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- The Santander 123 current account is no longer available to new customers, but if you’ve already got one it’ll still earn you money back on your bills.
People also ask
Does Santander have a 123 account?
What happened to Santander 123 accounts?
Does Santander pay interest on a 123 Lite account?
What is the interest rate on Santander's 123 account?
Does Santander 123 Lite have a cashback limit?
How does Santander 123 work?
If you aren’t happy with the change, you’re free to close the account or there may be other current accounts available to you. 2. Joint account. A maximum of two people can be named on the account. 3. Maintaining the account. The fee for maintaining the account is £4 per month.
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Jun 20, 2023 · Fee free: Santander's Edge Up account doesn't charge a foreign transaction fee when using its card abroad. 123 account holders can earn 2 per cent cashback on their gas and electricity...
- 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...
Mar 8, 2020 · Santander 123, still worth it? t8769 Posts: 372 Forumite. 8 March 2020 at 1:22PM. Everything changes after may 2020, but you still get up to £15 in cashback (£5 for each tier of cashback) as well as 1% up to £20,000 cash in current account. At the cost of £5mo. Is this still a good deal or are there better ones out there? Welcome!
Jun 20, 2023 · It offers 3.50% AER/3.45% Gross interest on current account balances of up to £25,000, allowing you to earn up to £71.77 every month. Further, there’s fee free debit card spending abroad, and card holders can withdraw money at any ATM worldwide without paying a fee.
The interest rate on Santander's popular 123 Current Account will be reduced to just 0.6% AER from tomorrow (Monday 3 August). The bank had already cut the rate from 1.5% to 1% AER in May, while introducing a £5 monthly cashback cap for each of its three tiers.
Mar 8, 2022 · Santander has today announced that it is upping the in-credit interest rate on its popular 123 current account for the first time after a series of cuts over the years. Current account...
