Used to be great but benefits of a 123 current account has gone down hill
2
I originally switched to Santander 123 current account from HSBC as I had a bit of cash saved up that I needed access to but wasn't going to be spending in one go. When I opened the account, Santander offered 3% interest on savings over £5K and under £20K - slightly higher than the rate of inflation at 2.6%. They quickly dropped the rate though and started offering 1.5% only. Better than nothing, but you do pay to have this account and unless you have a large energy consumption, you are unlikely to make back in cashback what the account costs to have.
A clever marketing trick, would not recommend to anyone.
Reviewed on: 2nd January 2018