[Closed] Santander 123 account. Anyone have one?

Can be cost-effective if you pay a number of utilities via direct debit and take advantage of the card points but you have to take into account your monthly balance and the fee.

Personally I wouldn't dream of paying a bank to look after my money I think it's outrageous

got one, no idea if ive seen a benefit, so cant recommend really

Currently paying all my utilities/Direct debits/mortgage from our 123 account. They pay me about £10 a month and charge me £2(ish).

Better than the interest rate on most (if not all) current accounts.

[i]Better than the interest rate on most (if not all) [s]current[/s] savings accounts[/i] FTFY
Is what they pay taxed?
I have 3 Halifax reward accounts that I got in before they closed the loophole. That means I get £15 per month a yet I only cycle money through 2 of them to get the reward. The reward is taxed though. They have tried to temp me off it onto a Ultimate Reward account that you pay for, I'm not stupid though. The latest attempt to close the loophole is to set a requirement of 2 DDs on any account so I've shifted my fixed payment ones about to account for it.
Banks are a business that I have no qualms about squeezing money out of 😀

Got one, pretty good so far if you switch all your dd's to it, better still if you have one of their mortgages, better yet again if you use the 123 credit card for food and fuel, and better yet again if you keep 20k in it to get the max interest! I have 2 of those 4 and it's nice to see some money coming into your account each month despite the 2£ charge. It's not a time limited offer either so I like the fact that the interest rate isn't going magically decrease to 0 after a year...

Happy with mine. I get more money back in terms of the return from bill payments then they take from me. AND the interest rate is pretty handy (it is taxed at source but only at standard rate, so if you're a higher rate tax payer you should really fess up to the tally man).

Banks are generally all money grabbing gits so I do tend to shop around accounts and credit cards. The 123 Credit Card is also pretty good. Pay it off, in full, every month and it generates a reasonable cash back. And if you have a 123 current account the membership fee for the credit card is zero. Seems like free money to me (as long as you pay it off each month).

And no, I don't work for Santander....

I think the credit card is a MasterCard World. The poor old shop keeper gets really hammered on the charges for those things. Your benefits don't come from the bank ,it's from retailers.
Most small shops don't take American Express for those reasons. Don't be surprised if shops start refusing to take them.

Got a joint 123 and a 123 Credit card. Seems to work out. Numbers are in our favour.

They've not made a total **** up with any administration yet, which is why I've left a couple of banks in the past.

Ive already got a current account and all my direct debits come out of it,so it should be easy to switch,I think I'll give it a go. Thanks everyone.

Got one, make £20-£25 a month from it without trying

Otherwise it operates just like my 'old' Santander account

Personally, I wouldn't touch Santander. They insisted I had to go to a branch in person to get my money when my investment reached its term, even though the account was supposed to be operated by post. On my ISA, they reduced the interest rate to almost zero. So I mentioned that when I was in the Branch, the Branch staff were very helpful, said they could put it back up if I asked (first I'd heard of it) and offered to do it then. So I said yes, they confirmed they'd done it, went home and told my wife, she did the same. End of the year, they'd paid her interest, but mine was still on zero; I wrote to say they'd put it up at the Branch, and they said there was no evidence and refused to do anything. So get everything the branch say in writing, or head office will deny it.