Santander only pays interest & cashback in months you've paid in £500+, had two 'active' (so not disused) Direct Debits, and paid your monthly fee. Opening a 1|2|3 Current Account means you'll be part of 1|2|3 World, with access to a range of benefits, preferential rates and special deals. Choose Wisely Limited is registered at Telephone House, 18 Christchurch Road, Bournemouth BH1 3NE, Company Number 07580462. The cashback you can receive on your household bills includes: As extra incentive, Santander offer a four month fee-free arranged overdraft when you switch and if you use their Switch Service to move your current account then you will receive a Defaqto 5 star rated service. If I close my current account, can I leave my ISA active? For more information visit Account alerts. Santander 1|2|3 Current Account. Current account is completely free. We have a choice of savings accounts to consider. Registered in England no. Why we like it: Everyday current accout. in the terms and conditions you can only have one 123 current account in a single name ie. Fair Investment Company Limited is entered on the FCA register (www.fca.org.uk/ ) under reference number 192852. Santander UK changes: Bank cuts interest rates on its 123 account in fresh blow to savers SANTANDER has announced plans to change the in-credit interest rates on a number of its accounts. Sign up to our Newsletter to get exclusive news and offers direct to your inbox. 2 Triton Square, Regent's Place, London NW1 3AN, Trading names: While tools such as budgeting software can be helpful to keep track of expenses, opening additional checking accounts more actively delineates your finances for specific purposes. However, if you do not have a lot of savings then the cashback scheme makes it a very attractive option for anyone who is able to pay in the £500/month minimum and meet the two Direct Debit/month minimum. Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. All rights reserved, Where to turn if you’re struggling with debt, The Choose Wisely guide to applying for a prepaid card, Earn interest and up to 3% cash back on selected household bills, capped at £5 for each cash back month, Earn monthly interest of 0.60% up to a balance of £20,000, Manage the account with online and mobile banking. Thanks for asking a question. Their flagship current account now pays less than one percent. Santander offer a high rate of customer service and the range of benefits would be highly attractive to anyone considering this account. www.simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). Set it all up electronically at the start and it's all sorted every month - … Here how I worked this out… I started by looking at what I currently get from my Santander 123 account in terms of cashback and interest and setting this against the monthly … Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. For more information visit Account alerts. This should have been easy as I am a long-standing customer with an account and a mortgage since 1979. Awarded 5 stars by Defaqto too. You can simply open up a new account (there’s no limit to the number of current accounts you can have – I’ve got 14!) Registered address: Kings House, 14 Orchard Street, Bristol, BS1 5EH. 1 We limit withdrawals and transfers out of your savings and money market savings accounts. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … 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. You can also request this information in branch or by calling us on 0800 9 123 123. Switching to the Santander Everyday Current Account is a simple process and can be done from your existing Santander account, or from another bank or building society. That’s what I did, and in the end I stayed with Santander, but switched my account to 123 Lite. Michael via email. 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. Fees hike. Three-month interest holiday on the first £500 of an arranged overdraft. Access to Flexclusives - Select Credit Card and low personal loan rate. You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them. Free mobile banking app, text alerts and secure online banking. Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. For example, its two-year fixed cash ISA pays a standard rate of 0.45% AER but 0.7% AER if you have a 123 current account. Pensioner Bond Maturity - 5 Ideas For Your Cash, 1% cashback on water and council tax bills and on your Santander monthly mortgage payments (up to a maximum of £1,000). Santander 123 Current Account reviews come from people like you! Monthly fee of £5. Santander offers a range of ISAs, and pays 123 and 123 Lite current account customers a higher interest rate on most of them. Linked accounts can be a combination of checking, savings, 3 or money market savings. 2% cashback on gas bills and electricity bills. boiler repair cover), other insurance contracts, commercial use or commercial mortgages. I get my wage paid into the Halifax current account (they give you £5 a month for doing that - has to be £1000 or more) and then have most of it transferred out straight away into the Santander 123 account by standing order. 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. Despite offering a pretty basic service at their core, current accounts are not all the same. If you're worried about the impact of COVID-19 on your finances, have a look at our Financial Health and Money Tips. This website uses cookies to improve user experience. No monthly fee. You can save more than £20,000 in the account, but won't earn interest on anything over £20,000. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older. On top of that, each individual can have up to two accounts. Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. You’ll also have to pay in at least £500 per academic term to retain the benefits the account offers. Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd. We've been comparing savings and current accounts for many years so you can trust you're in good hands. 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. and one joint (with a partner for eg) therefore technically you could have two but to get the benefits it may be hard to hit the criteria on both accounts. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … We have put together 5 ideas for your cash in 2018. 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. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. For example, alerts to advise you when your balance has fallen below a set limit, or you have had a deposit into your account greater than a set amount. No paperwork, monthly fees or branch visits. 3; On any day a transfer is made to your Account from a linked deposit account a $12 Overdraft Protection Transfer Fee is included in the transfer amount. This process can take up to seven working days. Copyright © Choose Wisely Limited 2020. We provide you with information about transactions on your account by posting them to Online Banking for you to view at any time. Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Why we like it: Get set up in minutes. Real Mastercard exchange rates and real-time notifications in both currencies. I have a 123 current account and a Santander e-ISA. After you’ve separated your personal and banking accounts, you may still want to assess how many business accounts you should have. The Santander 1|2|3 wins for those with savings above £10,000 - or will once the others banks' rate cuts have come into effect. your name only. 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. I have been trying to open a Santander 123 account since November 2013. With so many different current accounts now available, you can read these honest Santander 123 Current Account reviews to find out what life as a Santander customer is really like. No fees when you pay with your card abroad or withdraw money. 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. No monthly account fee. And if you have a 123 current account the membership fee for the credit card is zero. 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. Martin says you can make more cash elsewhere. Overall this account is best for those with a higher amount of savings and those who are considering a cash Isa might look to this account instead. Santander, Cahoot, Santander Corporate and Commercial Bank (SCCB), Santander Global Corporate Banking, Place of business: Fully registered bank and a member of the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000, Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Currently, you can get 1.5% on balances from £3,000 to £20,000. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Cashback is paid directly in to your 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. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products. Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. We will email you when there is an answer. High street bank Santander will make yet more changes to perks on its 123 accounts this week – the latest in a string of savage cuts. If you already bank with Santander, you'll need to close or transfer your existing account, so that your student current account is your main bank account. 3980180. up until my maternity i worked for santander customer service. Their team will change the payment details of your Direct Debits, standing orders and salary. A cash card can be requested or the account can be linked to an existing Santander card. SANTANDER have today lowered the interest rates on their '123' account. Customers can also earn monthly interest on their Santander 123 Current Account balance of up to 0.60% AER/Gross (variable). Due to COVID-19 many of our lenders have reduced or stopped accepting new customers, which may result in less options in your comparison results. The 123 account is a better deal with a Santander mortgage. Watch out, it counts a month from the anniversary of the account opening, not a calendar month. 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. Find a branch. From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. My wage (£1,116.93/month) is paid directly into my Santander account. Despite being such a big name in banking, Santander have received a rating of ‘bad’ from TrustPilot. Once you graduate, Santander will either close your account or transfer you to a 1|2|3 Graduate Account⁴. Not sure which savings account is right for you? Why should I compare current accounts anyway? The exact amount agreed will depend on your financial circumstances and is decided by Santander. For example, alerts to advise you when your balance has fallen below a set limit, or you have had a deposit into your account greater than a set amount. 3% cashback on mobile, home phone, broadband and paid-for TV packages. It's unsuprising to see that so many current account holders have switched to Santander, when its 123 account offers such good interest, and cashback on top of that. Despite the poor reviews, there are satisfied customers out there. By using our website you consent to all cookies in accordance with our Cookie Policy. £13 monthly account fee. The Santander 123 Current Account has a £5 monthly fee which is automatically debited from your account each month. 2 Triton Square, Regent's Place, London NW1 3AN, Address: You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names. If you only have a small amount of savings as a Santander customer, the financial guru has advised you close any 123 current accounts you may have. This account does have a £5/month fee, which is automatically taken from the account each month but for most users that's more than covered by the 3% cashback this account gives on utility bills paid by Direct Debit from the account. 123 Mini Current Account 0.01% N/A Eligible for Retailer Offers, customers must be over 16 and use online or mobile banking to qualify ... You can open a Santander account online or by visiting a branch. Must pay in £500 pm. Statements are issued annually in April. This comparison simply includes all savings accounts. 2 Triton Square, Regent's Place, London NW1 3AN, Ask Santander | 123 Current Account a question. When applying for the Santander 123 Current Account you’ll also be able to apply for an arranged overdraft. Although Santander is no longer the clear market leader among current accounts, it may still be a good (and possibly the best) choice for some people. A £75,000 UK savings safety guarantee (shared with Cahoot). Access to Flexclusives - Select Credit Card and low personal loan rate. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681. Consent to all cookies in accordance with our Cookie Policy, Company number.... Savings account is right for you to a 1|2|3 graduate Account⁴ and if you 're about... 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