# Santander 123 Current account



## 113016 (Jun 5, 2008)

I thought I would pass on my recent experience of bank change.

A couple of months ago, I rather hesitantly transferred my long standing Nat West current account to the Santander 123 Current account.
Everything went very smooth.
The Santander 123 pays 3% gross on larger balances and I have found that the kick back I receive on a few direct debits, such as council tax, and utilities, more than make up for the tax and £2 monthly account fee. In effect I am receiving roughly 3% net 8) 
By contrast, I opened a new replacement Nat West bank current account and even though I had another savings account with them, and I have been with them for all my life, they have treated me as a new customer and have withdrawn my o d facility, which I don't need, but I was angry through principle!
So in conclusion loyalty counts for nothing!
Santander 9 out of 10
Nat West 1 out of 10


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## Stanner (Aug 17, 2006)

Thanks for that I'm just in the process of opening one - but I was disapointed with how inflexible Santander are compared to Norwich & Peterborough when I opened my Gold account with them.

I told N&P I wanted to open an account but only transfer some DD to them and NOT close my Flexaccount at Nationwide.

No problem they said here is a list of all your DDs which do you want to transfer? The opening of the new account and the transfer over of some of the DDs was completed in the local branch in about 30mins without affecting the Flexaccount. 

I told Santander the same that I wanted to transfer over some, if not all, of the remaining DDs but again didn't want to close the Flexaccount. An appointment was made for me to visit the Branch the following Wednesday - however later the same day I received a phone call from Santander saying they could not do "partial" transfers in Branch it was "all or nothing". 
If I wanted to open a 123 account and transfer DDs without closing the old account I would have to do it all myself online. 

First I would have to change my Santander current account over to a 123 account then contact all the DD mandates myself and inform them of the change of account.


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## Landyman (Apr 3, 2010)

I agree with your thoughts on the 123 Account. We have had one for some time and the interest plus the D/D bonus adds up to a decent sum.

My wife and I had both banked with Nat West since we started working and my mother had an account with them for years. When mother died and I acted as executor to her very small estate it was only Nat West that put difficulties in my way. Every other institution that she had dealt with, including government departments, were very helpful.

Richard.


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## Bob45 (Jan 22, 2007)

I had a similar experience.
I had been with Natwest for 40 odd years and got fed up with threatened or real branch closures and the very poor interest rates on offer. I changed to the Santander 123 A/C paying 3% on up to £20K and their service is much better.
I thought Nattiest would have got in touch to find out why I moved and try to keep me -- no chance.
So far very pleased.

Bob


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## 113016 (Jun 5, 2008)

Stanner, I had the same, Santader would transfer a few, but it would have been quite time consuming for them, so I did the complete switch. To be honest, all I have lost is a largish O D facility which I will never use, and I have a smaller one now with Santander, which again I won't use.
Richard and Bob
A few years ago, we had quite a few dealings with various banks.
Nat West were the worst to deal with, but I stayed with them as we have a local village branch. 
Local customer service is very good, but they have no input to head office, when opening new accounts. 
I now only keep a small amount in this local N W branch, just for an emergency, so I will use them without loyalty!


edit
Incidentally, I use the Keele University branch, it is small, and personal. I have already built up a nice relationship with them!
A larger High street branch is a little nearer to me, but I like the small branch feel, and they have been quite helpful.
Check out if you have a Uni Branch nearby!


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## peribro (Sep 6, 2009)

I've had a Santander 123 account for 18 months or so and have been delighted with it. Not only do I earn interest on the credit balance but managing it online is easy. I also took out a 123 credit card a few months ago and that gives 3% cashback on fuel purchases (up to £300 a month) as well as lower rates of cashback on various other types of purchases.


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## 113016 (Jun 5, 2008)

Yes peter, I know about the 123 credit card with the kick backs, my branch have already offered me one, but I already have a card that gives me kick back and without a yearly fee.
Santander will give the first year, fee free, but after that I think it is £24 per year. 
I'll stick to the one I have for now, as i don't want to mess the credit limit up. We charge to it and pay off in full every month.


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## H1-GBV (Feb 28, 2006)

Don't forget that you can have 2x 123 current accounts so long as you pay in more than £500pm without internal transfers. We have a joint account plus a seperate account each, keeping £20k in each one. This means an interest payment of £150pm approx.

We also have a NationWide account (paying 3% on £2.5k) into which we transfer money from Santander, then back to a different Santander, then back to NW then back to the third Santander account. The guy at Santander said we could even withdraw money from one account at the ATM then deposit it into a different account over the counter, but internet banking is far easier.

Definitely a good buy - Gordon


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## 113016 (Jun 5, 2008)

I was going to do something like that Gordon, that was why I reopened a Nat West account, but then I thought could I be bothered as problems when we are away, unless standing orders were set up.
And the kick back would not increase as it would just be split between accounts.
In the end, I decided to open a few pensioners bond accounts. 
But not totally discounted as yet!
Santander have lowered the top tier interest on one of my ISA accounts, I am wondering if they will lower the 123 
It would still be one of if not the best, even if they lowered it, and I guess they know that!


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## DABurleigh (May 9, 2005)

> Thanks for that I'm just in the process of opening one - but I was disapointed with how inflexible Santander are compared to Norwich & Peterborough when I opened my Gold account with them.
> 
> I told N&P I wanted to open an account but only transfer some DD to them and NOT close my Flexaccount at Nationwide.
> 
> ...


That wasn't our experience, we opened our first 123 account in parallel with our old Lloyds current account expressly to see how it went for a couple of months, using just the minimum DDs. All done in branch last year in 40 minutes.

Liked it so opened another 123 account, and if I can get my head around a third with the money coming in, when I close a Tesco bond in April, I'll open another. A couple can have 3 - 2 in each names and a joint account.

Have they changed anything? The staff were the most helpful I experienced of several high street banks last year, when I was closing a number of accounts.

Dave


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## Stanner (Aug 17, 2006)

DABurleigh said:


> > Thanks for that I'm just in the process of opening one - but I was disapointed with how inflexible Santander are compared to Norwich & Peterborough when I opened my Gold account with them.
> >
> > I told N&P I wanted to open an account but only transfer some DD to them and NOT close my Flexaccount at Nationwide.
> >
> ...


I can only relate what I was told over the phone and I have no reason to doubt it as the Santander employee who told me is my Son-in-Law's Mother. 
She was not aware of any potential problem when she made the appointment and was most apologetic when she rang me later to cancel it. 
I can't see why only transferring some DDs and NOT closing the other account is such a problem - Norwich & Peterborough (a MUCH smaller outfit than Santander) managed it OK. 
Surely less work is less bother?

Perhaps your branch doesn't employ jobsworths.


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## 113016 (Jun 5, 2008)

Hi Stanner.
When I opened my 123, the branch Manager was quite happy to swap two DD's, maybe at a push 3 or do a complete transfer of all.
If, I had chosen the two or three, she would have had to telephone the companies concerned and she pointed out that it would be time consuming. She was prepared to do it while I waited. A complete transfer is carried out by head office, which is easier for all concerned.
This is their preferred option for obvious reasons.
I could have done it myself, but to be honest, I just couldn't be bothered to spend hours on the phone. I hate phones :lol:


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## cabby (May 14, 2005)

I must be the odd one out then, I have only received great service from Natwest, my account is at a small branch, but I use the town branch as it is easier for me.
However I do like the idea of the 123 account will look up the deatails. not adverse to earning money while sitting down. :roll: :roll: 

cabby


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## nickoff (Oct 11, 2005)

We have hardly used a credit card for years and years but after having a chat with an advisor in our local Santander last Friday we took the plunge and opened a 123 current and debit account with them. I will be keeping an eye on them to see how they perform. I was initially skeptical because we had some really bad service from Santander when they first took over the old Alliance and Leicester. At least after reading this thread I feel more confident 

Nick.


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## Stanner (Aug 17, 2006)

Grath said:


> Hi Stanner.
> When I opened my 123, the branch Manager was quite happy to swap two DD's, maybe at a push 3 or do a complete transfer of all.
> If, I had chosen the two or three, she would have had to telephone the companies concerned and she pointed out that it would be time consuming. She was prepared to do it while I waited. A complete transfer is carried out by head office, which is easier for all concerned.
> This is their preferred option for obvious reasons.
> I could have done it myself, but to be honest, I just couldn't be bothered to spend hours on the phone. I hate phones :lol:


That is the exact opposite of what I was told.........

"I've been told to cancel your appointment because we can't do partial transfers in Branch"


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## 113016 (Jun 5, 2008)

All I can do, is speak as I find  
Also when I complained at my local Nat West, they also told me that Santander did not have to close my old Nat West account.
They confirmed that Santander could transfer the DD's I wanted transferred.
But they possibly had an axe to grind!
Anyway, don't worry, let them transfer the lot, it saves a lot of hassle.
To be honest, I was very apprehensive about leaving Nat West, but how they have treated my new account, I am so pleased I did.
All Nat West go by is their computer.
The computer runs the people, it does not assist the people as it should. The staff know me and my credit history is good (never defaulted, had credit and always paid back in full) and I did have a large OD facility, but the computer says I am not satisfactory for even a £10 overdraft :lol: 
What a joke :lol:

edit
The Manager at my Santander, branch tried to get me to change to them last year, and out of loyalty to the local branch, I wouldn't 
It cost me 3% on £20k not to transfer  How silly I have been


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## Stanner (Aug 17, 2006)

It clearly looks like some members of staff in some banks just can't be arsed to do what the customer wants doesn't it?. :roll:

PS
I feel an enquiry to Santander via their secure messaging system coming on.


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## Revise (May 13, 2012)

I was with Barclays for 14 years. My daughter wanted to open business bank account so I asked Barclays for advice. They could see us in 2 weeks. SI I waled to Santander and was seen straight away. I opened an account as well as my daughter and everything went fine. 

Three Months later I could not be more happy. I have earned over £200 in interest and cash-back. So if this works out over 12 months I will have got £800 from the 123 account and £0.00 from Barclays.

Goodbye Barclays. I am now closing 2 business accounts, 1 savings account, my son is also changing along with my daughters. Barclays have lost 6 accounts from 1 household.


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## Camdoon (Sep 21, 2012)

From a previous thread, some of the conclusions that were reached were:
You may want to become a Santander Select customer as the level of service goes up substantially.
The level of service is markedly better than 4/5 years ago in any case.
A couple can open 3 123 accounts - an individual one each and a joint account.
Qualifying Direct Debits do not have to be paid monthly, they can be annual ones.


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