Santander is discontinuing its popular bank account today, compelling customers to look for cashback benefits elsewhere.
The banking giant is terminating its 123 Lite current account, introduced in 2016, which offered 3% cashback on household bills for a £2 monthly fee. Customers could also receive 3% cashback on gas and electricity bills with this account.
Existing Santander 123 Lite customers will be moved automatically to its Everyday current account, which does not provide interest on balances or cashback rewards.
Santander stated that the decision to withdraw the 123 Lite account was made following a review to simplify their product range.
Additionally, Santander is ending the 1% cashback deal on supermarket, fuel, and travel purchases on its Santander Edge current account from September 9, 2025. However, the account will maintain its 1% cashback on bills.
For customers seeking cashback alternatives, JP Morgan’s digital bank, Chase, offers 1% cashback on groceries, travel, and fuel purchases up to £15 per month.
Nationwide’s FlexDirect account provides 1% monthly cashback, up to £5 a month, on debit card spending, along with 5% interest on balances up to £1,500. The interest rate drops to 1% after the first year.
On the other hand, Zopa Bank’s current account offers 2% cashback on up to £1,500 of bill direct debits annually, with a fixed rate for 12 months. Zopa also gives 2% interest on cash balances with no earning limit, fixed for the first 12 months.
In other news, Santander has introduced a new security feature on its banking app, OneApp, to protect customers from scammers. The feature automatically blurs the user’s mobile screen to prevent unauthorized access during screen sharing.
Scammers have been using remote access and screen sharing tactics to acquire personal information such as banking credentials. They often persuade victims to download legitimate screen sharing software to gain unauthorized access to mobile screens.
This update comes as part of Santander’s efforts to enhance customer security amidst rising scamming activities.