£45 Cashback When You Open a New Santander 123 Current Account

Written by Karen Bryan

santander 123 current account headingTopCashBack are offering £45 cashback if you open a new Santander 123 Current Account through the link on their site. Make sure that you take heed of my tips on using cashback sites, as payment of cashback is never 100% guaranteed.

I’m happy enough with my Halifax Reward Current Account, which pays me a £5 a month bonus if I fulfil the qualifying terms and conditions. However, I decided to open the Santander 123 Current Account to have the option to access the 3% rate of interest paid on the balances, which are a minimum of £3,000 and a maximum of £20,000.  I’m holding on to my Halifax Reward Current Account and have set up a standing order from that account to pay the required minimum £500 a month into the Santander 123 Current Account.

At present, I’m receiving an interest rate of 3.2% on my Santander eSaver  (Issue 5), but the 12 month bonus on the eSaver account expires in April. I like to have a new home ready for my instant access savings. This stategy could backfire if Santander reduce the rate of interest on their 123 Current Account by April. But at least I can cover the £2 a month fee on the 123 Current Account with the cashback on the household bills which I pay by direct debit from that current account. Plus, the £45 cashback from TopCashBack is a nice little bonus.

The other benefit of the Santander 123 Current Account is that it gives me access to some savings accounts only available to 123 Current Account holders. I have a fixed rate Cash ISA  which matures in April and it’s possible that in the future Santander will have a competitive rate on a Cash ISA exclusively for 123 Current Account customers.

However, the 123 Current Account has pretty hefty overdraft fees and charges, so it’s better to keep the account in credit.

Click here to open a Santander 123 Current Account through TopCashBack;  but do clear your cookies first, to ensure accurate tracking.

Update 27 June 2013 – I have finally received my cashback payment from TopCashBack.


The Santander 123 Current Account is quite a complex product and not suitable for eveyone e.g. the £2 a month fee, the overdraft charges and the fact that you only get the 3% rate of interest if your balance is at least £3,000. Make sure that you read all the account terms and conditions carefully. This article is based on my personal research and understanding of TopCashBack.co.uk and the Santander 123 Current Account. I will receive a commission if you join TopCashBack.co.uk using the links in the article and then go on to earn a minimum of £10 in cashback.


2 Responses to “£45 Cashback When You Open a New Santander 123 Current Account”

  1. Interest rates on saving are falling as a result of the BoE’s Funding for Lending program which reduces the need for savers. Interest rates in the UK will remain low until the government wakes up to the mess that they say was inherited but in fact is increasingly of their own making. So we are always 5 years away from a solution while the £ goes through the floor….

    I don’t think saving per se is worth while at the moment and is unlikely so to be for at least 5 if not 10 years. The upshot is that we need to find a better way to store what money we all have!

  2. John – Yes it’s tricky to know what to do with your savings.

    We are going to face this issue when our fixed rate Cash ISAs pots mature next year.

    I’m loathe to put more cash into my stakeholder pension, as I can’t predict in which direction the stock market and annuity rates are heading.

    Buying property may be a good move if prices don’t drop more, but we don’t really want to be landlords.