santander 123

carlbhoy

hi guys would be interested to hear anyone's pro's and con's, (never heard of an account that pays cash back) about this account, or whether i would be best just sticking my money in their esaver account

ses6jwg

Just do the calculator and see for yourself.

Don't forget to factor in the £2 monthly fee and £500 funding requirement.

If you make less than £5 after the fee you'd be better off with a Halifax reward and keeping the balance in an e-saver or similar

TDPIX

We use it, along with the 123 credit card. We get over £5 cashback on the current account, and that's with no TV package (e.g. Sky, Tivo etc) nor electric payments (we have a prepayment meter... joy). So it'd probably be £8+ per month cashback with those added in (which should be soon)

The interest is also pretty good; for decent amounts of cash, it's essentially a 3% ultra-flexible account.

I think ses6jwg is right though - if you're doing it just for the cashback, unless you have a decent amount of DDs each month it probably would be best to check out Halifax's one. But if you have a decent amount of cash/savings which you need easy access to, the 3% interest rate can be quite good.

HeadAboveWater

The only cashback I have on this account is my mobile and broadband so the £2 fee basically cancels that out. All our other bills are paid cash. Fortunately my balance is good (and getting better lol) so getting 3% interest makes it definitely worthwhile.

atypical

You get 3.20% with Santader's eSaver regardless of the amount saved. Makes the 3% offered with the current account largely ignorable.

carlbhoy

thanks for your replies