Santander has increased the account fee on its high interest current account, but despite this, it has maintained a place in the Moneyfacts charts thanks to its continuing competitiveness.
123 Current Account now has a monthly fee of £5. Tiered rates of interest are paid depending on the account balance: 1.00% AER is paid on in-credit balances of £1,000 to £1,999.99, 2.00% AER is paid on balances of £2,000 to £2,999.99 and 3.00% AER is paid on balances of £3,000 to £20,000.
The account must be funded with at least £500 per month and have two direct debits linked to it in order to qualify for the interest.
This account can be opened in branch, online and by phone and then operated in the same way as well as in Post Office branches and by smartphone app. Account holders must be at least 18 years old.
An authorised overdraft rate of £1 per day is charged while a £6 daily charge will be imposed on unauthorised overdrafts.
This high interest current account may now charge a slightly higher monthly fee, but it is still highly competitive. Banking customers who want to make the most of their in-credit balance will find this a tempting offer, particularly if they have a larger balance of between £3,000 and £20,000. This deal therefore fully deserves to keep its 'excellent' rating.
Moneyfacts rating: Excellent
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