Current Account Focus: The Santander 123

Launched in March 2013, the Santander present account has been lauded by consultants because the UK’s most beneficiant present account by way of buyer rewards, in response to The Each day Mail. In case you are contemplating making the change to the Santander account, here is what to anticipate by way of dangers and rewards.

The Santander account affords you cashback on purchases at a tiered system of 1-2-3. For instance, the 1 stands for 1 % cashback you obtain once you use the Santander card to pay water and council tax payments. The two stands for two % money again on electrical energy and gasoline payments whereas the three % stands for cashback on payments paid to cell, residence telephone, broadband and on-demand tv packages. You’ll be able to set the account up as both a single or joint account based mostly in your and your associate’s distinctive wants.

The 1-2-3 comes into play in one other approach. You additionally earn curiosity based mostly on the amount of cash you retain within the account on a month-to-month foundation. For instance, in the event you preserve £1,000 or extra within the Santander account, you earn 1 % curiosity on this quantity. Should you carry a stability of £2,000 or extra, you’ll earn 2 % curiosity every month. When your funds exceed £20,000, you’ll earn 3 % curiosity on your account stability, which is the utmost rate of interest you possibly can earn with the Santander account.

In case you are curious if you may benefit from the Santander account, go to the corporate’s web site at Santander.co.uk and go to the 123 Santander web page. Within the “What You Get” space, there’s a cashback calculator. This lets you put in your typical utility invoice info to find out how a lot cash you possibly can get again. You can also view a listing of utility suppliers to make sure your supplier is a member of the cashback awards program.

The Tremendous Print

You should meet just a few primary necessities to qualify for the Santander 123 card. For instance, you should be older than age 18 and a everlasting UK resident. As well as, you need to preserve a stability of at the least £500 in your account and use at the least two direct debits per 30 days.

Keep in mind that you’ll solely earn the cashback rewards for the Santander 123 card when you’ve got at the least £1,000 in your account. In case your stability drops beneath this quantity, you’ll not get the cashback. To maximise the quantity of curiosity you earn every month, observe this technique: Hold as a lot cash as you probably can in your account for as many days as attainable. To get the cashback rewards in your utility payments, they should be from direct debits. Should you do select to make the most of direct debits, you might want to set all of them for the top of the month to maximise your curiosity.

You should pay a small payment to obtain these advantages. The Santander card prices £2 every month to earn the cashback perks. In contrast to another cashback playing cards that pay as soon as per yr, the Santander card pays cashback rewards on a month-to-month foundation.

If the Santander 123 account doesn’t enchantment to you, however you want to stick with the Santander firm, you possibly can select its On a regular basis account, which doesn’t provide cashback or cost a payment for holding the present account.

Making the Swap

Santander is a member of the Present Account Swap Service (CASS) that may change your financial institution accounts inside seven enterprise days upon your request. The CASS system ensures you possibly can change your account in a hassle-free method. If any particulars of the account do slip via the cracks, equivalent to direct debits from the outdated account, the accountable financial institution should cowl the prices related to the error.