This comparison simply includes all savings accounts.
Santander 123 Current Account
Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. 3.0% APR Representative. Must be aged 18 or older
Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.
Why we like it: 0.50% AER (variable) payable on your entire balance up to £2,000. Linked to instant access savings account currently paying 1.00% AER, paid quarterly. Apple Pay & Google Pay enabled contactless debit card. Rated ‘outstanding’ by Moneyfacts. Must be 18 or older and a UK resident. No account fee. No minimum funding required to open account or requirement to pay in regularly
Why we like it: Get £125 when you switch a current account held elsewhere to this account. Earn 2% in Rewards on 7 types of household bills paid by Direct Debit. On average Reward customers earn £83 a year in Rewards (not incl. monthly fee) based on monthly bills of £345. Also includes family worldwide travel and mobile phone insurance. £20 monthly fee
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: Get £125 when you switch a current account held elsewhere to this account. Earn 2% in Rewards on 7 types of household bills paid by Direct Debit. On average Reward customers earn £83 a year in Rewards (not incl. monthly fee) based on monthly bills of £345. Also includes personal European travel and mobile phone insurance. £10 monthly fee
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee
Why we like it: Everyday current accout. No monthly account fee. Recommend a friend - If you're a Nationwide member you can earn up to £500 per tax year by recommending five friends (£100 each). Access to Flexclusives - Select Credit Card and low personal loan rate. 3.0% APR Representative (terms and conditions apply)
Why we like it: Everyday current account. No monthly account fee. Get a contactless Visa Debit Card. Pay with your phone with Apple Pay and Google Pay™ and bank on the go with our easy to use Mobile Banking app. Must be 18 or older and UK resident
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
Why we like it: Everyday current account. No monthly account fee. Get a contactless Visa Debit Card. Pay with your phone with Apple Pay and Google Pay™ and bank on the go with our easy to use Mobile Banking app. Must be 18 or older and UK resident
Disclaimer: To apply for this account you must be aged 18 or over and a UK resident
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 »
