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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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  • DragonQ
    DragonQ Posts: 2,193 Forumite
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    Annoyingly Santander doesn't give cashback for my gas or electricity providers, but their 123 Lite account would still generate more than the £1/mo fee for me. I intend to manually move over relevant DDs from my Natwest Reward account once that no longer pays bill cashback to Santander 123 Lite, leaving behind the non-applicable DDs so that I get the new fixed reward from Natwest too.


    Bit of hassle to set up but free income afterwards.
  • xylophone
    xylophone Posts: 44,842 Forumite
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    becomes ISA Saver 0.35% up to £10k 0.60% above

    I shall be moving mine elsewhere......
  • Wheres_My_Cashback
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    DragonQ wrote: »
    Annoyingly Santander doesn't give cashback for my gas or electricity providers, but their 123 Lite account would still generate more than the £1/mo fee for me. I intend to manually move over relevant DDs from my Natwest Reward account once that no longer pays bill cashback to Santander 123 Lite, leaving behind the non-applicable DDs so that I get the new fixed reward from Natwest too.


    Bit of hassle to set up but free income afterwards.

    When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
    Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
    Have you queried it ?
  • molerat
    molerat Posts: 32,260 Forumite
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    edited 23 January 2020 at 7:36PM
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    When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
    Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
    Have you queried it ?
    They now do not pay cashback for those that bill through third party billing companies which rules out a lot of the small suppliers.
  • colsten
    colsten Posts: 17,597 Forumite
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    edited 23 January 2020 at 10:20PM
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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%
    But you didn't need to be a Select customer to get that - - and you were able to get a 1.5% instant access ISA at Coventry BS last March and April, too. Coventry has that rate until 31/07/2020, then drops to 1.15% variable, so that sounds better than the Santander offer.

    I have been a huge Santander fan, and a Select member, for many years, and had quite a few full-fat 123s, so I am not part of any Santander bashing brigade. Equally, I am not wedded to them and am quite happy to go elsewhere if elsewhere pays me more interest.
  • DragonQ
    DragonQ Posts: 2,193 Forumite
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    edited 24 January 2020 at 10:48AM
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    When I switched provider a few years ago to Outfox they were not listed so I queried it with Santander.
    Their response was....advise us of the company details and we'll add it. 12 days later they responded stating that it had now been added and I received my cashback for the duration of my time with them.
    Have you queried it ?
    No, I haven't. Thanks for the tip! I know that NatWest currently pay cashback for both Symbio Energy and Utility Point so I don't see why Santander wouldn't.
  • roddydogs
    roddydogs Posts: 7,478 Forumite
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    Don't see they point of quoting rates from last spring, its what you can get when your first year rate drops, now that matters.
  • NoodleDoodleMan
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    But you didn't need to be a Select customer to get that - - and you were able to get a 1.5% instant access ISA at Coventry BS last March and April, too.


    I knew all that at the time, however it was convenient to stick with Santander - their online banking is easier to use, I find Coventry's is like having to use an Enigma machine process to access.
  • brewerdave
    brewerdave Posts: 8,546 Forumite
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    molerat wrote: »
    They now do not pay cashback for those that bill through third party billing companies which rules out a lot of the small suppliers.

    I'm still getting cashback for my gas/elec. with Avro, altho DD says "PSL re Avro Energy". I used to get cashback from Yorkshire Energy also ,who were via a third party?
  • molerat
    molerat Posts: 32,260 Forumite
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    brewerdave wrote: »
    I'm still getting cashback for my gas/elec. with Avro, altho DD says "PSL re Avro Energy". I used to get cashback from Yorkshire Energy also ,who were via a third party?
    You won't get it if you change supplier to one that is not already listed though.
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