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