It costs £2 a month, £24 a year. I also have a Santander mortgage. The bank will pay 1% cashback to new or existing 123 customers who have a Santander or Abbey for Intermediaries (AFI) mortgage. Meanwhile, previously unlimited cashback offers will be capped at £15 a month. The 123 current account . Looking at my Santander 123 accounts, the net interest payments and associated tax payments are clear. How are these handled as far as tax is concerned? Anyone who got the card after this date hoping to benefit from cash back therefore needed to spend a monthly … I just took up the £75 cashback on a new Santander Life Insurance policy at the minimum level of cover costing me £5 pm (or £4.90 pm after 123 Lite cashback) so when cancelling it after 6 months that should be another circa £45 profit. If you still want the cashback you can downgrade to 123 Lite, but you need to make sure you get at least £2/month cashback to break even with the fee. There is no mention of any tax payments. From 5 May 2020, the interest rate on the bank’s popular 123 account will be cut from 1.5% to 1%, on balances up to £20,000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Santander has slashed the perks on its flagship current account, a change that will cost its four million account holders up to £100 a year. The new 123 current account from Santander allows you to earn cashback on your council tax, energy bills and mobile phone bills! As BarbaraofSeville points out, you get a better rate on the regular saver. Registered in England and Wales. I have a 123 £5 a month account. Registered Number 2294747. A new current account launches today, offering not only a market-leading rate of interest on balances up to £20,000, but also the opportunity to earn cashback … 10 replies 416 views RobM99 Forumite. I normally make about £8 a month, including interest as well as the cashback from direct debits. 1 0% introductory Annual Percentage Rate (APR) for 12 billing cycles on Balance Transfers made within 90 days of opening your account and 0% Introductory APR for 12 billing cycles on Purchases. Santander UK plc. Santander revamps its 123 current account to offer cashback on mortgage repayments for Santander mortgages. Cashback. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. www.santander.co.uk. In January 2016, the fee for holding a Santander 123 cashback credit card increased, from £24 annually to £3 monthly - equivalent to a £36 annual charge. I also get cash back payments for direct debit payments. Santander 123. Are these payments subject to … Here are the key features of Santander's 123 current account: Fee. 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