Santander 123 Current Account - Santander

Santander 123 Current Account

1.5 % AER
Headline Interest Rate
Switching bonus
  • Overdraft facility
  • Monthly charge £ 5.00*
  • Minimum Monthly Credit: £ 500
    • Open by:
Interest on balances up to £20,000
Cashback on household spending
Monthly account fee

This account may be appropriate for you if

  • You can deposit at least £ 500 per month
  • You are older than 18

Switching bonus

Member of Current Account Switching Service: No
Switching Bonus Conditions: This incentive is not offered with this account.
Match Current Overdraft Offer: No

Credit Interest

Annual Interest Paid By Balance:
BalanceAnnual Interest Paid
£ 5001.49 %
£ 1,0001.49 %
£ 5,0001.49 %
£ 10,0001.49 %
£ 25,0000 %
Headline Interest Rate: 1.5 % AER
Paid on Balances Over: £ 1 and up to £ 20,000
Monthly Reward: £ 8
Reward Conditions:
The cashback payment payable based on a typical monthly spend of £400 would be £8 per month, £96 annually. Cashback is available on household bills paid by direct debits, as below, subject to a minimum of 2 direct debits and terms and conditions: - 1% cashback on water, council tax and Santander mortgages (limited to maximum monthly payment by direct debit of £1,000). - 2% cashback on electricity, gas and Santander Home Insurance, for customers who pay by Direct Debit from this account and meet any qualifying criteria. Terms and conditions apply. - 3% cashback on mobile, home phone, broadband, and paid-for TV packages. Please note this is not an introductory offer. Retailer Offers - cashback offers available at participating retailers when the customer shops with their Santander debit card. The customer must register for Retailer Offers, and the service is available to those who use online or mobile banking. The cashback will be paid monthly into a chosen account.
Interest Paid: monthly
Includes Initial Bonus: No


Cost of Authorised Overdraft:
£ 250 overdrawn by 5 days£ 5
£ 500 overdrawn by 10 days£ 10
£ 1,000 overdrawn by 30 days£ 30
Overdraft Available: Yes
Authorised Overdraft Rate: 0 % (equivalent to 0 % per month)
Unauthorised Overdraft Rate (APR/EAR): Unauthorised drafts not permitted
Overdraft Fees Apply From: £ 12 overdrawn
Cost of Unauthorised Overdraft: £6 per day
Cost of £100 Overdraft Breach for 10 Days: £ 60

Payment options

ATM Card
Cheque Book
Debit CardVisa
Standing Order
Direct Debits

Access and usage

Banking by
Maximum ATM Withdrawal: £ 300


Preferential rates onsavings, loan, credit card
Prepaid card
Home emergency cover
Extended warranty cover
Airport lounge access
Preferential travellers money rates
Preferential travellers cheque rates
Free life insurance
Free home insurance
Free car insurance
Breakdown cover
Voucher and discount deals
Entertainment deals
Mobile phone cover


Monthly Fee: £ 5
Potential Monthly Fee - extra info: 0.00
Charges for Unpaid Items: None
Charges for Paid Items: None

Cost Abroad

ATM Charge Europe: £ 2 when withdrawing the equivalent of £ 100
ATM Charge World: £ 2 when withdrawing the equivalent of £ 100
Debit Card Charge Europe: £ 1
Debit Card Charge World: £ 1

Additional Charges

Charge for Replacement Statement: £ 5
ATM Withdrawal Charge: £ 0
Bankers Draft Charge: £ 10
Charge For Cheque Receipts: £ 4
Bankers Reference Charge: £ 10
CHAPS Charge: £ 25
Charges For Cancelled Cheques: £ 0

Moneywise Best Buys

Current Accounts

Nationwide FlexDirect - Nationwide Building Society5%
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Bank of Scotland Vantage - Bank of Scotland2%
Lloyds Bank Club Lloyds - Lloyds Bank2%

About the bank

  • Protection Scheme: This account is covered by the Financial Services Compensation Scheme.
  • Banking Licence Held By: Santander UK Plc