Savers have been dealt a blow after santander announced it is halving the interest rate on its hugely popular 123 current account. Savings accounts used to be the only sensible place to put your hardearned cash, but due to the effect of inflation, it can be difficult to get a real return. The rate will be cut in half, reducing the amount savers can. Santander today cut the interest rate on 123 accounts from 1. Santander may cut its payouts to customers who have flocked to its 123 current account as it struggles with a squeeze on returns from low interest rates. The online saver gives a better rate of interest compared to the 123 account which gives 3% on amounts between. Hi all i applied to santander for a bank account and got the basic bank account with visa debit card unembossed. The santander 123 account has been on my radar for a while now, but i wasnt sure how beneficial it would be because of the monthly fee. Advice on santander 123 account please moneysavingexpert forum. Santanders 123 account paid 3 per cent interest on balances of up to. Santander get a lot of flack and probably deserve some of it but in general i think they are fairly good. Consumer expert martin lewis has urged some customers to ditch a santander bank account. He says changes in interest rates mean the santander.
The fee information document details the main fees and charges on this account, including those associated. Santander 123 bank account holders advised to close them by. Why santander is halving its 123 account interest rate. They sent me a welcome email with a cheque book attachment request which i printed out and returned to the bank, thought id try my luck as think that is a standard email for all accounts as i have a totally adverse credit rating. Santanders knowledgeable business bankers are ready to help you choose the right banking solutions for your business. Sep 14, 2015 santander to increase 123 account fees this article is more than 4 years old the banks 123 current account pays interest and cashback, but its monthly cost will rise from. Top 10 current accounts best uk bank account deals money. Santander 123 bank account holders advised to close them. Martin lewis advises whether you should stick with the santander 123 account for those who do decide to ditch it, martin said the top alternative. Santander, cheque bookbasic account moneysavingexpert forum. Santander financial services plc is incorporated in england and wales with number 2338548 and its registered office is 2 triton square, regents place, london nw1 3an, united kingdom. It currently pays 1 per cent on deposits of more than. Current account holders are being lured in by santanders 123 account paying up to 3pc interest photo. Santander slashes its 123 interest rate current accounts.
Although we are making changes, the new interest rate of 1. Essentials current account, for students and workers new to the uk. Online from another santander account online to another santander account client deposit account. Exclusive access to offers on a range of lloyds bank products, including savings, mortgages and home insurance. Santander slashes rates on top 123 bank account personal. Santander international is the trading name of santander financial services plc, jersey branch and santander financial services plc, isle of man branch. With this option you are able to choose how long you want to put your money away for. Enter the amount of the check and click front image. We used the current account switching service last month and was pleasantly surprised at how smoothly it went.
A savings account for money you dont need too often. Britains most popular current account has offered a tiered system of interest since its launch in 2012, paying 1% interest on balances over. For information on current us federal reserve fed or european central bank rates please visit our international rates page. Santander, cheque bookbasic account moneysavingexpert.
Martin lewis says santander 123 is now a dead duck current. Like the original 123 account, 123 lite offers cashback on household bills, but you wont earn any interest on your balance. The rate of interest is fixed so you will know what youre accumulating. Advice on santander 123 account please moneysavingexpert. Reza attarzadeh, head of retail products, santander, said. Aug 29, 2016 santander last week announced that it will be slashing the interest rate on its 123 account to a flat 1. Jan 14, 2020 santander slashes interest rate on its popular 123 current account to 1% and will cap cashback in latest blow for customers. Santander has unveiled a lite version of its 123 current account in a bid to attract lowerearning customers and those without big savings. Santander to slash interest and cashback as its 123 account. Lite version of santander 123 account is launched how does. Customers can also earn monthly interest on their santander 123 current account balance. Remote check capture santander bank online bank account. Discover bank offers a wide variety of accounts, including an online savings account that pays 1. Isa beating interest rates from the santander 123 current.
To earn interest and cashback youll need to pay in. Santander 123 current account interest digital spy. This is the first big blow for savers using high interest current accounts as an alternative. Switch using the current account switch service and deposit at least.
Aug 15, 2016 reza attarzadeh, head of retail products, santander, said. Watch out, it counts a month from the anniversary of the account opening, not a calendar month. For example, the santander 123 account is the only one paying interest on balances up to. Santander offer a range of current accounts, including. Cashback percentages you earn on eligible cashback categories. This is a variable rate account and the rate may change at any time. Santander will be slashing current account interest to 1% on its popular 123 account this spring, and introducing a single overdraft interest rate.
Santander cut interest rates on 123 account sky news. Theres no minimum deposit required, and you pay no monthly fees with that account. Apr 06, 2016 the santander 123 account has been on my radar for a while now, but i wasnt sure how beneficial it would be because of the monthly fee. Santander to slash interest and cashback as 123 account. Before november 2016 santander s 123 account paid 3% interest. Santander have not only reduced their savings rates from 3% to 1. Gone from a great bank to an absolute rubbish bank. Santanders 123 student current account, for example, offers a free 1625 railcard for new customers, which is valid for four years and saves students up to one third on most rail fares, making this account a great choice for students who regularly travel by train. The main reason, in santander s case, has been their 123 current account. Is santander 123s current account really that much better.
Savvy savers will therefore be looking for alternatives and a high interest current account could be it. Basic current account, a stripped back account for credit building. Jul 16, 2012 in general its not a good idea to have. Santander has announced it will be reducing the amount of interest its customers can earn from its hugely popular 123 current account. You can manage your alerts settings at any time by using online banking, calling us on 0800 9 123 123 or visiting a branch. Open your santander mobile banking app and sign in with your user id and password. Santander 123 current account customers will lose up to. Santander will cut interest on its 123 account to 0. The santander 123 current account is a bank account designed to offer attractive extras like cashback on payments, and interest on balances.
Ordering checks is easy if you have a previous check order on file for this account with santander, you can reorder checks online, stop by your local branch, or call us at 1. Select deposit checks from the main menu left of your screen. Santander s knowledgeable business bankers are ready to help you choose the right banking solutions for your business. Spanishowned santander is slashing the rate of interest on its highly popular 123 current account by half, in a move that will hit more than 500,000 customers. Santander will cut the rate on its popular 123 current account to 1. Santander slashes interest rate on its popular 123 current account to 1% and will cap cashback in latest blow for customers. Interest is paid monthly on the day the account was opened. Savings accounts types of savings accounts santander bank. In this video i provide an overview of the terms, and. Oh and i have a joint 123 account and today set up another one each i distinctly remember the staff member saying that the. Feb 03, 2015 current account holders are being lured in by santander s 123 account paying up to 3pc interest photo.
Nov 01, 2017 the bank account had previously offered customers three per cent interest on any savings up to. Nov 04, 2016 martin lewis advises whether you should stick with the santander 123 account for those who do decide to ditch it, martin said the top alternative is the bank of scotland vantage account that pays. In the meantime, please use the temporary checks youve received in your new account opening kit we do not send temporary checks for accounts opened online. This is the first big blow for savers using highinterest current accounts as an alternative. Apr 29, 2020 how existing santander 123 customers can downgrade to a 123 lite account. Like the original 123 account, 123 lite offers cashback on household bills, but you wont earn any interest on your balance arguably the most popular feature of the original. Top 10 current accounts best uk bank account deals. Aug 17, 2016 offering 3 per cent for instant access, the santander 123 account was clearly out of line with the rest of the savings market, although the. Santander last week announced that it will be slashing the interest rate on its 123 account to a flat 1. Any accounts opened online will be assigned to the branch closest to your residential zip code, and will receive the interest rates and apys available at that branch. Santander to increase 123 account fees money the guardian. You will need to phone up the bank or go in branch to do this.
Santander 123 current account simply savings accounts. Its paid from your account automatically each month. How existing santander 123 customers can downgrade to a 123 lite account. Santanders 123 current account is a flagship offering from the bank and allows customers to claim cashback on household bills for a. Metro bank current account simply savings accounts. Moneysavingexperts martin lewis urges customers of this. The main santander 123 account comes with the same cashback but it has a higher. Everyday current account, their standard current account. If you currently have a 123 account then its fine to downgrade your account to a 123 lite. Center the check in the camera and wait for the app to snap the image. Low interest rates put squeeze on santander accounts. But the bank has since slashed its interest rates to 1. With the official taxfree saving products offering rates that continue to look rather flat, high interest current accounts have become a surprisingly viable saving option. Aug 16, 2016 santander has announced it will be reducing the amount of interest its customers can earn from its hugely popular 123 current account.
Aug 15, 2016 spanishowned santander is slashing the rate of interest on its highly popular 123 current account by half, in a move that will hit more than 500,000 customers. I have been with santander 123 current account 3 years now i think it is one of the best bank accounts on the high street it you get paid 1% from april upton. Santander 123 current account overview of terms and. Isa beating interest rates from the santander 123 current account.
Santander 123 current account overview of terms and credit. Santander has launched a new lite version of its popular 123 current account, offering cashback and a lower monthly fee but no interest on balances. Compare current accounts uk bank accounts lloyds bank. Access your account information online with internet banking from santander. November 1 sees the santander 123 current accounts interest rate drop from a top rate of 3% to 1. Lite version of santander 123 account is launched how. Each year, you can choose either 12 digital movie rentals, an annual digital gourmet society membership, 6. In fact, the only fee you should pay is an outgoing wire fee, if you choose to wire money. Santander cut interest rates on 123 account business. You absolutely should downgrade your account as theres really no benefit to the main 123 account.