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Martin Lewis says Santander 123 is now a dead duck current account as it cuts interest and cashback

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  • Woohoo0
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    Does. cash back from the 123 lite or other accounts count towards my tax free savings allowance?
  • ColdIron
    ColdIron Posts: 9,331 Forumite
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    No, it's cashback not interest
  • NoodleDoodleMan
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    The 'Select' advantages also, weirdly, as far as I could detect are not fully outlined even on Santander's own website !!!
    We had a Select account until quite recently - the advantages seemed clear enough on their webpage, with one exception.

    https://www.santander.co.uk/personal/current-accounts/select-current-account

    The bit about paying in £5000 monthly income to maintain the account in conjunction with the reference to £500 to get interest and cashback is poorly explained.

    1. The five grand can come from any external funding source, and can be cycled in and out the same day.

    2. If you pay in £5,000 monthly to satisfy that criteria then that automatically meets the £500 monthly credit as well.
  • flyerperson
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    We had a Select account until quite recently - the advantages seemed clear enough on their webpage, with one exception.

    I don't think it mentions that interest rates on Santander savings accounts often have a 'Select' preferential interest rate.

    Maybe it's hiding in plain sight !

    That is one of the other reasons I phoned them to confirm ALL the differences and 'clauses'....
  • colsten
    colsten Posts: 17,597 Forumite
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    I don't think it mentions that interest rates on Santander savings accounts often have a 'Select' preferential interest rate.

    Maybe it's hiding in plain sight !

    That is one of the other reasons I phoned them to confirm ALL the differences and 'clauses'....
    often?

    I have been one of the first Select members and - aside from the 3% on the 123, available universally - have never had any leading interest rate from Santander. They might have offered the non-Select customers even more miserable rates but they certainly couldn't tempt me with ISA rates. I suppose the RS rate is half-decent under the circumstances but again, you don't need to be a Select customer to get it.
  • NoodleDoodleMan
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    I don't think it mentions that interest rates on Santander savings accounts often have a 'Select' preferential interest rate.
    I've never been aware of preferential interest rates linked specifically to the Select account.

    You can get a slightly better rate on an eISA compared to other Santander accounts - but I think that applies across all 123 types of accounts.
  • colsten
    colsten Posts: 17,597 Forumite
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    You can get a slightly better rate on an eISA compared to other Santander accounts - but I think that applies across all 123 types of accounts.
    That's very true, any 123 world customer, i.e. incl the ones on Lite, can get that 'special' rate. Which is not special at all - it is a totally derisory 0.65%, when you can get double and more elsewhere on easy access ISAs.
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,533 Forumite
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    edited 23 January 2020 at 1:56PM
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    That's very true, any 123 world customer, i.e. incl the ones on Lite, can get that 'special' rate. Which is not special at all - it is a totally derisory 0.65%, when you can get double and more elsewhere on easy access ISAs
    My Santander eISA (issue 5) is 1.5% as a 123 customer - must have realised a better deal than the current 0.65%
  • xylophone
    xylophone Posts: 44,870 Forumite
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    My Santander eISA (issue 5) is 1.5%

    It was available last spring - the rate drops after a year as I recall.
  • badger09
    badger09 Posts: 11,329 Forumite
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    My Santander eISA (issue 5) is 1.5% as a 123 customer - must have realised a better deal than the current 0.65%

    Me too
    xylophone wrote: »
    It was available last spring - the rate drops after a year as I recall.

    Was available from 4th March 2019. Variable rate, which thankfully, they haven't varied:) for 12 months then on maturity, becomes ISA Saver 0.35% up to £10k 0.60% above
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