Santander: 123 Current Account

Provider:
Santander
Account:123 Current Account
Product summary:A competitive rate of interest and cashback on a variety of household bills, but with a £5 monthly fee.
Moneywise verdict:An innovative account that can earn you a decent amount of cashback, particularly if you also have a mortgage with Santander.
Account ratings
Account ratings
Online service - 4.4
Call centre service - 4.06
Branch service - 4.31
Trustworthiness - 4.31
Opening the account
Minimum Income £0
Minimum Age 18 years
Maximum Age -
Existing customers only -
Area restrictions There are no area restrictions.
Overdrafts and charges
Monthly Charge £5
Overdraft facilities
Automatic overdraft facility £0
Interest Free Overdraft Limit £0
Authorised overdraft rate 0% APR/EAR
Unauthorised overdraft rate 0% APR/EAR
Overdraft related charges Paid item max fee - £0
Paid item max no - 0
Unpaid item max fee - £0
-
Stepped cheque charge - £0
Overseas charges (Europe only) Forex fee - 2.75%
Charge for £100 ATM withdrawal - £2
Charge for £100 debit card transaction - £1
Account charges ATM withdrawal - £0
Transactions - £0
Bankers draft - £10
Special clearance - £0
CHAPS - £25
Duplicate statement - £5
Interest rates and other incentives
Headline interest rate 3% AER
Rate tiers
Gross Rate Excluding BonusGross Rate Including BonusAER
£1,0001.00%1.00%1.00%
£2,0001.98%1.98%2.00%
£3,0002.96%2.96%3.00%
£20,0010.00%0.00%0.00%
Maximum balance for interest £20,000
Minimum initial deposit £0
Minimum Monthly Credit £500
Interest paid Monthly
Incentives Annual travel insurance -
Breakdown insurance -
Discount vouchers -
Savings sweep -
Other Insurance - 30% off Santander travel insurance when applied for online.
Other incentive - no
Service information
Free banking
Account access Telephone
Branch
Internet
Post office
Services available Standing order
Direct debit
Bill payment
Round-up savings
Text alerts
Text mini statements
ATM mini statements
Cards / cheques provided Debit card
ATM card
Cheque book
Passbook
Maximum ATM withdrawal £300
Time for cheque to clear 4 days
Statement frequency monthly