This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 0.6%

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

Santander 1|2|3 Current Account

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. Currently, you can get 1.5% on balances from £3,000 to £20,000.

You are also able to have two accounts in your name, but one must be joint – meaning couples can save £60,000 between them.

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. Cashback is paid directly in to your account.

The cashback you can receive on your household bills includes:

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

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.

As standard, Santander offer:

  • Easy to manage accounts, whenever, wherever with online and mobile banking.
  • If your card is contactless enabled you can make quick and easy purchases of up to £30 whenever you see the contactless symbol.
  • Opening a 1|2|3 Current Account means you'll be part of 1|2|3 World, with access to a range of benefits, preferential rates and special deals.
  • A £75,000 UK savings safety guarantee (shared with Cahoot).

Santander offer a high rate of customer service and the range of benefits would be highly attractive to anyone considering this account.

Useful Information to Know

  • You'll get 1.5% on the entire balance up to £20,000.
  • 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. Watch out, it counts a month from the anniversary of the account opening, not a calendar month.
  • You can save more than £20,000 in the account, but won't earn interest on anything over £20,000.
  • Household bills don’t include TV licence, maintenance contracts (e.g. boiler repair cover), other insurance contracts, commercial use or commercial mortgages.

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. However, if you do not have a lot of savings then the cashback scheme makes it a very attractive option for anyone who is able to pay in the £500/month minimum and meet the two Direct Debit/month minimum.


Find out more... Santander 123 Account »

Latest news

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. 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. We have put together 5 ideas for your cash in 2018

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us 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.