Jane Dotson
Santander's 123 Current Account, launched in 2012, offers a cashback program on household bills and interest on balances, making it a popular choice for those looking to save money and get the most out of their banking. While the account has received mixed reviews, many customers appreciate its cashback and interest features, as well as the ease of online and mobile banking. However, it's important to note that Santander does not offer mobile phone insurance with its paid current accounts. The only way to get mobile phone insurance from Santander is through its home and contents insurance policy, which covers items inside your property, including smartphones.
| Characteristics | Values |
|---|---|
| Mobile phone insurance | Not included with the Santander 123 account |
| Alternative | Comprehensive home and contents insurance policy |
| Insurance providers | Aviva insurance limited, Chubb European Group SE (CEG) |
| Insurance policy | Classic and Plus |
| Classic policy | Unlimited contents sum, excess of £100-£500 |
| Plus policy | Insures up to £50,000, accidental cover as an optional extra, variable excess between £100-£500 |
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What You'll Learn
- The Santander 123 Current Account offers cashback on household bills
- Santander no longer offers mobile phone insurance with packaged accounts
- Mobile phone insurance from Santander is only valid when the smartphone is at home
- Santander home insurance is available in two tiers, Classic and Plus
- Santander 123 Current Account offers a full banking solution
The Santander 123 Current Account offers cashback on household bills
The Santander 123 Current Account offers a cashback program on household bills, which can help customers save money on their regular expenses. The cashback program has a tiered structure, rewarding customers with different percentages of cashback depending on the bill category. For example, customers can earn 1% cashback on council tax, mobile and home phone bills, broadband, and TV packages. The cashback rewards also cover other essential services, such as utilities, telecommunications, and local taxes.
The Santander 123 Current Account also provides benefits beyond cashback. It offers interest on current account balances or linked savings accounts, allowing customers to grow their savings. Additionally, customers can take advantage of online and mobile banking features, making it convenient to manage their finances on the go.
To maximise the benefits of the Santander 123 Current Account, customers should evaluate their spending habits and savings goals. Meeting the £500 monthly deposit requirement, setting up at least two active Direct Debits, and using the account for eligible household bills can help qualify for account benefits and maximise cashback earnings. Maintaining a balance close to £20,000 can also optimise interest earnings.
It is worth noting that while the Santander 123 Current Account offers cashback and interest features, experiences may vary. The account's rewards appeal to some customers, but it is important to consider individual spending habits and bills to determine if it is the best fit for one's financial needs.
Santander also offers other benefits to its customers, such as cashback on premiums when paying by Direct Debit from selected current accounts and cashback on new life insurance policies for Santander Select customers. However, it is important to note that Santander does not offer mobile phone insurance with its paid current accounts.
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Santander no longer offers mobile phone insurance with packaged accounts
If you already have a Santander account that provides mobile phone insurance, you can still benefit from features such as worldwide cover for your mobile handset against theft, damage (accidental, malicious, and liquid), and breakdown up to £500. Cover is provided for a mobile phone with a value of no more than £500 when new, and there is also £1,000 cover for unauthorised calls if your mobile phone is a contract phone. This insurance covers you and up to two authorised users of the phone, as long as they are registered with Santander.
The only other way to get mobile phone insurance from Santander is to take out a comprehensive home and contents insurance policy. This will provide cover for all the items inside your property, including damage to or theft of your smartphone. Santander home insurance is available in two tiers: Classic and Plus. Both offer different levels of cover, with the Plus option insuring up to £50,000 and the Classic option offering an unlimited contents sum. However, it is important to note that this type of insurance is only valid when the smartphone is inside your home.
As an alternative to Santander's mobile phone insurance, you may want to consider Mobile Phone Insurance Direct. They offer three price tiers (Essential, Plus, and Premium) that allow you to tailor a policy to your needs. All their policies offer worldwide cover and include accidental damage, liquid damage, theft, and loss cover.
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Mobile phone insurance from Santander is only valid when the smartphone is at home
Santander no longer offers mobile phone insurance with packaged current accounts. However, if you have an existing Santander account that provides mobile phone insurance, you can benefit from the following features:
- Worldwide cover for your mobile handset against theft, damage (accidental, malicious, and liquid), and breakdown up to £500.
- Cover for a mobile phone with a value of no more than £500 when new.
- £1,000 cover for unauthorised calls if your mobile phone is a contract phone.
- Mobile phone insurance for you and up to two authorised users of the phone, as long as they are registered with Santander.
The only way to get mobile phone insurance from Santander now is to benefit from a comprehensive home and contents insurance policy. This will provide cover for all the items inside your property, including your smartphone, ensuring that you can recoup the costs if it is damaged or stolen. However, it is important to note that this insurance is only valid when the smartphone is inside your home. As soon as you take your smartphone outside, you will no longer be protected. Therefore, if you are looking for mobile phone insurance that covers you outside of your home, you may need to consider alternative options, such as a dedicated mobile phone insurance policy from a specialist provider.
Santander's home insurance is available in two tiers: Classic and Plus. Both tiers offer a different level of cover and allow you to claim for damage to or theft of your smartphone. The Plus tier insures up to £50,000, includes accidental cover as an optional extra, and has a variable excess between £100 and £500. On the other hand, the Classic tier offers an unlimited contents sum and the same excess as the Plus policy.
While the Santander 123 Current Account does not offer mobile phone insurance, it provides other benefits such as cashback on household bills, interest on balances, and easy online and mobile banking. The account has a tiered cashback structure, rewarding customers with 1% cashback on council tax, mobile and home phone bills, broadband, and TV packages.
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Santander home insurance is available in two tiers, Classic and Plus
Santander does not offer mobile phone insurance with its paid current accounts. The only way to get mobile phone insurance from Santander is to benefit from a comprehensive home and contents insurance policy.
Prices for Santander home insurance start from £16 a month, with no charges for paying monthly. The application process has been described as straightforward and user-friendly, making it quick and easy to get your home insured. However, some customers have reported negative experiences with the insurance, including difficulty in contacting the company, lost documents, and refusal to pay for items that were stolen.
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Santander 123 Current Account offers a full banking solution
The Santander 123 Current Account offers a full banking solution with a range of features and benefits. Launched in 2012, it was a game-changer in personal banking, combining cashback with high-interest rates. While the rates have changed, the account remains popular, offering cashback on household bills and interest on balances.
The account has a tiered cashback structure, rewarding customers based on different bill categories. Customers can earn 1% cashback on council tax, mobile and home phone bills, broadband, and TV packages. There is also cashback available on essential services like utilities, telecommunications, and local taxes. The total monthly cashback is capped at £15, allowing customers to save up to £180 a year on their household bills.
In addition to the cashback rewards, the Santander 123 Current Account also offers interest on current account balances. Customers can earn 2% interest on balances up to £20,000. To get the most out of this account, customers should focus on maximising cashback and optimising their financial strategy. This includes meeting the £500 monthly deposit requirement, setting up at least two active Direct Debits, and using the account for all eligible household bills to maximise cashback earnings across different tiers.
The Santander 123 Current Account also provides easy online and mobile banking. While it does not offer mobile phone insurance, Santander offers other insurance products, including travel insurance and home insurance, which can be beneficial for customers looking for a comprehensive banking solution.
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Frequently asked questions
No, the Santander 123 account does not offer mobile phone insurance. However, if you already have a Santander account that provides mobile phone insurance, you could benefit from mobile phone insurance.
The only way to get mobile phone insurance from Santander is to benefit from a comprehensive home and contents insurance policy. This will provide cover for all of the items inside your property, including your mobile phone.
The Santander 123 account offers cashback and interest. This account is now closed to new applicants.
Santander offers travel insurance, life insurance, and home insurance.
