Santander 123 Current Account

I have all my accounts with RBS. Ltd company, sole trader, personal. Never had an issue with them until recently as they get ready to be taken over by Santander.
 
I've had a whole string of problems with Santander, particularly setting up direct debits and standing orders. Trying to get them to make our mortgage payments was quite simply a joke. Customer service in-branch is next to useless and they point you towards the telephone banking phone in the corner. Customer service on the telephone banking system has improved, I must admit, but I shouldn't have to resort to it every time I want to change anything on my account, as I have never had to do so with HSBC. I would never use them again.
 
Moses said:
I've banked with them for about a year - they've been really good. I especially like their online banking.
Click to expand...

Same here. My switch was painless and so is their Internet banking experience (no stupid card readers etc.) I forget which my account is, but it pays 5% on the first 2.5k in there and they paid me £50 to join.
 
I have had mortgage and savings products with santander and abbey in the past, i have nothing bad to say about them at all.

I do have to wonder why you want (read: are bothered about having) a current account which pays interest, though? It is not as if you really need to leave much hanging around in the current account bar a few grand or whatever you require for bills throughout the month?
 
No, not something to complain about at all. The guy actually sounds if he wishes to use this account as his current account, though. Therefore it will fluctuate wildly, possibly with a low average netting virtually zero anyway. I just wonder if people often actually work the figures before switching around to often gimmicky products, thats all :)

I dont think 5% is right either, its 3% (gross, so only 60% of that net) by the looks of it, and on balances over £3000?
 
I am not sure where £2500 comes from? The 123 account pays 2.98% gross (therefore less than 1.8% net, remember) on balances over £3000. That is not worth seeking out especially or am i reading the wrong literature?

Anyhow, what i am getting at is that i wonder if he has actually ran the figures to see what he will benefit, i would bet it will be absolutely minimal, especially given that the account appears to have a £2/month fee....
 
Why are you referring to a totally different account to what is being discussed? The 5% rate and £2500 threshold is the Zero account, not the 123 account. You cannot even open that account any more. :confused:
 
Jez said:
what i am getting at is that i wonder if he has actually ran the figures to see what he will benefit, i would bet it will be absolutely minimal, especially given that the account appears to have a £2/month fee....
Click to expand...

£60-£100 per year taking into account the £2 monthly fee (and dependent on my current account balance. I mostly have a few £k in my current account.)

It is minimal but better than £00.00 @ FD

Also with the 123 current account I can apply for the 123 credit card - no fee in the first year and up to 3% cashback. I pay for most things via credit card and clear the balance each month.
 
Last edited:
Moses said:
I've banked with them for about a year - they've been really good. I especially like their online banking.
Click to expand...

Their online banking must be the worst designed site I have ever seen, looks like it was developed for some school ICT project in an hour.


Halifax/Northern Bank online banking are pretty good
 
TRNC said:
You bank with the best, i'd stick with them if I was you. I've banked with most big banks over the years and FD beat them all hands down.
Click to expand...

I think they have the best call centres but I have had no need to phone them in 2 years. I'm not particularly impressed with the online banking and feel the site is overdue for an update.

I am still going to keep my FD current account going to pay wages into but only to keep the 8% regular savings account which is maxed out at £300pm
 
Moses said:
Fo' real?! I have Halifax online banking (as I hold a credit card with them), but I'm really not a fan. The Santander one just does its job really well, imo :o.
Click to expand...

Agree, until recently my ISA was with Halifax and I found their website a pain to use.

Santander are basically using A&L from what I can tell, certainly the way you log in was exactly the same when I was with A&L.
 
Moses said:
Fo' real?! I have Halifax online banking (as I hold a credit card with them), but I'm really not a fan. The Santander one just does its job really well, imo :o.
Click to expand...

I got a Santander to open as a saving account, and just instantly took my money out, completely useless design, no concept of using certain font sizes, layout is ****.


Each to their own, Northern Bank probably the best though.
 
ThriceNightly said:
Also with the 123 current account I can apply for the 123 credit card - no fee and up to 3% cashback. I pay for most things via credit card and clear the balance each month.
Click to expand...

You cna have a 123 credit card without a 123 current account - you just dont get the monthly fee waived on the card unless you have the current account.
 
Yes.

You also only get the 3% on fuel - which is nice but its capped at £300 a month max spend so the most you'll ever get in a month is £10 (As I discovered on my last statement!)
 
i use santander as as other people have posted there fine till you have something go wrong & need to contact them then there awful
 
No problems with Santander here but I've just got the standard Premier account.

I don't think in my circumstances the 123 would be worthwhile though. I would rather put any surplus into a separate ISA anyway if only to keep it separate and not spend any of it, but that's just me.
 
You must log in or register to reply here.
Back
Top Bottom