Find out more at Santander.co.uk But you do need to look carefully at how you use the account and what alternatives are on offer. Here are the best high-interest alternatives to switch to that could pay you more. Important update 24 Jan 2020: Since I wrote this blog, Santander has announced it’ll be slashing the interest rate on its 123 account from 1.5% to 1% in May 2020. Millions of people with Santander's popular current account face a cut in the interest paid amid changes for savers and borrowers. Santander has slashed the rate on its 123 Current Account. Santander is slashing interest and cashback it pays to holders of its 123 current accounts in May and bringing in an overdraft rate of 39.9 per cent in a major shake up of its bank accounts. If you use an arranged overdraft of £1,200 you’ll be charged an interest rate of 39.94% APR/ EAR (variable). High street bank Santander will make yet more changes to perks on its 123 accounts this week – the latest in a string of savage cuts. Santander UK has announced changes to the 123 account (Image: GETTY) It dropped to the all time low back in March, following two successive … If you have any questions about these changes, would like to talk about your options, or want to close your account please call us on 0800 9 123 123. … Sign-In Santander is increasing the monthly account fee on its very popular 123 current account from £2 a month to £5 a month from Monday (January 11). Although Santander is no longer the clear market leader among current accounts, it may still be a good (and possibly the best) choice for some people. In October Santander's cashback for 123 and 123 Lite accounts will change The monthly fee for the 123 Lite account will double from £1 to £2 Santander says changes are … On 5th May, the 1-2-3 account interest rate fell from 1.5% to 1%. Related articles Santander … He recommends a switch to an account such as Santander 123 Lite, the Co-op Bank account or M&S Bank, which pays £100 of M&S vouchers for switching to it. Hearing and speech-impaired customers may use 7-1-1 or their preferred relay service. Though you can still get the same levels of cashback and interest each month, you’ll need to work out if this increase makes a difference. Second, each cashback section will be limited to £5, meaning the most cashback you’ll earn each month can be £15. Santander said the changes were being made ‘due to the market expectation of … When Santander launched the 123 account in 2012, it quickly became one of the most popular accounts on the market, offering a decent interest rate on large balances and up to 3 … Paying more interest than most savings accounts as well as offering cashback on bills, it … Santander will increase fees and alter the cashback paid on its 123 current account from October, adding to existing plans to cut interest rates from next month. You have unsaved changes. Millions of Santander 123 Current Account customers will see their interest rate halved from 3% to 1.5% today (November 1).. October 2020 changes For the third time this year, the Santander 123 accounts are to change. Yes, I get why people will move to accounts with better interest rates but this thread is about changing from the 123 account to the 123 lite account. What happens if I want to close my account? The biggest is the monthly fee on the 123 Lite will double to £2 a month, so £24 a year, meaning you’ll earn £12 less a year. Yes No. Here how I worked this out… I started by looking at what I currently get from my Santander 123 account in terms of cashback and interest and setting this against the monthly … The bank is about to start hacking back the perks and reducing the interest rate from 1.5 per cent to 1 per cent.When So is the NatWest/RBS Reward account worth keeping? From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. These will apply from 27 October 2020. Millions of Santander current account customers will soon see their cashback change while fees for 123 Lite account holders will rise from £1 to £2 per month. Changes to Santander 123 Current account. This is Martin's table of bank account comparison's. The accounts enable customers to … What’s changing on the Santander 123 account? If … This is the second reduction to be announced in three months and means Santander will have knocked 0.9% off its 123 account interest rate since the start of May. Santander is cutting the interest rate on its 123 Current Account again, reducing it from 1% to 0.6% AER from 3 August. The bank said on Wednesday it will write to all customers during July and August to explain the latest changes. Now from October 27th 2020 there will be more cuts. Under the changes, customers will … Actual credit limit may differ. When logged in I tried to "downgrade" to the Lite 1-2-3 account. The same changes apply to the Royal Bank of Scotland (RBS) Reward account, which is only available to Scottish customers. Changes to the Santander 123 bank account are set to take place from 1 November - a little over two months away. Santander vs NatWest: monthly fee From Tuesday, the bank will alter the rate of cashback it … From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. So the annual cost of the account … MARTIN LEWIS BLOG. First, the interest rate on savings will drop from 1.5% to 1%. Santander also previously announced that from August 3, it would be reducing the in-credit interest rate for its 123, Select and Private current accounts, from 1% to 0.6% on balances up to £20,000. She … From 5th May 2020, there are two key changes to the account. It’s nice to know you’re in control with our new create/change PIN feature for your Santander ATM, Debit, and Credit Cards It is important to ensure that we have your current cell number in order to send you the one-time passcode verification needed to change your PIN. From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. I rang Santander and asked them to delete this unwanted account. It was a long process and it created a Lite account with a new sort code and account number. Susan Allen, Head of Retail Banking at Santander, announced the changes to the bank’s current account, but attempted to reassure customers. Cashback rates for direct debit payments will be changing as well. Are you wondering what to do with the money in your Santander 123 current account? We take a look at how it compares to its main rival; the Santander 123 Current Account. From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. Santander changed the banking world when it introduced the 123 account. Santander 123 current account interest cut to 1.5% in fresh blow to savers. The monthly fee will rise from £2 to £5 from 11th January 2016 – an extra £36 a year. Do you want to leave the page? Santander have just announced further changes to their fees and cashback rates. The main change is that the fee for a Santander 123 Lite account will be doubling from £1 to £2 a month. Santander said the change is being made as a result of the recent reduction in the Bank of … The announcement comes on the exact day that customers have seen interest on the 123 current account fall from 1.5% to 1% after being informed of the change in January. We offer other current accounts with different overdraft interest rates or without the option for an overdraft facility. Access your account information online with internet banking from Santander; manage your money, cards and view other services. That’s what I did, and in the end I stayed with Santander, but switched my account to 123 Lite. Read the 'Santander is now a dead duck' news story for full information.. 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