Hearing and speech-impaired customers may use 7-1-1 or their preferred relay service. What’s changing on the Santander 123 account? On 5th May, the 1-2-3 account interest rate fell from 1.5% to 1%. Millions of people with Santander's popular current account face a cut in the interest paid amid changes for savers and borrowers. From Tuesday, the bank will alter the rate of cashback it … 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. Santander said the change is being made as a result of the recent reduction in the Bank of … Santander is cutting the interest rate on its 123 Current Account again, reducing it from 1% to 0.6% AER from 3 August. 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. These will apply from 27 October 2020. From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. Cashback rates for direct debit payments will be changing as well. Find out more at Santander.co.uk Are you wondering what to do with the money in your Santander 123 current account? 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. Second, each cashback section will be limited to £5, meaning the most cashback you’ll earn each month can be £15. From October 27, Santander will change the cashback categories on its 123, 123 Lite, Private and Select current accounts. First, the interest rate on savings will drop from 1.5% to 1%. 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? It was a long process and it created a Lite account with a new sort code and account number. 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. Under the changes, customers will … So is the NatWest/RBS Reward account worth keeping? Millions of Santander 123 Current Account customers will see their interest rate halved from 3% to 1.5% today (November 1).. Sign-In What happens if I want to close my account? But you do need to look carefully at how you use the account and what alternatives are on offer. 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). 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. If you use an arranged overdraft of £1,200 you’ll be charged an interest rate of 39.94% APR/ EAR (variable). The same changes apply to the Royal Bank of Scotland (RBS) Reward account, which is only available to Scottish customers. So the annual cost of the account … 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. 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. Now from October 27th 2020 there will be more cuts. Susan Allen, Head of Retail Banking at Santander, announced the changes to the bank’s current account, but attempted to reassure customers. We take a look at how it compares to its main rival; the Santander 123 Current Account. 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. The accounts enable customers to … You have unsaved changes. 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