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. 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. The maximum amount of cashback you can receive per month for each tier is still capped at £5, but it’s unlikely many people would earn more than this on bills. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Santander 123* current account holders, a favourite with savers, face an increase in the monthly charge from £2 to £5, effective from today. 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. 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. Must pay in £500 pm. This comparison simply includes all savings accounts. You'll get 1.5% on the entire balance up to £20,000. No paperwork, monthly fees or branch visits. 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. Real Mastercard exchange rates and real-time notifications in both currencies. Those who have the Santander 123 Lite account will see their fees doubled from the end of October. 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. 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 monthly account fee. Customers can also earn monthly interest on their Santander 123 Current Account balance of up to 0.60% AER/Gross (variable). 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. Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Why we like it: Everyday current accout. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … Why should I compare current accounts anyway? Fees hike. That’s what I did, and in the end I stayed with Santander, but switched my account to 123 Lite. 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. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Despite being such a big name in banking, Santander have received a rating of ‘bad’ from TrustPilot. Santander 123 Current Account reviews come from people like you! in the terms and conditions you can only have one 123 current account in a single name ie. Must be aged 18 or older. You can also request this information in branch or by calling us on 0800 9 123 123. Seems like free money to me (as long as you pay it off each month). 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. 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. Click here to compare. £13 monthly account fee. 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. Customers have expressed particularly negativity towards the difficulty of the application process, poor customer service and the cost of their overdraft charges. If you're worried about the impact of COVID-19 on your finances, have a look at our Financial Health and Money Tips. 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). Three-month interest holiday on the first £500 of an arranged overdraft. 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. 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. We provide you with information about transactions on your account by posting them to Online Banking for you to view at any time. Customers can earn an extra £73 cashback on its top two-year deal with a £150,000 loan at 1.59 per cent. 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. You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? Access to Flexclusives - Select Credit Card and low personal loan rate. So someone who opens both and puts £3,000 into each would receive a total of £180 … Sign up to our Newsletter to get exclusive news and offers direct to your inbox. your name only. Martin says you can make more cash elsewhere. 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. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products. Monthly fee of £5. My wage (£1,116.93/month) is paid directly into my Santander account. Statements are issued annually in April. Some banks require you to switch to get incentives, but to take advantage of cashback on your bills you don’t even need to close your existing account. 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. Once you graduate, Santander will either close your account or transfer you to a 1|2|3 Graduate Account⁴. To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. 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. 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. Currently, you can get 1.5% on balances from £3,000 to £20,000. 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. Easy to manage accounts, whenever, wherever with online and mobile banking. On top of that, each individual can have up to two accounts. 2% cashback on gas bills and electricity bills. We have a choice of savings accounts to consider. boiler repair cover), other insurance contracts, commercial use or commercial mortgages. The exact amount agreed will depend on your financial circumstances and is decided by Santander. SANTANDER have today lowered the interest rates on their '123' account. 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). Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. 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!) No monthly fee. I have been trying to open a Santander 123 account since November 2013. No fees when you pay with your card abroad or withdraw money. The Santander 123 Current Account has a £5 monthly fee which is automatically debited from your account each month. Household bills don’t include TV licence, maintenance contracts (e.g. I have a 123 current account and a Santander e-ISA. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Registered in England no. Online is easiest. 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. Michael via email. Fair Investment Company Limited is entered on the FCA register (www.fca.org.uk/ ) under reference number 192852. 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. 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. By using our website you consent to all cookies in accordance with our Cookie Policy. And remember, if you are a Santander customer, you can write a short review here to help other potential customers. This should have been easy as I am a long-standing customer with an account and a mortgage since 1979. Watch out, it counts a month from the anniversary of the account opening, not a calendar month. Santander 1|2|3 Current Account. We have put together 5 ideas for your cash in 2018. 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. 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. Despite the poor reviews, there are satisfied customers out there. up until my maternity i worked for santander customer service. www.simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). Their flagship current account now pays less than one percent. The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers. 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. Despite offering a pretty basic service at their core, current accounts are not all the same. Find a branch. Not sure which savings account is right for you? 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. Cashback is paid directly in to your account. Current account is completely free. After you’ve separated your personal and banking accounts, you may still want to assess how many business accounts you should have. A cash card can be requested or the account can be linked to an existing Santander card. Copyright © Choose Wisely Limited 2020. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. This website uses cookies to improve user experience. 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. 2 Triton Square, Regent's Place, London NW1 3AN, Ask Santander | 123 Current Account a question. I currently have two bank accounts: Santander 123 3% - £27,400 (Current interest paid after tax per month is £38.93 which doesn't seem right to me but i've no idea how to work out what it should be) Virgin ISA - £14,900 (2.4 gross interest 3 year ISA) Total - £42,300. Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. We will email you when there is an answer. 12 month fee-free arranged overdraft available. You may link up to three (3) Santander accounts as Overdraft Protection. The 123 account is a better deal with a Santander mortgage. Their team will change the payment details of your Direct Debits, standing orders and salary. Santander, Cahoot, Santander Corporate and Commercial Bank (SCCB), Santander Global Corporate Banking, Place of business: You can open any of our savings accounts at your local Santander branch. 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. Santander offers a range of ISAs, and pays 123 and 123 Lite current account customers a higher interest rate on most of them. 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. Choose Wisely Limited is registered at Telephone House, 18 Christchurch Road, Bournemouth BH1 3NE, Company Number 07580462. Awarded 5 stars by Defaqto too. But you do need to look carefully at how you use the account and what alternatives are on offer. 3% cashback on mobile, home phone, broadband and paid-for TV packages. Santander today cut the interest rate on 123 accounts from 1.5% to 1% It has handed savers more bad news with a cut to 0.6% in August Savers with £20,000 in the account … Thanks for asking a question. 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. For more information visit Account alerts. Free mobile banking app, text alerts and secure online banking. 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. 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. If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol. You’ll also have to pay in at least £500 per academic term to retain the benefits the account offers. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. You can save more than £20,000 in the account, but won't earn interest on anything over £20,000. This process can take up to seven working days. Currently, you can get 1.5% on balances from £3,000 to £20,000. 3980180. Set it all up electronically at the start and it's all sorted every month - … 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. 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. A £75,000 UK savings safety guarantee (shared with Cahoot). 2 Triton Square, Regent's Place, London NW1 3AN, Trading names: 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. Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. Access to Flexclusives - Select Credit Card and low personal loan rate. From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. As with everything there is two sides to every story and many customers do have positive views of Santander. 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. 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. : No charge for making electronic payments, domestic transfers or ATM withdrawals. Cashback capped at £5 for each cashback tier each month. Multiple business checking accounts can help you keep your budget organized. You can make applications for the Santander 123 Lite account online, on the phone or in branch. People like you view at any time now pays less than one percent account can be a of! Savings above £10,000 - or will once the others banks ' rate cuts have come into effect requested! 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