 active Direct Debits.

What’s the verdict?

The 123 account is a good option for anyone who tends to stay in credit and who spends enough on household bills to earn sufficient cashback to cover the monthly fee.

Is this account right for you?

To open this account

  • You must be at least 18 years old
  • You must be living permanently in the UK
  • You cannot be a student or in full term education
  • To get cashback on household bills and interest on the balance: Pay a monthly account fee of £5, which will be automatically taken from your account each month
  • Fund the account with £500 a month
  • Set up at least two Direct Debits. For cashback household bills must be paid by Direct Debit to organisations within eligible categories (refer to provider for full details)

Account features

Account benefits

You will receive the following:
1.00% cashback on water and council tax.
2.00% cashback on electricity and gas.
3.00% cashback on mobile, home phone, broadband and paid for TV packages.

Plus you will receive 1.00% cashback on Santander Mortgage payments (up to a maximum mortgage payment amount of £1,000) and 2.00% cashback on Santander Home Insurance.

For cashback household bills must be paid by Direct Debit to organisations within eligible categories, refer to provider for full details.

Considerations

Great for
Earn interest of 1.5% AER (variable) on your balance up to £20,000
Earn cashback on selected household bills, as long as you pay by direct debit
But be aware that
You'll have to pay a £5 monthly fee
You must pay in at least £500 every month
You must have at least two active direct debits from this account

Interest rates

Balance Introductory Rate Follow on rate Gross AER*
£0 - £20000 1.50%
  • Any interest you earn will be tax-free up to your annual personal savings allowance.
  • Interest will be paid Monthly.

Overdraft Rates and Charges

Overdraft Amount Fee Notes
£12.00 - £2,000.00 £1.00 / Daily Arranged Overdraft Usage fee will depend on the amount you use
£2,000.00 - £2,999.00 £2.00 / Daily Arranged Overdraft Usage fee will depend on the amount you use
£3,000.00 - £99,999.00 £3.00 / Daily Arranged Overdraft Usage fee will depend on the amount you use
  • There is no arranged overdraft usage fee for four months if you switch to this account using Santander's Switching Service
  • There is a £12 fee free buffer. There is an overall monthly fee cap of £95 per monthly statement period
Other Overdraft Charges Fee/Rate Notes
Unplanned Overdraft Fee £6.00 / Daily

Other Fees

Fee Notes
Foreign ATM Charge 1.50% / per item Minimum £1.99
Foreign Exchange Rate 2.75% / per item
Foreign Purchase Fee £1.25 / per item
Service Charge £5.00 / Monthly

Operating and accessing your account

Operating your Account Making Withdrawals
Online -
Phone -
Branch
Post - -
Post Office
SMS -
Mobile App -
ATM

Mobile App Features

Make transfers between accounts -
Check balances -
Make transfers to other people -
View transaction history -
View direct debits/standing orders -
Apply for new products -
Use app on multiple devices -
Branch finder -
Pay bills -
Setup payments, standing orders, or direct debits -
Make payments -
View mini statements -
Make payments to other people -
Use multiple devices -

Mobile App features may be limited. Please refer to providers site for more information.

Other details

  • This account has a Visa Debit card.
  • The currency for this account is Pound.

2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

To apply for this current account

Go to the Santander website

Go to site

Phone

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