Santander 123 cashback worth it?

anoncol

Hi,

I wonder if anyone could post ball park figures on the cashback they receive every month on this account if they DONT have a santander mortgage?

Thanks in advance.

grumbler

I think this varies depending on the bills and spending.
Is it that difficult to calculate?

• Cashback calculator

Is the Santander 123 Account Worth it?

macman

If it earns you more per month than the £2 per month account fee, then yes, it's obviously worth it-if the interest rate is better than you could get elsewhere up to the £20K ceiling. The minimum 2 DD's per month should put you comfortably above that £2 figure.

Hominu

anoncol wrote: »

I wonder if anyone could post ball park figures on the cashback they receive every month on this account if they DONT have a santander mortgage?

Just over £4/month (just over £50/year)
Minus £2/month fee.
So over £2/month profit!
(excluding interest)

Thats just me, if your bills are higher, you could obviously get more cashback.

bobo16

£48 per month

I have 20k in have £500 standing order goes in one day and out next and 2 dd's one for my 123 credit card and one for £2.00 to the dogs trust.

So costs me £4 a month ( though would pay dogs trust anyway) don't have bill dd as they are on husbands account and have not yet got round to switching that over as difficult for both to get into a branch

Also get £9 month on petrol as together we spend about £400 on fuel

innovate

bobo16 wrote: »

..... and have not yet got round to switching that over as difficult for both to get into a branch

You don't need to go into a Branch to switch a DD. You just get in touch with the company the DD is for and tell them the new sort code and account number.

Some of these companies allow you to do it online, others do it on the phone, and a small number (Councils, mainly) insist on getting a signed DD form from you.

anoncol

bobo16 wrote: »

Also get £9 month on petrol as together we spend about £400 on fuel

Is this from the credit card?

bobo16

Yes the £9 is from the credit card

davethorp

We get about £8 - £10 a month after the £2 comes off. We probably have higher than average bills though particularly in the communications area which gets 3% back