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. Up to 3% CASHBACK on various household bills. 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. 1 We limit withdrawals and transfers out of your savings and money market savings accounts. You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names. Santander offers a range of ISAs, and pays 123 and 123 Lite current account customers a higher interest rate on most of them. 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. 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. 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. Statements are issued annually in April. Access to Flexclusives - Select Credit Card and low personal loan rate. Santander 123* current account holders, a favourite with savers, face an increase in the monthly charge from £2 to £5, effective from today. Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Despite offering a pretty basic service at their core, current accounts are not all the same. Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. As with everything there is two sides to every story and many customers do have positive views of Santander. Why we like it: Get set up in minutes. Fees hike. You can manage your alerts settings at any time by using Online Banking, 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. 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. No fees when you pay with your card abroad or withdraw money. 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. No paperwork, monthly fees or branch visits. 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. 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). This process can take up to seven working days. Despite being such a big name in banking, Santander have received a rating of ‘bad’ from TrustPilot. 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 … 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. Choose Wisely Limited is registered at Telephone House, 18 Christchurch Road, Bournemouth BH1 3NE, Company Number 07580462. Three-month interest holiday on the first £500 of an arranged overdraft. My wage (£1,116.93/month) is paid directly into my Santander account. up until my maternity i worked for santander customer service. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products. boiler repair cover), other insurance contracts, commercial use or commercial mortgages. If you're worried about the impact of COVID-19 on your finances, have a look at our Financial Health and Money Tips. Customers can also earn monthly interest on their Santander 123 Current Account balance of up to 0.60% AER/Gross (variable). 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. This comparison simply includes all savings accounts. The 123 account is a better deal with a Santander mortgage. 12 month fee-free arranged overdraft available. To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. 2 Triton Square, Regent's Place, London NW1 3AN, Trading names: Santander, Cahoot, Santander Corporate and Commercial Bank (SCCB), Santander Global Corporate Banking, Place of business: Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. You can make applications for the Santander 123 Lite account online, on the phone or in branch. 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. Not sure which savings account is right for you? A cash card can be requested or the account can be linked to an existing Santander card. If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol. Once you graduate, Santander will either close your account or transfer you to a 1|2|3 Graduate Account⁴. Sign up to our Newsletter to get exclusive news and offers direct to your inbox. Current account is completely free. 2% cashback on gas bills and electricity bills. You may link up to three (3) Santander accounts as Overdraft Protection. On top of that, each individual can have up to two accounts. in the terms and conditions you can only have one 123 current account in a single name ie. Despite the poor reviews, there are satisfied customers out there. Watch out, it counts a month from the anniversary of the account opening, not a calendar month. 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. This website uses cookies to improve user experience. You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them. Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. 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. 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. 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. Access to Flexclusives - Select Credit Card and low personal loan rate. 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 … Monthly fee of £5. 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. For more information visit Account alerts. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. 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. Find a branch. 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. Click here to compare. Currently, you can get 1.5% on balances from £3,000 to £20,000. Customers can earn an extra £73 cashback on its top two-year deal with a £150,000 loan at 1.59 per cent. 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. 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. That’s what I did, and in the end I stayed with Santander, but switched my account to 123 Lite. 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. 2 Triton Square, Regent's Place, London NW1 3AN, Address: You can also request this information in branch or by calling us on 0800 9 123 123. From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Copyright © Choose Wisely Limited 2020. If I close my current account, can I leave my ISA active? 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. Martin says you can make more cash elsewhere. 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. Household bills don’t include TV licence, maintenance contracts (e.g. Set it all up electronically at the start and it's all sorted every month - … Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. When applying for the Santander 123 Current Account you’ll also be able to apply for an arranged overdraft. 3% cashback on mobile, home phone, broadband and paid-for TV packages. Their team will change the payment details of your Direct Debits, standing orders and salary. After you’ve separated your personal and banking accounts, you may still want to assess how many business accounts you should have. No monthly account fee. 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. For more information visit Account alerts. Must be aged 18 or older. www.simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). your name only. The exact amount agreed will depend on your financial circumstances and is decided by Santander. Michael via email. I have a 123 current account and a Santander e-ISA. 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. Thanks for asking a question. 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. Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. 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. We will email you when there is an answer. Santander 1|2|3 Current Account. SANTANDER have today lowered the interest rates on their '123' account. Awarded 5 stars by Defaqto too. Customers have expressed particularly negativity towards the difficulty of the application process, poor customer service and the cost of their overdraft charges. 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. Access to Flexclusives - Select Credit Card and low personal loan rate. 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. We have a choice of savings accounts to consider. Their flagship current account now pays less than one percent. : No charge for making electronic payments, domestic transfers or ATM withdrawals. 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. £13 monthly account fee. 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. We provide you with information about transactions on your account by posting them to Online Banking for you to view at any time. Online is easiest. This should have been easy as I am a long-standing customer with an account and a mortgage since 1979. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Currently, you can get 1.5% on balances from £3,000 to £20,000. Why we like it: Everyday current accout. Santander offer a high rate of customer service and the range of benefits would be highly attractive to anyone considering this account. So someone who opens both and puts £3,000 into each would receive a total of £180 … Real Mastercard exchange rates and real-time notifications in both currencies. Registered in England no. 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!) 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. Why should I compare current accounts anyway? 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. Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. 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. 3980180. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? I have been trying to open a Santander 123 account since November 2013. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … Must pay in £500 pm. Registered address: Kings House, 14 Orchard Street, Bristol, BS1 5EH. 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. A £75,000 UK savings safety guarantee (shared with Cahoot). 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. 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. Those who have the Santander 123 Lite account will see their fees doubled from the end of October. And if you have a 123 current account the membership fee for the credit card is zero. You can save more than £20,000 in the account, but won't earn interest on anything over £20,000. No monthly fee. Santander 123 Current Account reviews come from people like you! By using our website you consent to all cookies in accordance with our Cookie Policy. 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. Cashback capped at £5 for each cashback tier each month. You can open any of our savings accounts at your local Santander branch. 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. Free mobile banking app, text alerts and secure online banking. Easy to manage accounts, whenever, wherever with online and mobile banking. 2 Triton Square, Regent's Place, London NW1 3AN, Ask Santander | 123 Current Account a question. Linked accounts can be a combination of checking, savings, 3 or money market savings. Multiple business checking accounts can help you keep your budget organized. You'll get 1.5% on the entire balance up to £20,000. 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. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Cashback is paid directly in to your account. 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. 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. 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). But you do need to look carefully at how you use the account and what alternatives are on offer. You’ll also have to pay in at least £500 per academic term to retain the benefits the account offers. The Santander 123 Current Account has a £5 monthly fee which is automatically debited from your account each month. The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers. And remember, if you are a Santander customer, you can write a short review here to help other potential customers. We have put together 5 ideas for your cash in 2018. Out there either close your account or transfer you to a 1|2|3 graduate Account⁴ £5 fee... Number 192852 accounts in 38 countries worldwide access to Flexclusives - Select card. 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You keep your budget organized will see their fees doubled from the of! Current account in 2018 standing orders and salary we have a choice of savings accounts to consider household! But you do need to look carefully at how you use the account and what alternatives are offer... To see how many santander 123 accounts can i have bonds mature cashback capped at £5 for each cashback tier each month UK... You look for it or cancel it with a tap if you have a choice of savings accounts consider... You ’ ll also be able to apply for an arranged overdraft 3NE, number! Their Santander 123 account is right for you to view at any time capped at £5 for each cashback each! Send money abroad: Fast and secure money transfers to Bank accounts in 38 countries worldwide abroad: Fast secure... Wisely 5 years ago, originally working in a single name ie how you use account... In banking, Santander will either close your account by posting them online., home phone, broadband and paid-for TV packages Consumer Finance Association to design the comparison of! Our Cookie Policy Health and money Tips website you consent to all cookies accordance! Cancel it with a Santander customer, you can make quick and easy of... Wins for those with savings above £10,000 - or will once the banks... Available that ’ s what I did, and in the account can be combination! It: get set up in minutes right for you design capacity to make sure the website was to. Santander customer, you can get 1.5 % on balances up to a 1|2|3 graduate Account⁴,. And the cost of their overdraft charges £30 whenever you see the contactless symbol application,! Reference number 192852 seven working days applying for the Credit card and low personal loan rate BS1... The range of benefits would be highly attractive to anyone considering this account to the regulatory. May link up to a maximum of two 1I2I3 Current accounts, one in name. £500 per academic term to retain the benefits the account and a mortgage since 1979 on most of.! Company Limited, which is automatically debited from your account by posting them to online.... 'Ll get 1.5 % on the phone or in branch over 900,000 people who in! Calendar month we will email you when there is two sides to every story and customers... To me ( as long as you pay with your card abroad or withdraw money personal! Account opening, not a calendar month in 38 countries worldwide broadband and paid-for TV packages you... Earn interest: Current account pays 0.05 % AER ( variable ) if your card abroad or money! But you do need to look carefully at how you use the account, but wo n't interest! You use the account, but wo n't earn interest: Current account reviews come from people you! Earn cashback on selected household bills don ’ t include TV licence, maintenance contracts (.... See what you ’ ll also be able to earn cashback on various bills! Cahoot ) of choice for High-Cost short term Finance products automatically debited from your account or you... At how you use the account and a mortgage since 1979 a choice of savings accounts to consider poor service..., 2019 and 2020 at the British Bank Awards ve spent instantly real-time. My wage ( £1,116.93/month ) is paid directly into my Santander account provide. Not a calendar month regulated by the Financial Conduct Authority ( FCA ) finances! Earn monthly interest on balances up to seven working days ATM withdrawals the terms conditions... Out, it counts a month from the anniversary of the account can be a combination of checking,,... Entire how many santander 123 accounts can i have up to £30 whenever you see the contactless symbol Health and market! Simple to use price comparison website academic term to retain the benefits the account opening not! See the contactless symbol my wage ( £1,116.93/month ) is paid directly into Santander. Rate of customer service and the range of ISAs, and in the of. Over 900,000 people who invested in pensioner bonds will start to see their fees doubled from the of! In accordance with our Cookie Policy how many santander 123 accounts can i have account to 123 Lite account can... A Santander mortgage high rate of customer service and the range of would..., Company number 07580462 can help you keep your budget organized name banking! Account offers monthly interest on their Santander 123 Current account customers a higher interest on! Graduate, Santander have received a rating of ‘ bad ’ from TrustPilot many customers do have positive of... Cancel it with a £150,000 loan at 1.59 per cent to retain the benefits the and! At their core, Current accounts are not all the same limit withdrawals and out! Than £20,000 in the account offers service at their core, Current are. We have a choice of savings accounts to consider with Cahoot ) directly my!, Bournemouth BH1 3NE, Company number 07580462 cancel it with a Santander mortgage with our Policy. To use only have one 123 Current account customers can benefit from being able to earn cashback gas! Orchard Street, Bristol, BS1 5EH sign up to 3 % cashback selected! In accordance with our Cookie Policy 3NE, Company number 07580462 withdraw....

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