Santander 1|2|3 Lite Current Account - £1 per month ** Cashback on household bills**
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Santander 1|2|3 Lite Current Account - £1 per month ** Cashback on household bills**

19
Found 22nd Jul 2016
Santander launched a new 123 current account yesterday ( 21/07/2016 ) which is the lite version which pays cashback on you household bills.

The current account that pays you cashback on your household bills when you use Online or Mobile Banking.

There is a £1 monthly account fee that will be automatically taken from your account each month.

What you get

• Monthly cashback on selected household bills

• Access to 1|2|3 World offers, including preferential rates and special deals on other Santander products

• Plus all the standard features you'd expect from a current account

This is a paperless account which means you'll receive statements and some other important information electronically via Online Banking (unless you require alternative formats such as Braille). To open the account, you'll need to provide us with an email address as we will usually let you know when you have an eDocument available to view. Once the account has been open for at least a 24 hours, you can update your account settings at any time to start receiving statements and other correspondence by post.

To get cashback on your household bills, just follow these steps:

• Pay at least £500 into your account each month - any interest paid and payments between Santander personal accounts you're named on won't count towards this

•Have at least two active Direct Debits - you'll receive cashback on any qualifying household bills you pay by Direct Debit

•Log on to Online or Mobile Banking at least once in every three months

Remember, if you switch your current account to us, we'll move it across in 7 working days, so you can start earning cashback.

19 Comments

And watch the monthly fe steadily increase until it's a fiver a month as they reduce the cash back.....

What sort of amount of cash back would you expect to get from this?

OdhranC

What sort of amount of cash back would you expect to get from this?



santander.co.uk/inf…ite

Cashback calculator based on your bills

unlikely to hike fees as this doesn't pay any interest on your savings - which is one of the main benefits of their other 123 account paying 3% - on 20k even with £5 charge you cannot get this type of return elsewhere.

Here's an idea. let's take a paid account that attracts people mainly because of the savings interest and remove the savings interest. Let's not remove the charge though, just reduce it.

fireman1

Here's an idea. let's take a paid account that attracts people mainly … Here's an idea. let's take a paid account that attracts people mainly because of the savings interest and remove the savings interest. Let's not remove the charge though, just reduce it.


(_;)

fireman1

Here's an idea. let's take a paid account that attracts people mainly … Here's an idea. let's take a paid account that attracts people mainly because of the savings interest and remove the savings interest. Let's not remove the charge though, just reduce it.



the idea is to get more people to open accounts that do not have the savings value to warrant the £5 a month, oddly not many people have savings over the value to make it worth its while.

cabstar

And watch the monthly fe steadily increase until it's a fiver a month as … And watch the monthly fe steadily increase until it's a fiver a month as they reduce the cash back.....



And if that happens you close the account, dont see the problem

I have just switched to ordinary 123 account after having an offset account elsewhere, so far so good, the £5. charge is easily covered by cashback and the 3% interest.

Current account quick tips:

TSB classic plus - £100 interest for 2k saving, £500 pay in.

Lloyds club - £200 interest for 5k saving, 1500 pay in or £5 fee, 2 direct debits. Free yearly gift.

If you don't have more than 7k in savings, better off with those two than Santander.

If you simply want cashback, check Amex Platinum daily cashback, 1.25% cashback on every purchase, no fee.
Edited by: "ili" 22nd Jul 2016

karen46

I have just switched to ordinary 123 account after having an offset … I have just switched to ordinary 123 account after having an offset account elsewhere, so far so good, the £5. charge is easily covered by cashback and the 3% interest.


But many people don't and over the years I have seen it happen at a number of banks that introduce paid banking with benefits and seen the fees increase whilst the benefits reduce....

All banks will charge soon for the most basic of Current Accounts....at least with this one, albeit for a £1 per month fee, you get a plethora of Cashback deals ranging from 1 - 3%. This includes your DD for Council Tax, Electric, Gas and Mobile Phones etc. The cashback WILL exceed the £1.
I've got the £5 p.m. Full version and the Cashback far exceeds the monthly fee.
Also....the Credit Card 123 you can get gives me 3% back on all petrol and bonus Offer incentives regularly too X)

Original Poster

cabstar

But many people don't and over the years I have seen it happen at a … But many people don't and over the years I have seen it happen at a number of banks that introduce paid banking with benefits and seen the fees increase whilst the benefits reduce....



​when it happens change banks simples

I'll keep my Santander fee free account thank you :-)

New Trust them...I had bad experience with them . Stay away

karen46

I have just switched to ordinary 123 account after having an offset … I have just switched to ordinary 123 account after having an offset account elsewhere, so far so good, the £5. charge is easily covered by cashback and the 3% interest.



​As of November though will be 1.5%

2_random_words

​As of November though will be 1.5%



​How comes they're halving their interest rate?!

Original Poster

Shakeyyy

​How comes they're halving their interest rate?!



​Because they are greedy

I receive approx £11 cashback a month & was receiving good interest too, but moved recently so no real savings left. The Lite account suits me better now as I keep the cashback and only pay £1 instead of £5. Good timing too with the interest rate dropping! Don`t know why this went cold....
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