Santander 1 2 3 account

Had to nip into the bank this morning and after going through the usual spiel of insurance etc, I was handed a piece of paper indicating how much cash back I could get back each month if I chnaged to a 1 2 3 account.

Now, I haven't got the time at the moment to go through the nitty gritty of it, but I must have missed something if they are looking to give cash back which is far in excess of the monthly fee.

I am hoping some wise soul out there could tell me what it is!
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Comments

  • VC76
    VC76 Posts: 22 Forumite
    Nope, that's pretty much it :) You need to pay a minimum of £500 in each month to get the cashback but no other 'catch'. Although some might say that banking with Santander is the catch! I've been with them for a while now though and have worse things to say about other banks I've been with previously!
  • innovate
    innovate Posts: 16,217
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    Super account, I opened one when it first came out in June. I will make at least £90 a year from cashback and interest, may be more if I can get my balance higher for the interest.
  • ses6jwg
    ses6jwg Posts: 5,381
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    It's worth sitting down for half an hour and having a chat about it. You can upgrade or open a new account, you also get the £24 fee waived on the 123 card for a year as well, so 3% off fuel for 12 months.
  • raeveth
    raeveth Posts: 8 Forumite
    it really is great. and i don't know where people get the idea that their customer service is rubbish, because i have always had a very helpful and friendly service. been with them for many years as was A&L previously. to be honest, natwest were the worst i ever dealt with and Lloyds have been very very friendly and helpful
  • You can currently get £55 from topcashback for opening one of these accounts.
    (Offer ends in two days.)
  • ses6jwg
    ses6jwg Posts: 5,381
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    You can currently get £55 from topcashback for opening one of these accounts.
    (Offer ends in two days.)


    but not for upgrading, which retains your existing sort code and account number and means no new cards or having to re-arrange direct debits or salary manually
  • SantEmp
    SantEmp Posts: 37 Forumite
    If you go into a branch of Santander now and have an old account, you can upgrade to the 123 AND switch your direct debits in one.

    Thought that was a nice implementation.
  • LauraWxx
    LauraWxx Posts: 565 Forumite
    I have set one of these up as my bills account...very good so far!
    2019 Totals: Savings: £929.53 / Mortgage OP - £746.32

    Grocery challange April: £130.17of £500 target remaining
  • Mary_Hartnell
    Mary_Hartnell Posts: 874 Forumite
    edited 31 October 2012 at 4:39PM
    I have been given the "why don't you switch" sales advice.

    I retired about a year ago and only my ex company pension goes into the present Santander account. So I am no longer funding the account with £1,000 + per month and I expect the Santander computer has realised!

    My A&L account used to call itself "Premier" and included some benefits such as free foreign travel insurance.
    I now don't know if I qualify for any benefits other than a free bank account.

    So what it boils down to "Should I swap to paying £2 a month for an account with a monthly turnover of about £1,000"? The current rate of cash back plus the interest payable on my cash balance suggests that I should; but how long will this deal last?

    Will my on-line banking access change in any way - it is a nightmare each time the access system changes.
  • Wyndham
    Wyndham Posts: 2,429
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    I've set one up and moved my bills direct debits -nothing else. I'm keeping my first direct account as my current account, and when Santander goes wrong, I'll have a few dds to move back, but nothing major. But for the moment, I'm going with it and reaping the rewards :)
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