123 Current Account Frequently Asked Questions (FAQ's)

Question

Answer

Eligibility related

What do I need to do to qualify for cashback and/or credit interest?

To earn cashback and credit interest on your 123 Current Account, you must:

• pay a minimum of £500 into your account each month; and
• have at least two direct debits set up on your account; and
• pay the monthly account fee; and
• for earning credit interest only, you also need a minimum balance of £1,000 in your 123 Current Account

Is there a monthly account fee for the 123 Current Account?

Yes - a monthly account fee of £2 will apply.

Is there a monthly funding requirement?

Yes - you must pay a minimum of £500 into your account every month.

This is not a calendar month, it is the month from the date you opened your account. For example, if you opened your 123 Current Account on the 7th of the month, you must pay £500 between the 7th and 6th of the following month, every month to qualify. Please ask a member of staff to find out which date your account was opened.

Do I have to maintain a minimum balance?

To qualify for the credit interest on the account you must have a minimum balance of £1,000.

You will still earn cashback on eligible Direct Debits regardless of your account balance providing all of the following criteria is met:

• pay a minimum of £500 into your account each month; and
• have at least two direct debits set up on your account; and
• pay the monthly account fee

Do I have to switch my main account to the Santander 123 Current Account using the switcher service?

No. However if you want to qualify for a free Arranged Overdraft for the first 4 months (depending on circumstances) and want the convenience of us managing the transfer of all your Direct Debits from your old account to your new 123 Current Account you will need to switch using our switcher service.

Representative example:

• 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first 4 months. Then £1 per day capped at 20 days each monthly statement period applies thereafter.
• Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

If you don't switch, the Daily Arranged Overdraft fee will apply from account opening.

If I transfer money from an existing Santander account to my 123 Current Account - will this count towards the minimum monthly payment requirement of £500.

No. The £500 minimum monthly payment does not include refunded amounts from your Visa debit card. Interest and transfers into the account from another Santander account in your name (whether sole name or in joint names with another account holder) do not count towards your monthly amount.

Direct Debit related

I have multiple utility (household) Direct Debits (i.e gas and electric from the same provider / Digital TV, Phone and Broadband) - do they qualify?

You will receive cashback on the full amount of each eligible Direct Debit.

How can I check what Direct Debits will qualify/whether my utility provider is on the list of eligible companies?

You can find a look up table of eligible providers/Direct Debits which will qualify by clicking here.

Please note: 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.

What if the name of my utility provider is not on the included list?

If you have checked the look up table of eligible providers and cannot find the details of your utility provider you will need to decide if you still want to proceed as you may not receive cashback on direct debit payments to this provider.  Alternatively if you need to speak to an adviser for more information click on the following link to find out how to contact us (existing customers will need to call the 'Managing your account' number).

My Direct Debit was unpaid this month; will I still receive cashback?

You will not earn any cashback on unpaid Direct Debits.  Also - if you decide to pay an unpaid Direct Debit by paying the provider via another payment method (e.g. Debit Card, Standing Order, online transfer etc) you will not qualify for cashback on those transactions.  You will only earn cashback on eligible Direct Debits.

I have had eligible Direct Debits paid from my account but I have not received the cashback amount - why is this?

Please click on the following link find out how to contact us (existing customers will need to call the 'Managing your account' number).  When you speak to an adviser you will need to provide details of the Direct Debit which you have not received cashback for.  The adviser will be able to look into this for you and help you with your query.

Can I earn cashback on Direct Debits which are set up for commercial/business purposes?

Cashback can only be earned for UK residences and only for their domestic use. Direct Debit payments for commercial purposes will not qualify for cashback.

I pay my utility bills by standing order/debit card payment/online transfers - do these qualify for cashback?

You will only earn cashback on eligible Direct Debits.  You will not earn cashback on any other type of transaction (e.g. Debit Card, Standing Order, online transfer etc).

Cashback related

How do I know how much cashback I have earned?

The cashback you've earned will be shown on your monthly statement.  This will show:

• Cashback earned that month by category - i.e. 1% on water , council tax and Santander Mortgage payments up to maximum monthly mortgage payments of £1,000. 2% cashback on gas and electricity bills, 3% cashback on communications bills (mobile phone, landline, broadband and paid for TV packages).
• Cashback earned since opening by category.

How is my cashback paid?

Cashback earned will be credited directly to your 123 Current account each month

When will I receive the cashback?

Cashback is calculated during each statement period and paid on the statement date each month, providing you have made a Direct Debit payment to one of the eligible companies in that month. Please check your statement or visit Online Banking to find out on which date we pay cashback.

For existing Santander current account customers who transfer their current account to the 123 Current Account, cashback and interest will apply only from the date the transfer is completed.

I didn't credit the minimum amount of £500 - how will this affect my cashback?

If you did not meet the minimum monthly funding requirement - you will not receive any cashback (or interest) for that statement month, however your monthly account fee will still be charged/due.

Once you meet the minimum monthly funding requirement again, cashback will automatically be earned again providing you have made Direct Debit payments to eligible organisations in the cashback categories.

I have just opened a 123 Current Account - when will I start to receive cashback?

Cashback is calculated the day before your statement is produced.  The calculation looks back over the statement period to identify any eligible Direct Debits, along with the value of those Direct Debits and works out what the your cashback reward will be within each cashback category - this will be detailed on your statement.

The cashback is then only paid if you have met the relevant conditions during that period - a minimum of £500 has been credited to the account, a minimum of two Direct Debits are set up on the account and your monthly account fee has been paid.

I don't think my cashback amount has been calculated correctly - how can I get this checked?

Please click on the following link find out how to contact us (existing customers will need to call the 'Managing your account' number).  When you speak to an adviser you will need to provide them with details of your query.  The adviser will be able to look into this for you and help you with your query.

What rate of cashback will I earn on my household bills?

You will earn:

- 1% cashback on water, council tax and Santander Mortgage payments

- 2% cashback on gas and electricity bills

- 3% cashback on communications bills (mobile phone, landline, broadband and paid for TV packages).

Household bills includes electricity, gas, council tax, water and communications such as mobile and landline phone, broadband and paid for TV packages and Santander mortgages. The 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 applies to rates in Northern Ireland.  Household bills do not include TV licence, maintenance or insurance contracts, commercial use or commercial mortgages.

I've transferred my existing Santander current account to the 123 Current Account - when will I start to earn cashback?

My monthly Santander mortgage payment(s) are more than £1,000 - how much cashback will I get?

I pay my Santander mortgage by standing order will I qualify?

I don't have a Santander mortgage - can I take one with you?

Visit our website to find out more about Santander mortgages.

Interest related

What rate of interest will I earn on my account balance?

For full details of the interest rates payable on the 123 Current Account - refer to the interest rates information

What is the maximum balance I can receive the 3% interest rate on?

3.00% AER/2.96% gross (variable) interest paid on your entire balance, once your balance is £3,000 or over (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. 

I have £15,000 in the account but it doesn't look like I have received the 3% interest rate?

You must meet the eligibility criteria to qualify for the 1%, 2% or 3% interest rate.

This criteria is as follows:

• pay in a minimum of £500 into your account each month; and
• have at least two direct debits set up on your account; and
• pay the monthly account fee; and
• have a minimum balance of £1,000 in your 123 Current Account

What happens if I'm over £1,000 in credit for part of the month - but below for some of it? Will I still earn interest?

Interest is calculated daily, so will be payable on the entire balance for each day when the closing balance is above £1,000 providing you also meet all of the following criteria:

• pay a minimum of £500 into your account each month; and
• have at least two direct debits set up on your account; and
• pay the monthly account fee

Other

Is there an overdraft on the 123 Current Account and what are the rates/fees applicable to this?

There is an overdraft facility available on the 123 Current Account (depending on circumstances). 

Representative example if you switch:

• 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first 4 months. Then £1 per day capped at 20 days each monthly statement period applies thereafter.
• Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

Representative example if you don't switch:

• 0% EAR (variable) Arranged Overdraft. A Daily Arranged Overdraft Fee of £1 per day capped at 20 days each monthly statement period applies.
• Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

For full details of the interest rates and fees applicable to the 123 Current Account refer to the interest rates and fees information