Is the Santander 123 Account Worth it?

Ellierose1

3% on £20k plus cashback on most utility bills plus cashback on most things you have to buy. Sounds great and for the life of the account. Just used there calculator online and gonna earn £54pm after the fees for the credit card and account. This doesn't even include transferring my 0.5% Barclays to the 2 year fix 3% isa

innovate

oxters wrote: »

Er, I said the life of the a/c.

And the MSE main site says
Quote The rub is, you need to operate it like a normal current account. This means switching to it, and paying in £500/month (equivalent to a pre-tax annual salary of at least £6,000). There is a £2/mth fee, though it also pays a nice 1%-3% cashback on bills such as council tax, phones and energy, which should easily cover that - many make £10/mth or more on top.


See http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#bestbuys

So perhaps not such ridiculous information?

I know that MSE says "switching to it" but this is wrong. MSE doesn't make the santander T&Cs, Santander does, and Santander doesn't say you need to switch.

What I meant by 'ridiculous information' is the bit about cashback & 3% "for life". That really is ridiculous information and not backed by any Santander T&Cs.

oxters

I previously notified the MSE webteam that the "switching information" was wrong on the main website. The 3% interest is certainly variable per the Santander website t & c's but I have not found anything to say that the 1/2/3% cashback may be reduced/varied or recinded, however I have not researched every inch of the T & C's.
They may have weasel words.

Ellierose1

The title being 123 would mean the cash back on spending, monthly utility bills that qualify and the interest will always be 1%,2% & 3%. It looks like loyalty is being tempted cus I'm thinking seriously about moving my banking, credit card and Isa's from Barclays where I have been for many years.

innovate

oxters wrote: »

I previously notified the MSE webteam that the "switching information" was wrong on the main website. The 3% interest is certainly variable per the Santander website t & c's but I have not found anything to say that the 1/2/3% cashback may be reduced/varied or recinded, however I have not researched every inch of the T & C's.
They may have weasel words.

Shocking MSE haven't yet updated this. Hey hoh.

As to the other bit: the words "life" and "guarantee" do not figure in the 123 T&Cs. It is therefore quite logical to assume that there is no guarantee for life on anything (not least the life of the account offering itself, lol).

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428158785&cachecontrol=immediate&ssbinary=true&maxage=3600

innovate

Ellierose1 wrote: »

The title being 123 would mean the cash back on spending, monthly utility bills that qualify and the interest will always be 1%,2 % & 3%.

You are reading tea leaves.

However, for as long as the current offer lasts, it is a great offer. As and if they change it, customers can change as well if the conditions are no longer worth it. In fact, I won't even wait for them to change things - - if I find something better somewhere else, I will be off.

So far, I have been a very happy 123 account holder for almost a year now.

marathonic

Well I applied for an account last Thursday and my application is currently with the underwriters.

I work out that my current cash back, including council tax, will be about £1.65 so, with the £2 fee, I'll be down £0.35. However, bills will rise so this should be reduced through time.

Also, I should get £55 through Quidco. If the application isn't approved online and I have to go in-branch for any reason, I lose this and may consider rescinding my application.


Unless maybe the mere fact that it has gone to the underwriters means that it wasn't approved online and I lose the Quidco cashback anyway. Anyone any opinions on this?

Cocobay71

Can i pay in by transfer from another current account the £500 a month as retired so no wages coming in?

Ellierose1

£500 funding must credit account from an external source do a standing order from any other bank for min £500 pm is fine

macman

marathonic wrote: »

Well I applied for an account last Thursday and my application is currently with the underwriters.

I work out that my current cash back, including council tax, will be about £1.65 so, with the £2 fee, I'll be down £0.35. However, bills will rise so this should be reduced through time.

Also, I should get £55 through Quidco. If the application isn't approved online and I have to go in-branch for any reason, I lose this and may consider rescinding my application.


Unless maybe the mere fact that it has gone to the underwriters means that it wasn't approved online and I lose the Quidco cashback anyway. Anyone any opinions on this?

I don't think so. It isn't possible to get instant approval on this anyway, you apply online and then receive an email later. So the fact that they are referring it should not necessarily invalidate the cashback. You complied with the cashback requirement, which is to apply online.That should be sufficient to make it track. If you are declined, obviously it won't go through beyond that.