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£13 a month
- The maximum amount you can make on the Santander 123 account is £13 a month. This assumes you hit the maximum threshold for each of the 1, 2, & 3% categories. We have also deducted the £2 monthly account fee.
smarterfinances.co.uk/save-money/santander-123-and-123-lite-accounts-compared/
People also ask
How much money can you make on Santander 123 Lite?
How much does a Santander Lite account cost?
Are Santander 123 and 123 Lite accounts still open?
How much money can I earn with 123 Lite?
The fee for maintaining the account is £2 per month. The monthly fee is taken to cover the previous month on the same day each month on the date the account was opened or transferred.
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- Any Switch Incentives?
- How Much Can You Make with Cashback?
- Which Is Better – The Full 123 Account Over The Lite?
- Other Benefits to Banking with Santander
- But Don’T Forget The Post Office
- Is The Santander 123 Lite Account Still Worth It?
- Any Decent Alternatives?
You may be aware that many banks offer incentives of between £100 and £150 for switching your current account to them. These offers come and go and it can be a matter of luck if you switch at the right time. However, Santander is one of the few banks I have never seen offer one of these bonuses.
Let’s use the following figures to get a rough idea of how much cashback could be worth each month. If you have a Lite account, the cashback will come to £3.60 per month or £43.20 per year after fees. It’s important to note that the cashback is capped at £5 per tier each month. That means that even the biggest of spenders can only receive a maximum...
There’s not much of a contest here. The only real advantage to the full account is that it pays interest on credit accounts. But even if you max out the account at £20,000, the interest you earn for the year will be £150. But you need to deduct the extra you pay in fees compared to the Lite, which comes to £24 for the full year. If you have £20,000...
I have covered the benefits and downsides of the 123 account, but what about the benefits of banking with Santander in general? What other perks are there that are worth considering?
Although it’s a shame that you can’t pay in cheques via the app, Santander has a major benefit to help deal with this. You can manage your bank account through your local Post Office. This includes paying in and withdrawing cash, plus also paying in cheques. When many banks are closing branches, this could prove very useful.
The account is nowhere near as good as it once was, but I still wouldn’t dismiss it completely. It’s an easy way to make money with little effort. But, if the household bills don’t come out of your 123 account, it becomes a fee-paying account without any benefits.
There are a couple of alternatives to the 123 account that you may want to consider. The Barclays Blue Rewards accountcosts £5 per month, but you can earn money back by having direct debits set up and various other products. Or, you can take a look at the Club Lloyds account. This won’t earn you money, but you can choose a reward each year, includi...
May 20, 2021 · The maximum amount you can make on the Santander 123 account is £15.99 a month. This assumes you hit the maximum threshold for each of the 1, 2, & 3% categories and have £20,000 in your account. We have also deducted the £4 monthly account fee. How much interest can you earn on the 123 Lite account?
There’s a £4 monthly account fee on both the 1I2I3 Current Account and Select Current Account. The monthly fee on the 1|2|3 Lite Current Account is £2. To earn cashback and interest you need to: Pay at least £500 into your account each month.
Jan 17, 2020 · At present I have a Santander 123 account paying me £6.24 a month in cashback on 4 DDs which total £389 a month and £5 fee so £1.24 gain. I also get the interest on about £18,000 a month.
For the 123 and 123 Lite it’s £5 cap per category, so the most you can possibly make each month is £15 – though for most homes that’s unlikely. The Edge caps bill cashback at £10 a month. To work out how much you’ll make personally you’ll need to get your bills and put them into the cashback calculators on the Santander websites.
Feb 14, 2023 · If you want to switch to Santander but are put off by the £4 monthly fee attached to the 1|2|3 account, a good alternative is the Santander 1|2|3 Lite Current Account.
