Santander is AXING popular bank account with 100,000s of customers this week
The bank is closing its 123 Lite current account this Thursday, August 21.
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The popular account, which has not been available to new customers since 2022, offered 3% cashback on household bills for a £2 fee.
Cashback is a type of rewards program where you get a percentage of your spending back.
For example, if your card offers 1% cashback and you spend £100, you will earn £1 back.
Bill payers could earn up to 3% cashback, capped at £15 per month on expenses like council tax, mobile bills, energy and water.
If you still have a 123 Lite account, cashback will stop automatically this Thursday and you will no longer have to pay the £2 monthly fee.
A spokesperson previously said: "Following a review of our 123 Lite Current Account, which was last on sale to new customers in November 2022, and to simplify our product range, we have decided that now is the right time to withdraw the account."
Customers affected by the closure will be automatically switched to Santander's Everyday Current Account.
This account does not have a monthly fee but does not offer cashback benefits.
Customers who want to stay with Santander may want to explore the Edge or Edge Up accounts.
The Santander Edge account offers 1% cashback on certain household bills and debit card spending at supermarkets, petrol stations, and on travel.
Fresh wave of bank branches set to close for good in June
This account has a £3 monthly fee, with cashback capped at £10 per month.
For a higher cashback limit, the Santander Edge Up account costs £5 per month and allows you to earn up to £15 per month on both bills and debit card spending.
To keep these accounts active, Edge customers must deposit at least £500 per month, while Edge Up customers need to deposit £1,000.
And several major bank and lenders offer cashback through their current account or credit card products.
For example, the Chase debit card offers 1% cashback on most spending capped at £15 per month.
But after the first year you'll need to pay in £1,500 each month to continue earning cash back.
Monzo personal current account holders can also opt in for cashback offers with the digital bank.
You can pick your offers and tap to activate before you spend.
MORE BANKING CHANGES
It is not uncommon for banks to get rid of services or switch up their offering to adapt to consumers' needs.
Halifax said it would get rid of its "Extras" for Rewards current account holders in September.
Since June 17, customers have not been able to add Reward Extras to their account or renew an existing Reward Extras offer.
It comes as part of a refresh of the banking offer, which will see new features added.
This includes fee-free debit card spending abroad and a £100 interest free arranged overdraft to existing and new eligible Reward account customers.
Elsewhere, First Direct customers will no longer be sent paper savings account statements after September 1.
Instead, they will be able to view, download and print their statements using the bank's app or online banking.
The change will only affect those who have a savings account with the bank.
What is cashback?
CASHBACK is a type of reward offered by banks, credit card providers, and retailers where customers receive a percentage of their spending back as cash.
Essentially, it's a way to earn money while making purchases.
For example, if your card offers 1% cashback and you spend £100, you'll earn £1 back.
Cashback can be credited to your account, deducted from your balance, or saved up for future use, depending on the provider's terms.
It's often offered on everyday purchases, such as groceries, fuel, or online shopping, and may be part of a promotional deal or an ongoing benefit of your account.
However, remember to check the terms and conditions, as some transactions may not qualify for cashback rewards.
By using cashback offers wisely, you can usually make your money go further on purchases you'd already be making.
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