To qualify for a Santander 1|2|3 Current Account, you need to be aged over 18 and live in the UK permanently. You’ll need to pay at least £500 into your account each month and set up two active...
1. Eligibility. To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names.
Santander kills off its 123 accounts: Bank launches new Edge Up deal offering 3.5% in-credit interest on balances up to £25k. The 123 bank account is no longer available to new customers
Here's what's changing on the Santander 123 account from 5 May 2020: Interest will drop from 1.5% AER to 1% AER. Santander's cutting the interest it pays on credit balances of up to £20,000 by 0.5 percentage points, meaning the max savers can earn will drop by about £100 a year.
We don’t pay interest on money in your account if you have one of the following accounts: Zero Current Account, Further Education Account, Basic Cash, Basic Banking, Basic with top-up debit card, 1I2I3 Lite Current Account or Instant Plus Account.
There will be interest cuts to Santander's 123, Select and Private current accounts, where balances up to £20,000 will earn 1% AER, down from 1.5% AER. Practically, this means that if you had the full £20,000 held in the account, you'd lose out on £101.15 worth of interest over the course of a year.
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.
Meanwhile its off-sale 1|2|3 Lite current account charges £2 a month and requires £500 to be paid in each month. No interest is paid on current account cash but it offers up to £15 a month cashback on certain direct debit spends.
1. Eligibility. To be eligible to open this account you must be 18 years old or over and live in the UK for tax purposes. You may only hold a maximum of two 1I2I3 Current Accounts, one in your name and one in joint names.
Santander 123 is the UK’s most switched to bank account – due to the high interest paid on savings, and cashback given on bills. And from tomorrow, it’ll become even more attractive as the 3% interest it pays will be tax-free for many due to the new personal savings allowance .