Santander Terminates Popular Current Account Used by Hundreds of Thousands of Clients in Coming Month
The Santander 123 Lite account, which offers up to 3% cashback on household bills, is set to close on August 21. This closure leaves hundreds of thousands of customers in search of alternative banking solutions. In this article, we explore potential alternatives and options for customers after the closure.
Santander customers might consider switching to another Santander current account as an option. The full Santander 123 account or Santander Everyday accounts could provide similar features or benefits. Alternatively, customers could explore switching to a different bank's current account. Many banks offer incentives for switching current accounts, making it financially attractive. The Current Account Switch Service allows for an easy transfer of direct debits and incoming payments to a new account, facilitating switching.
For those who wish to retain some relationship with Santander, using linked savings accounts could be an option. Santander customers with linked savings accounts can keep those accounts even if switching their main current account.
Santander's official communications and promotions around the time of closure should be reviewed for any recommended alternative accounts and switching incentives. It's also advisable for customers to explore offers from other major banks, such as the American Express Cashback Everyday Credit Card. This card offers 5% cashback for the first five months (up to £125), followed by up to 1% cashback. However, to qualify for ongoing rewards, one needs to spend over £10,000 annually.
Another option is the AmazonBarclaycard, which offers 1% cashback on Amazon purchases and 0.25% cashback elsewhere (0.5% in the first year). The card provides an Amazon voucher upon acceptance, usually worth £20.
It's important to remember that borrowing should be approached with caution to avoid falling into debt. Before taking on more, consider whether one can afford to pay off existing debt. Some transactions may not qualify for cashback rewards, so it's essential to check the terms and conditions.
In conclusion, the closure of the Santander 123 Lite account presents an opportunity for customers to review their financial products and find the best solutions to suit their needs. Customers may need to proactively select their next banking solution based on their personal requirements and available market offers.
Customers seeking alternatives to the Santander 123 Lite account may consider switching to a different Santander current account like the full Santander 123 or Santander Everyday for similar features. If opting to switch to a different bank, the Current Account Switch Service offers an easy transfer of direct debits and incoming payments.
For those wishing to maintain a relationship with Santander, linking savings accounts could be an alternative option. Customers with linked savings accounts can keep those accounts while switching their main current account.
