With our new 123 Current Account, you could save when you spend, with cashback on your household bills, and save when you don't, with interest on your balance, for just £2 a month.
Account features:
- Save when you spend - cashback
Earn monthly cashback on household bills paid by Direct Debits from your 123 Current Account - see our cashback calculator:
- 1% cashback on water and council tax bills
- 2% cashback on gas and electricity bills
- 3% cashback on communications bills (mobile phone, landline, broadband and paid-for TV packages).
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Save when you don't - interest
Earn monthly interest on your current account balance - the higher your balance, the higher the interest rate will be:
- 1.00% AER/gross (variable) interest paid on your entire balance, once your balance is £1,000 or over.
- 2.00% AER/1.98% gross (variable) interest paid on your entire balance, once your balance is £2,000 or over
- 3.00% AER/2.96% (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.
- A free Arranged Overdraft for 4 months when you switch to us using our dedicated switcher service (depending on circumstances). See representative example. Also, if you have to pay any Unarranged Overdraft fees due to an error during the switching process, we'll refund them in full.
- Visa debit card a quick & secure method of purchasing goods & services at home and abroad.
- Dedicated switcher service - we know switching your account can seem daunting which is why we have a dedicated team on hand to manage the switch for you - read more.
- 123 Credit Card - Open a 123 Credit Card too and we'll refund the Credit Card first year's annual fee. This offer is valid until 30.06.2012. To qualify for this refund you must: 1) Open/already hold a 123 Current Account; and 2) set up a Direct Debit from the 123 Current Account within 30 days of opening to pay your 123 Credit Card. The annual fee charged for the first year will then be refunded to your 123 Credit Card account within 15 days from the later of (i) activating your card and/or (ii) setting up the Direct Debit from your 123 Current Account.
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Existing Santander current account customers:
If you already have a Santander current account and would like to transfer your account to the 123 Current Account, we offer a quick and easy transfer service - read more.
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Representative Example - 123 Current Account overdraft
- 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.
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If you don't switch using our dedicated switcher service, the Daily Arranged Overdraft fee will apply from account opening.
Account Servicing:
- Easy access to your account 24 hours a day with our internet and phone banking service. Plus you have access to around 1400 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.
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 includes electricity, gas, council tax, water and communications such as mobile and landline phone, broadband and paid for TV packages. Household bills exclude TV licence, maintenance/insurance contracts and commercial usage. 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.
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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.
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.
Rates and information correct as at 14 March 2012
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