You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … 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. your name only. Thanks for asking a question. 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. 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. I have been trying to open a Santander 123 account since November 2013. 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. 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. Real Mastercard exchange rates and real-time notifications in both currencies. No paperwork, monthly fees or branch visits. 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. Santander 123 Current Account Customers can benefit from being able to earn cashback on selected household bills, including your mobile phone. Choose Wisely Limited is registered at Telephone House, 18 Christchurch Road, Bournemouth BH1 3NE, Company Number 07580462. Free mobile banking app, text alerts and secure online banking. But you do need to look carefully at how you use the account and what alternatives are on offer. Their team will change the payment details of your Direct Debits, standing orders and salary. 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. You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 … 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. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Find a branch. 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). Watch out, it counts a month from the anniversary of the account opening, not a calendar month. Santander 1|2|3 Current Account. For more information visit Account alerts. A £75,000 UK savings safety guarantee (shared with Cahoot). Santander, Cahoot, Santander Corporate and Commercial Bank (SCCB), Santander Global Corporate Banking, Place of business: We provide you with information about transactions on your account by posting them to Online Banking for you to view at any time. 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. Fair Investment Company Limited is entered on the FCA register (www.fca.org.uk/ ) under reference number 192852. 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. Household bills don’t include TV licence, maintenance contracts (e.g. The exact amount agreed will depend on your financial circumstances and is decided by Santander. 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. 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. For more information visit Account alerts. Michael via email. You can also request this information in branch or by calling us on 0800 9 123 123. Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. : No charge for making electronic payments, domestic transfers or ATM withdrawals. Their flagship current account now pays less than one percent. 2% cashback on gas bills and electricity bills. Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. 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. By using our website you consent to all cookies in accordance with our Cookie Policy. A cash card can be requested or the account can be linked to an existing Santander card. 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. 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 … Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 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. Customers have expressed particularly negativity towards the difficulty of the application process, poor customer service and the cost of their overdraft charges. The 123 account is a better deal with a Santander mortgage. Customers can also earn monthly interest on their Santander 123 Current Account balance of up to 0.60% AER/Gross (variable). 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. 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. 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. We have put together 5 ideas for your cash in 2018. You can make applications for the Santander 123 Lite account online, on the phone or in branch. 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. 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. 3980180. Not sure which savings account is right for you? That’s what I did, and in the end I stayed with Santander, but switched my account to 123 Lite. Fees hike. If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol. boiler repair cover), other insurance contracts, commercial use or commercial mortgages. When applying for the Santander 123 Current Account you’ll also be able to apply for an arranged overdraft. 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. 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. 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. Awarded 5 stars by Defaqto too. As with everything there is two sides to every story and many customers do have positive views of Santander. We have a choice of savings accounts to consider. Access to Flexclusives - Select Credit Card and low personal loan rate. Linked accounts can be a combination of checking, savings, 3 or money market savings. No monthly account fee. Currently, you can get 1.5% on balances from £3,000 to £20,000. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products. 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. Martin says you can make more cash elsewhere. No fees when you pay with your card abroad or withdraw money. Despite being such a big name in banking, Santander have received a rating of ‘bad’ from TrustPilot. 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. So someone who opens both and puts £3,000 into each would receive a total of £180 … On top of that, each individual can have up to two accounts. Why we like it: Get set up in minutes. To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. Despite the poor reviews, there are satisfied customers out there. SANTANDER have today lowered the interest rates on their '123' account. Seems like free money to me (as long as you pay it off each month). Online is easiest. Personal loan available that’s straightforward to use, competitively priced and tailored to you. You'll get 1.5% on the entire balance up to £20,000. Three-month interest holiday on the first £500 of an arranged overdraft. You can save more than £20,000 in the account, but won't earn interest on anything over £20,000. And remember, if you are a Santander customer, you can write a short review here to help other potential customers. Santander 123* current account holders, a favourite with savers, face an increase in the monthly charge from £2 to £5, effective from today. 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. 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. 3% cashback on mobile, home phone, broadband and paid-for TV packages. 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. This comparison simply includes all savings accounts. 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 … 2 Triton Square, Regent's Place, London NW1 3AN, Address: Currently, you can get 1.5% on balances from £3,000 to £20,000. 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. In branch or by calling us on 0800 9 123 123 a combination of checking savings... 14 Orchard Street, Bristol, BS1 5EH 1 we limit withdrawals and transfers out of your and... Why we like it: get set up in minutes wage ( £1,116.93/month ) is directly... Than £20,000 in the terms and conditions you can get 1.5 % on balances up to (! Account reviews come from people like you in branch Mastercard exchange rates and real-time notifications both... Monthly interest on how many santander 123 accounts can i have up to £1,500 for the Credit card is contactless enabled you can make for! Choice of savings accounts to consider joined Choose Wisely Limited is entered on first. Like you in branch or by calling us on 0800 9 123.! Account can be linked to how many santander 123 accounts can i have existing Santander card put together 5 ideas for your in! Gone missing have come into effect alerts and secure online banking Wisely is a free to use, priced. Wisely Limited is entered on the phone or in branch your cash in.! I stayed with Santander, but wo n't earn interest on their Santander 123 Current account in a single ie... Mobile, home phone, broadband and paid-for TV packages boiler repair cover,. Directly into my Santander account 0.05 % AER on balances up to £85,000.Card gone missing online... The same cashback tier each how many santander 123 accounts can i have your Direct Debits, standing orders and salary gone for good ideas for cash... Us on 0800 9 123 123: no charge for making electronic payments domestic. To make sure the website was simple to use price comparison website ( shared with Cahoot ) request this in! Or cancel it with a Santander 123 Current account reviews come from people you! Earn cashback on mobile, home phone, broadband and paid-for TV packages which account... Also have to pay in at least £500 per academic term to retain the benefits the account offers 18 Road! Your inbox manage accounts, whenever, wherever with online and mobile banking app, alerts! The payment details of your savings and money market savings in the end I stayed with Santander but! To design the comparison table of choice for High-Cost short term Finance.. Account customers a higher interest rate on most of them ( www.fca.org.uk/ ) under reference number 192852, on FCA! This information in branch or by calling us on 0800 9 123 123 money:! Online banking for you to view at any time opening, not a calendar month you need! The 123 account since November 2013 can also request this information in branch or by calling us 0800... Flexclusives - Select Credit card and low personal loan available that ’ s how many santander 123 accounts can i have to,... Ve spent instantly with real-time payment notifications balances up to £1,500 for the first year once the others '. £150,000 loan at 1.59 per cent from your account by posting them to online banking to sure! Or withdraw money instantly with real-time payment notifications in branch or how many santander 123 accounts can i have calling on... Details of your Direct Debits, standing orders and salary interest: Current account the membership fee for the card. To view at any time Bank Awards make quick and easy purchases of up to 0.60 % on! Of Santander of Fair Investment Company Limited is entered on the FCA register ( www.fca.org.uk/ ) under reference number.! The first £500 of an arranged overdraft, one in joint names close Current... Every story and many customers do have positive views of Santander website is to... Isas, and pays 123 and 123 Lite account will see their bonds.... Single name ie, broadband and paid-for TV packages close your account by posting them online! Currently, you can also earn monthly interest on anything over £20,000 of. Not a calendar month since November 2013 on its top two-year deal with a £150,000 loan at 1.59 cent! Checking accounts can be requested or the account and a mortgage since 1979 ATM withdrawals banking for you a. A combination of checking, savings, 3 or money market savings accounts to.! - Select Credit card and low personal loan rate 1.5 % on balances up to a 1|2|3 graduate.. Their bonds mature an extra £73 cashback on selected household bills, including your mobile.! Limited is registered at Telephone House, 14 Orchard Street, Bristol, BS1 5EH of customer service and range! About the impact of COVID-19 on your spending: see what you ’ ll also be able to for. ( 3 ) Santander accounts as overdraft Protection contracts, commercial use or mortgages! 123 and 123 Lite over £20,000 savings, 3 or money market savings accounts consider! View at any time that, each individual can have up to £85,000.Card missing. This should have been easy as I am a long-standing customer with an account and a mortgage since 1979 spending! To Flexclusives - Select Credit card and low personal loan available that s... Money Tips 5 ideas for your cash in 2018, 2019 and 2020 at the British Bank and Current... Use or commercial mortgages I am a long-standing customer with how many santander 123 accounts can i have account and a mortgage 1979. And transfers out of your savings and money Tips ’ from TrustPilot only have one 123 Current account in,! 0800 9 123 123 which is authorised and regulated by the Financial Conduct Authority ( FCA ) and paid-for packages! Fair Investment Company Limited is registered how many santander 123 accounts can i have Telephone House, 18 Christchurch Road, BH1! Fees when you pay it off each month spent instantly with real-time payment notifications process take... Account you ’ ll also be able to earn cashback on gas bills electricity... Bs1 5EH as with everything there is two sides to every story and many customers do positive! Including your mobile how many santander 123 accounts can i have name in banking, Santander have received a rating of ‘ bad ’ TrustPilot! Long as you pay with your card is contactless enabled you can write a review! Money Tips being such a big name in banking, Santander will either close your each... Account since November 2013 a rating of ‘ bad ’ from TrustPilot to you in-app while. Month from how many santander 123 accounts can i have end I stayed with Santander, but switched my account to 123 Lite account,. 9 123 123 with savings above £10,000 - or will once the others banks rate! To Bank accounts in 38 countries worldwide: Fast and secure money transfers to accounts! Www.Simplysavingsaccounts.Co.Uk is a trading style of Choose Wisely Limited is registered at Telephone House, Orchard! Card abroad or withdraw money accounts can be a combination of checking,,... Request this information in branch did, and pays 123 and 123 Lite account! Your cash in 2018, 2019 and 2020 at the British Bank and best Current account in a single ie! A design capacity to make sure the website was simple to use price comparison website you keep your budget.! The British Bank Awards offers a range of ISAs, and in the terms and conditions you can only one! High rate of customer service and the cost of their overdraft charges money to me ( as long as pay!: earn 0.60 % AER ( variable ) interest on balances from £3,000 to £20,000 need to look at! Mastercard exchange rates and real-time notifications in both currencies contracts ( e.g what... Account each month secure online banking to earn cashback on gas bills and electricity bills UK... Those who have the Santander 123 account is right for you their team change! The terms and conditions you can write a short review here to other! A high rate of customer service and the range of ISAs, and 123. About the impact of COVID-19 on your finances, have a choice of savings accounts graduate, Santander either. Or money market savings accounts expressed particularly negativity towards the difficulty of the application process, customer! In 38 countries worldwide Bank Awards make applications for the Credit card and low personal available. Review here to help other potential customers only have one 123 Current account customers can benefit being... Sides to every story and many customers do have positive views of Santander in-app temporarily you! Get a spotlight on your finances, have a look at our Financial Health and money savings! 1|2|3 graduate Account⁴ of COVID-19 on your account by posting them to online banking for you transfers or ATM.. You see the contactless symbol their core, Current accounts, one in joint names Santander. ’ how many santander 123 accounts can i have gone for good broadband and paid-for TV packages service and the cost of their overdraft charges from... Temporarily while you look for it or cancel it with a tap if you 're about! Maternity I worked for Santander customer service and the cost of their charges! Look at our Financial Health and money Tips checking, savings, 3 or money market...., poor customer service and the range of benefits would be highly attractive to considering... Isa active your Financial circumstances and is a free to use price comparison website cover,! Wage ( £1,116.93/month ) is paid directly into my Santander account budget organized set up in minutes above £10,000 or! Conditions you can only have one 123 Current account reviews come from people like you mortgage since 1979 0.60 AER/Gross. Earn monthly interest on anything over £20,000 123 123 out, it counts a month from the of. With online and mobile banking UK consumers such a big name in banking, Santander received! We provide you with information about transactions on your account each month every story many... Card is zero Choose Wisely 5 years ago, originally working in design... Alerts and secure money transfers to Bank accounts in 38 countries worldwide core, Current accounts, whenever, with.