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Santander: 123 Current Account (discontinued) reviews

Name: Santander 123 Current Account (discontinued)
Brand: Santander
Rating: 2.54 (196 reviews)

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4.17

Based on 1,250 reviews, last reviewed 15th Jul 2025

92% decrease in 5 star reviews

in the past 90 days

100% decrease in 1 star reviews

in the past 90 days

55%

27%

Latest highest rating:

5

Current Account. Current Account. I have a 123 current account with Santander. It was very easy and quick to open i did it through the app/website. I could easily mana... Read more Reviewed on: 15th July 2025

Latest lowest rating:

2

Is that a bank for the elderly ? Strong impression that the bank have little time for customers . I approached my local branch 4 times since May 2025 for certificates of interest whic... Read more Reviewed on: 23rd June 2025

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About this product

The Santander 1|2|3 Current Account is no longer available to new customers.

Review Santander: 123 Current Account (discontinued) now

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Santander 123 Current Account (discontinued) reviews (1250)

Excellent value and easy to set up.

Changed to this account from another bank due to the excellent 3% interest as well as the cash back offered on bills. It was easy to swap to, and have had no problems with the customer service. Reviewed on: 25th August 2015

A fruitful experience so far

I have had the Santander 123 account for nearly 2 years now. It is different from other current accounts in that it gets the best interest. After tax I get 2.4% interest on up to £20000. Other savings I have had to put elsewhere to get interest on the excess balance as their isa rate is useless. I also get cash back on direct debits on my phone contract, partners phone contract, electricity and gas, water, and council tax. This is a little extra each month that adds to the balance. You have to pay your salary into it, and have at least 2 direct debits for it to run. The branch is helpful, the online banking app is easy to use and it's just been a good bank to use. Reviewed on: 25th August 2015

Simple, easy to use with fantastic cash back offers.

I was getting frustrated with my current account because of the frequent computer failures and poor customer service. I couldn't use the 'switching' service because my mortgage must be paid out of my old bank. I had to start from scratch, but Santander couldn't have been more helpful transferring my direct debits and getting everything set up for me. The £2.00 monthly fee is very small compared to what you can earn from the cash back on household bills, even if you aren't paying your mortgage out of your account. The branches are well staffed and pleasant to bank in, and they don't try to fob you off onto the machines if you say you want to speak to a real person. A* Service. Reviewed on: 25th August 2015

Poor customer relations

I have held an account with Santander for many years, and have an overdraft from when I was a student. I have not had any information about when this overdraft needed to be reduced by or when I would be charged interest on it. So after a very challenging phone call trying to get through to an operator and not a machine, I was told that they did not actually know! It could be in a month or it could be next year. I asked if I could reduce the overdraft (the part which I had paid off) so I wasn't tempted to spend it, and was told no, I could only take the whole overdraft away at once. In the end, they came to the conclusion that I probably have my overdraft until next year, although they were not 100% sure. Reviewed on: 25th August 2015

As easy as it gets.

Recently changed to a Student Account from a simple 123 Current Account. Went in store to book an appointment to do this and I was able to be booked in later that day,lucky perhaps but still a great start! The lady I spoke to couldn't have more helpful and wasn't pushy,despite being part of the sales staff. They made it as easy as it can be to change accounts bearing in mind all the admin and terms and conditions changes. The high street experience may be dying out but face-to-face customer service makes the journey to the store worth the petrol cost. Reviewed on: 21st August 2015

Good value but still lacking

The 123 Current Account from Santander offers up to 3% interest on balances of up to £20K, along with cashback on certain bills and utilities. Whilst there are other current accounts on the market that offer a greater rate of interest, the maximum balance is distinctly lower. Customer service is variable - sometimes excellent, sometimes painstakingly poor. If you happen to fall in that inbetween ground where you've exceeded the max balance on other high interest current accounts, but still want the money you have working for you, it remains a decent choice. Reviewed on: 21st August 2015

great for cash back!

I opened a Santander 123 current account mainly for the great interest rate which was better than any other accounts on the market. I earn a healthy interest every month compared to previous accounts where it was almost nil. I also get cash back on all my usual purchases which gives me even more money. Highly recommend! Reviewed on: 15th August 2015

Top current account, beats other competitors for interest!

Top current account, with £20000 + saved you get around £40 a month after tax, no other current account will give you this much interest on your savings! You require to have 2 direct debits and pay in £500/month but this is fairly straightforward. You can also have one single and one joint account so with your partner you can gain more interest also. The online banking is easy to navigate and security level is high. Definitely recommend this account for anyone who wants to maximise interest! Reviewed on: 15th August 2015

Best rate of interest around

The Santander 123 account offers the best rate of interest around. If you have between £3000 and £20000 in it, you will get 3% interest on your money - better than any instant-access cash ISA, even taxing tax into account. You have to pay in a minimum of £500 a month, and there is a £2 per month charge; but this is easily offset by the cashback you get on direct debits for utilities, council tax etc. Thoroughly recommended! Reviewed on: 12th August 2015

Great idea, shame about the fee

I've had this account for around two years now. The interest rate on it is great, and you get cashback if you use it to pay for your household bills- i.e. Council Tax, energy, telecoms. For anyone with some cash savings the rate beats most savings accounts. I've been pleased with the level of service too. The only drawback is the £2 a month fee, but i've found that the benefits outweigh this. I'd be happy to keep this account for a long time. Reviewed on: 10th August 2015

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