With the 123 Lite account with just the cashback and minus the fees, you’ll earn a total of £37.20. So, which one should you pick? People with a balance over £8,000 should choose a Santander 123 account. This is because 0.3% of £8,000 is £2, so this neutralises the additional £2 that is added to your monthly fee.
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From September 2022, Santander’s 1|2|3 Current Account is doubling the cashback it pays on energy bills to 4% for the first two months up to a £10 a month cap.
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The 123 pays more cashback on some bills than the Edge, and you can earn money on Santander mortgages too. However, it comes with a higher fee and lower interest rates. I wouldn’t use this at all for interest as the rate can be easily beaten elsewhere.
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Cashback is a monthly cash reward that we’ll pay directly into your 1I2I3 Current Account, as long as you meet the ongoing eligibility criteria that we’ve set out in Conditions 4 and 5. A cap of £5 applies on the amount of cashback that is paid on each of the eligible percentage cashback categories.
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The interest rate on Santander's popular 123 Current Account will be reduced to just 0.6% AER from tomorrow (Monday 3 August). The bank had already cut the rate from 1.5% to 1% AER in May, while introducing a £5 monthly cashback cap for each of its three tiers.
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Use our calculator to see how much cashback you could earn with your 1|2|3 credit card. Search retailer, retailer type or location.
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Where can I earn cashback on my 123 account? You can find out where you can earn cashback on household bills with the 1|2|3 Current Account, 1|2|3 Lite Current Account or Select Current Account. These accounts are no longer available to open from 20 June 2023.
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1% cashback on selected household bills paid by Direct Debit, capped at £10 each month. 1% cashback on supermarket and travel spend on your debit card, capped at £10 each month. Earn interest with the Santander Edge saver.
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The new current account offers 1% cashback – maximum £15 a month – on essential debit card spending at supermarkets as well as travel, including fuel, train and bus tickets and electric vehicle charging. It excludes flights, however.
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Existing Santander 123 credit card customers will see a cashback cap come into effect from February, so is it still worth using or are there better products available? Towards the end of 2015, Santander announced it would increase the monthly charge on its 123 credit card due to rising costs and low interest rates.
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