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Christine Lawson

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Review of the Santander, 123 Current Account (discontinued):

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From childhood to adulthood

I’ve been with Santander (Abbey National) since I first opened an account as a child. They’ve gone through many changes and my small local branch now no longer exists but I sometimes wonder if loyalty pays. All high street banks are in the same boat in this economic climate and interest rates are so low that it hardly makes a scratch to my pitiful savings. A small glimmer of incentive with the Santander 123 account is the cash back on spending at certain buisnesses. This is added into my savings each month so instead of just a measly 3p interest I can sometimes reach up to £3 to £5 for shopping where I would normally shop anyway. It still isn’t much in the grand scheme of things but i would have to have £3000 saved to make this otherwise. I also make over £5 on the utilities cash back deal even after the monthly £5 fee. Now I could swap bank accounts every 10 months or so to receive the often advertised £100 bank swap incentives but who can be bothered with all the hassle (even when they say there isn’t there is) and over the same period I’d probably be no better off so in reality it neither pays to stay loyal or jump ship but it’s easier to stay where I am. Reviewed on: 8th November 2017

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