Looks like they are at it again. Cashback changes, for the worse, and monthly account fees rise, wef 27 October 2020.
Time to close this account and bring my Household Bills into my Bills pot with Monzo (which is where my main income goes anyway). After all, the regular saver, the main reason why I opened a Santander account a few years ago, offers no value to me after my current one matures this weekend.
One less current account to deal with 
I forget Santander exist sometimes. Nobody I know is still with them. They’ve butchered these accounts to within an inch of their lives.
I’ve been happy with Santander 123 Lite as my bills account. Has been netting me approx £63 per year in cashback (after fees). These changes will mean my net cashback will go down to approx £50 per year. I’ll now take a look at some other cashback accounts but I suspect there’s a strong chance I’ll stay with Santander.
My net gain would be 43p, post changes, so not worth the effort tbh
I use them for the large discount (“offer”) on home/contents insurance each year of extra cashback on insurnace. It by itself is half the price than Aviva, similar level of cover, and operated by Aviva. (Aviva is unlimited, santander is capped, but santander caps are higher than everything that I have).
So the £35 insurance which is £100+ elsewhere is worth keeping the account around for me.
You seriously get buildings and contents insurance cover of a decent standard for a net £35 through Santander?
My quotes have never been anywhere near those I can achieve on comparison websites for like-for-like cover.
I only need contents insurance.
Maybe I am somehow the lucky sweet spot customer 
Ah yes, perhaps. 
Being a homeowner, I need buildings as well, and Santander have never hit my sweet spot with insurance premiums.
Managed to get it all for just over £100 this year, providing the cashback offers are honoured
I pay £600 a year for buildings plus contents.
Garage got flooded a few years back which has caused a permanent doubling in our rates.
More changes ahead.
For the 123 account, interest rates dropping to 0.3% AER and monthly fee reduces to £4.
This must surely make the standard 123 account pointless now.
Even with the price cut, it’s twice as expensive as the 123 Lite, but offers an incredibly low interest rate which can be easily beaten elsewhere, even in a simple no-strings easy access account.
There are, as far as I can see, no other differences between the two accounts.
Why would anybody stick with the standard 123?
