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Transfer to 123 Current Account

If you hold a Santander current account, you can transfer online using our quick and easy to use online transfer service.

Existing bank account customers can transfer online to the 123 Current Account using our online transfer service. By transferring it means you benefit from all the 123 Current Account product features but also get to keep your account number, cards, PINs etc.

Please note: 

  • If you are transferring from an account which is no longer available to new customers, once you have transferred, you will not be able to revert back to your old account.
  • If you transfer to a 123 Current Account you understand that your statement date will be changed to align with the transfer date to your new 123 Current Account.


Account features:

Cashback - on household bills paid by Direct Debits:

  • 1% cashback on water, council tax bills and Santander mortgage payments (up to maximum monthly mortgage payments of £1,000)
  • 2% cashback on gas and electricity bills
  • 3% cashback on mobile phone, home phone, broadband and paid-for TV packages.

- on your current account balance:

  • 1.00% AER/gross (variable) on balances from £1,000.
  • 2.00% AER/1.98% gross (variable) on balances from £2,000.
  • 3.00% AER/2.96% gross (variable) on balances from £3,000 up to a maximum of £20,000
    Interest rates will apply on the first £20,000 of your entire balance once you have at least £1,000 in your account.

Account Servicing:

  • Easy access to your account 24 hours a day with our internet and phone banking service. Plus you have access to around 1200 Santander branches.
  • Online Banking -Make the most of your account by using our online Banking service. You can easily check your statements, pay bills, move money and lots more. You will automatically be registered when you apply - read more/see demo.
  • Mobile banking -If you like to keep up to date with your banking on the go, then our Mobile Banking Service will suit you perfectly - also available as a free iPhone and iPad app from the App Store - read more
  • Free text message and email alert service - Our alert service offers Online Banking customers the option of setting up low/high balance and Payment alerts.


Extra offers available to 123 Current Account customers

  • Earn more cashback - Open a 123 Credit Card and not only will you earn cashback on your everyday spend and get 0% for 18 months on purchases3 from account opening we'll also refund the first year's annual fee on your 123 Credit Card1. Offer valid until 31.12.2014. 16.5% APR representative (variable). Cashback limits, exclusions and terms apply. Click here for full details. For your convenience you can apply for the 123 Credit Card within your 123 Current Account application.  
  • 30% off Home Insurance - Existing 123 Current Account customers can apply for an exclusive 30% discount on Santander Options Home Insurance, click here for more information. Subject to availability.




  Important information

  • To benefit from cashback on household bills and interest on your balance, just follow these steps:
    • Pay a monthly account fee of £2, which will be automatically taken from your account each month;
    • Fund the account with £500 a month (a minimum balance of £1,000 is required to receive interest). This is not a calendar month, it is the month from the date you opened your account. Interest and transfers from any other Santander accounts do not count towards the monthly funding amount.
    • Set up a minimum of two Direct Debits. For cashback household bills must be paid by Direct Debit to organisations within eligible categories

  • Household bills include electricity, gas, council tax, water and communications such as mobile and home phone, broadband, paid for TV packages and Santander mortgages.
  • Cashback can only be earned through Direct Debit payments within the categories to companies categorised as water, electricity, gas or communications suppliers or as council tax issuing institutions in the Santander 123 Current Account Eligible Originators Classification Listing ©, which contains all major providers.
  • Santander has categorised all companies within eligible cashback categories as accurately as possible. Click here to check if your provider is listed as eligible for cashback.
  • The monthly account fee will be due even if you don't qualify for cashback/interest benefits in a specific month.
  • Cashback is paid monthly.
  • For full details of the implications of transferring away from your existing product please click here.
  • If you have an Instant Plus or Basic account you are not able to transfer

1123 Credit Card offer: To qualify for this refund you must: (i) open or hold a 123 Current Account; and (ii) open or hold a 123 Credit Card (iii) set up a Direct Debit from the 123 Current Account to pay your 123 Credit Card within 30 days of either opening your 123 Current Account or 123 Credit Card (whichever occurs latest). The annual fee charged for the first year will then be refunded to your 123 Credit Card account within 21 days from the later of (i) activating your card and/or (ii) setting up the Direct Debit from your 123 Current Account. Offer valid until 31.12.2014. Includes all major retailers, UK train operating companies, online train ticket retailers and trains operated in Northern Ireland by NI Railways. 3% cashback applies on spend up to £300 a month on either petrol or rail and TfL travel or a combination of these. Purchases not eligible for cashback include (a) TfL travelcards, passes and Oyster Card top up purchases made at newsagents, garages and off-licences (b) NI Railways train tickets purchased online (c) Eurotunnel Le Shuttle and (d) train ticket purchases from travel agents or tour operators. Other cashback exclusions, limits and terms apply. For full cashback terms click here.

2The maximum mortgage payment amounts that qualify for cashback are limited to £1,000 per month (for either single or multiple monthly Direct Debits). Mortgage cashback applies to Santander UK plc mortgages. The 1% cashback on water and council tax bills also applies to rates in Northern Ireland.  Household bills do not include TV licence, maintenance or insurance contracts, commercial use or commercial mortgages. Cashback paid monthly.

3 At the end of the 0% purchase rate period  if you haven't paid off the amount of the purchases in full, interest will become payable on the remaining amount at your standard purchase rate.

One single or one joint 123 Current Account (or one of each) per person only.

The Santander 123 Current Account has been rated 5 Star by Defaqto, an independent financial research company which provides unbiased information to customers. So you can rest assured you've chosen one of the best current accounts available on the market.

AER stands for Annual Equivalent Rate and shows what the interest would be if we paid interest and added it each year. The gross rate is the rate paid before income tax is taken off. Interest is calculated daily and paid monthly. Rates may change.


Rates and information correct as at 01 April 2014.