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- Please note that the 123 accounts are no longer available to open.
www.householdmoneysaving.com/santander-123-lite-account-still-worth-using/
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How much money can you make on Santander 123 Lite?
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Does Santander pay interest on a 123 Lite account?
Is Santander's 123 Lite Open to new customers?
Does Santander have a 123 account?
What happened to Santander 123 accounts?
For more information visit Account alerts at santander.co.uk/personal/support/understanding-our-services/account-alerts. Once your account has been set up, these alerts can be easily amended, or turned off, by logging onto Online Banking, visiting one of our branches or calling us on 0800 9 123 123. 7.
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Important information for accounts no longer available to open. General documents. From 20 June 2023, we removed the 1|2|3 Current Account and Select Current Account from our product range. General Terms and Conditions (PDF - 289 KB) Santander Edge Grad current account Key Facts Document (PDF - 608 KB)
- 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...
Jan 14, 2021 · From 12th April 2021 the interest rate is dropping form 0.6%AER to 0.3%AER for balances up to £20k. The monthly fee also drops from £5 to £4.
Jun 20, 2023 · Santander kills off its 123 accounts: Bank launches new Edge Up deal offering 3.5% in-credit interest on balances up to £25k. The 123 bank account is no longer available to new customers
Nov 22, 2022 · Santander has today launched its new 'Edge' current account as a replacement to its popular 123 Lite account. Edge gives 1% cashback on household bills, supermarket and travel spending, and comes with a linked savings account paying 4% interest on up to £4,000.
May 20, 2021 · The difference between the Santander 123 and 123 Lite account is the monthly cost, the interest rate, and a few eligibility requirements. For the Santander 123 account, you’ll need to pay double the amount each month to gain access to a 0.3% interest.
