A simples guide

Santander 1|2|3 Current Account

The Santander 1|2|3 current account is designed to offer attractive extras like cashback on payments, and interest on balances. It does however, come with a monthly fee, but is it as simple as 1,2,3?

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What do I get with it?

The 1|2|3 account is all about rewarding you for paying for things like household bills, so it could be a useful option if you want to jazz up all those mundane payments.

The cashback rewards you’ll get will depend on what bills you’re paying. You’ll also have to make the payment via Direct Debit in order for them to qualify for cashback – this what you’ll get:

• 1% cashback on water and council tax bills and on the first £1,000 you pay towards a Santander mortgage.
• 2% cashback on gas and electricity bills and Santander home insurance.
• 3% cashback on mobile and home phone bills, broadband and paid TV packages.

Of course, all these rewards come with a price – a £5 monthly fee, plus you’ll need to make sure you deposit at least £500 into your account each month and have at least two Direct Debits.

You can do all the things you’d expect to do with a current account too like set up standing orders and pay bills. You’ll get a visa debit card and be able to make contactless payments as well as get a chequebook and overdraft facility (although there are fees for using this).

Does it make sense?

We could go into all sorts of mathematical equations here to work out whether the account is worthwhile– but it’ll make your (and our) brain hurt. All you need to know is that having this account will cost you £5 a month and you need to meet the minimum deposit and the two Direct Debits to qualify for the cashback rewards.

How much actual cashback you get will depend on how much you spend and what your Direct Debit payments are. Santander do have a handy calculator or you to work out what your cashback might be.

current account

Am I eligible?

To apply for a Santander current account, you need to be 18 or over and live in the UK permanently. You can make an application online via our current account comparison service or you can go into a branch and discuss it with a branch employee (you might need to book an appointment). You can hold up to two 1|2|3 accounts – one in your own name and a joint one.

Is it right for me?

Well, it’s up to you to do the soul searching, but if you have savings or a mortgage with Santander already then it could make sense, because all your banking will be under one roof – making money management simpler. But if you don’t pay bills with Direct Debits and don’t keep enough credit in your current account to accrue interest then it’s probably not going to be as useful.

Before you make any decisions, you should take some time to think about how you like to bank and what sort of account would really benefit you. Of course to do that, simply use our current account comparison serviceit’s what we’re here for.

All Santander 1|2|3 account details are based on information provided on santander.co.uk data as of 2 November 2016.

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