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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.

Compare Santander Current Accounts

Santander offer a range of current accounts and are a very attractive option right now due to their cashback reward scheme on their 123 accounts. 

As standard, Santander offer:

  • Access to your account anytime, anywhere with online, mobile and telephone banking. Plus you can bank at any of their branches.
  • Visa debit card
  • A quick and secure method of buying goods and services at home and abroad.
  • Apple Pay and Android Pay
  • Contactless payments with your mobile by linking your Santander debit or credit card to your Apple or Android device.
  • A £75,000 UK savings safety guarantee (shared with Cahoot).
  • Withdraw up to £300 a day from any Santander or Link cash machine.

As an 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.

Santander offer several types of account, including:

Everyday Current Account

If you're just after the essentials, then this a great account to start with. There’s no monthly account fee but you benefit from the range of benefits of being a Santander customer.

It's simply a regular bank account you can pay into, make payments, set up Direct Debits and withdraw from as and when you need to. You don’t earn interest on your balance.

123 Current Account

The Santander 123 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.

Overdrafts with Santander are charged at £1 per day for amounts under £2000 and then rise to £2 and then £3 for amounts of £3000 and over. The first four months of overdraft are charged at 0% interest thanks to the switch reward.

123 Lite Current Account

This account is very similar to the 123 current account but is only charged at £1 per month. You will benefit from the cashback on household bills but it does not offer any interest on your balance. To qualify you must have two Direct Debits going out of the account and pay in £500 per month.

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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.