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123 Current Account

The award winning bank account that pays you cashback on your household bills and interest on your balance, for just 2 a month.

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% AER/gross (variable) on balances from £1,000.
  • 2% AER/1.98% gross (variable) on balances from £2,000.
  • 3% AER/2.96% gross (variable) on balances from £3,000 and 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.

  • A four month fee free Arranged Overdraft when you switch to us using our 5 Star rated Switcher Service (depending on circumstances). See representative example. 
  • Visa debit card for quick and secure purchases at home and abroad.
  • Withdraw up to £300 a day from any Santander or Link cash machine.

Switching your current account: 

Santander is a member of the Current Account Switch Service. The service is fully guaranteed by the Current Account Switch Guarantee - this means that we can switch your current account to us in seven working days2, and you’ll have complete peace of mind that the process will be simple and hassle free. We’ll keep you up to date with progress from start to finish by letter text and email* and our dedicated switcher team are also on hand to help you at any stage. Click here for more information on switching your current account.

Representative Example

0% EAR (variable) Arranged Overdraft. No Arranged Overdraft Usage 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 Arranged Overdraft Usage Fee will apply from account opening.

Account servicing

Wherever. Whenever - A variety of convenient, simple and secure ways to manage your money however suits you best - find out more.

Online Banking - gives you the freedom to manage your money 24 hours a day at It’s simple, secure and convenient. You will automatically be registered for Online Banking when you apply - find out more.

Mobile banking - Our mobile banking apps bring you closer to your money when you’re on the go and at any time of day - get the app.

FREE account alerts - You’ll always know what’s happening with your account with our range of free text and email alerts - find out more.

Extra offers available to 123 customers

Earn more cashback - Open a 123 Credit Card too 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 Card2. Offer valid until 31.12.2014. 16.5% APR representative (variable). Cashback limits, exclusions & terms apply.  Click here for full details. For your convenience you can apply for the 123 Credit Card within your 123 Current Account application.

Savings accounts - For our 123 Current Account or 123 Credit Card customers we can offer a choice of tax free savings and a fixed rate bond.
  • 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 and maybe withdrawn at anytime.

  Important information about the 123 Current Account

  • 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.1 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 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. 

  • 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 taken even if you do not qualify for cashback/interest benefits in a specific month.

  • Cashback is paid monthly.


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

If you use your Visa debit card for transactions abroad, you may be charged a foreign exchange fee.

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. Cashback paid monthly.

2 Current Account Switch Guarantee and 7 working days completion is applicable for any switch made from a bank or building societies who are also participants in the Current Account Switch Service.

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.

123 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.

*To benefit from text and email updates you will have to provide us with your most up to date email address and mobile phone number as part of your online application. Should you wish to update your details at any other time, please log on to Online Banking, visit your local branch, or call us on 0845 609 0010.


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 rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off. Interest is calculated daily and paid monthly.  Rates may change.

EAR stands for Effective Annual Rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges. Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our General Terms and Conditions.

Information correct as at 01 April 2014.