Santander has decided to discontinue its widely-used bank account today, leaving customers in search of cashback benefits elsewhere.
The banking giant is discontinuing its 123 Lite current account, which was introduced in 2016. This account offered customers 3% cashback on household bills for a monthly fee of £2. Additionally, account holders could avail of 3% cashback on gas and electricity bills using this account.
Current Santander 123 Lite customers will be automatically shifted to the Everyday current account, which, unfortunately, does not offer any interest on balances or cashback rewards.
Explaining the decision, Santander stated that after reviewing the 123 Lite account, which was last available to new customers in November 2022, and to streamline their product range, they have chosen to discontinue the account.
Furthermore, Santander will also be removing the 1% cashback deal on supermarket, fuel, and travel purchases from its Santander Edge current account starting September 9, 2025. However, the account will retain its 1% cashback on bills, with a monthly charge of £3, amounting to an annual cost of £36 for customers.
For those disappointed about losing cashback benefits on their bills, there are alternative options available. Chase, a digital bank by JP Morgan, provides 1% cashback on groceries, travel, and fuel purchases up to a maximum of £15 per month.
Nationwide’s FlexDirect account offers a 1% monthly cashback, capped at £5 per month, on debit card spending, along with 5% interest on balances up to £1,500, potentially earning customers £75 annually if the maximum balance is maintained.
Zopa Bank’s new current account offers 2% cashback on bill direct debits up to £1,500 per year, with a fixed rate guaranteed for 12 months. Additionally, Zopa provides 2% interest on cash balances without any earning limit, with the fixed rate also applicable for the first 12 months.
The changes in account offerings come alongside Santander’s introduction of a new feature in its OneApp banking app aimed at safeguarding customers against scammers. The enhanced technology automatically blurs the user’s mobile screen upon detecting screen sharing activity, preventing unauthorized access to personal information by scammers utilizing remote access and screen sharing tactics.
These scammers often trick individuals into downloading legitimate screen sharing software like AnyDesk or Teamviewer, enabling them to gain access to mobile screens and sensitive information such as mobile banking credentials and passwords.
