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Santander set to cut current account interest rates – should customers switch accounts?
Derin Clark

Derin Clark

Online Reporter
Published: 14/01/2021

Santander has announced today that it plans to cut the interest rate on its 123, Select and Private Current Accounts from their current rates of 0.60% to 0.30%, which would mean customers depositing the maximum £20,000 would lose £60 per year in interest.

The interest rates on both these accounts are set to be cut on 12 April 2021. Santander has also revealed that it will be lowering the monthly fee on these accounts from their current amount of £5 per month to £4, which will save customers £12 over a 12-month period.

Explaining why Santander has decided to make these rate cuts, Susan Allen, CEO, Retail and Business Banking at Santander, said: “With the Bank of England base rate remaining at its lowest level on record, and significant recent reductions in interest rates on current and savings accounts across the industry, we have taken the difficult decision to reduce the interest rate on our 1I2I3, Select and Private Current Accounts. However, by lowering the monthly fee, we’ve ensured the accounts continue to provide customers with long term, everyday value, and Santander remains the only bank to offer both in-credit interest and cashback on household bills.”

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How to send money abroad this Christmas

Being away from family and friends who live abroad for Christmas can be difficult and this year, with extra demand on postal services due to the pandemic, those looking to send gifts overseas through the post may find they have already missed the last recommended posting date. Instead, to ensure loved ones do not miss out, sending money instead of a gift this year could be a safer and more reliable option.

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Send money to India for less this Diwali

This Saturday, Diwali will be celebrated by millions across the world and, according to foreign exchange company Xe, it will see a 35% increase in the number of payments sent from those living in the UK to India. People send money to India to help support family and friends and as gifts, especially at Diwali.
Those wanting to send money to India can do this using their bank, with an international money transfer service or a foreign exchange broker.

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Consumers need to act quickly as banks start withdrawing switching offers

Consumers looking to boost their finances by getting cashback from switching bank accounts need to act quickly as NatWest and Royal Bank of Scotland’s offers are due to end next week.

Both NatWest and Royal Bank of Scotland (RBS) enable new and existing customers to earn £125 by switching to a specified current account, but both deals end on 19 November 2020. “Consumers looking to take advantage of switching cash perks do not have long to do so, as current account providers continue to adjust their offerings,” explained Rachel Springall, finance expert at Moneyfacts.co.uk. “Most recently, Bank of Scotland and Lloyds Bank pulled their £100 switching offer and next week NatWest will pull its £125 cash perk.”

At the moment HSBC and Metro Bank are also currently offering switching deals. With HSBC, customers can earn £125 by switching to a HSBC Premier or Advance current account. Meanwhile, Metro Bank is offering customers up to £250 when they refer a friend to the bank through its Metro Bank Refer a Friend switching offer. With this deal, which is due to end on the 11 December 2020, the bank pays £50 per friend referral up to a maximum of five friends.

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NatWest launches £125 switching deal – we look at all the deals currently available

Today NatWest has launched a switching deal that will see new and existing customers earning £125 by switching accounts. Along with NatWest’s switching offer, four other providers offer customers switching incentives. Here we take a look at all the current switching incentives on offer.

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Reviewed: HSBC bank and its range of bank accounts

19th October 2020

HSBC has more than 40 million customers across the world. It is one of the big four banks in the UK. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

HSBC offers £125 cash bonus to switch to specific HSBC accounts (subject to eligibility). We review its range of bank accounts.

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Reviewed: Starling Bank and its range of accounts

9th October 2020

This week, Starling Bank announced its accounts will now be available via desktop and laptop, in addition to its App on mobile devices. Starling Bank is now six years old, so we decided to review their bank accounts.

This week, Starling Bank announced its accounts will now be available via desktop and laptop, in addition to its App on mobile devices. Starling Bank is now six

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Overdraft rates rise but borrowing becomes cheaper

22nd September 2020

Although overdraft rates have risen year-on-year, borrowing has actually become cheaper for many consumers as banks and building societies scrap overdraft usage flat fees

Although overdraft rates have risen year-on-year, borrowing has actually become cheaper for many consumers as banks and building societies scrap overdraft usage flat fees

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Earn £125 by switching to a HSBC current account

15th September 2020

After stopping its switching incentive six months ago, HSBC has relaunched its current account switching offer today

After stopping its switching incentive six months ago, HSBC has relaunched its current account switching offer today

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Most Popular Banking News

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NatWest launches £125 switching deal – we look at all the deals currently available

19th October 2020

Today NatWest has launched a switching deal that will see new and existing customers earning £125 by switching accounts

Today NatWest has launched a switching deal that will see new and existing customers earning £125 by switching accounts

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Reviewed: HSBC bank and its range of bank accounts

19th October 2020

HSBC has more than 40 million customers across the world. It is one of the big four banks in the UK. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

HSBC offers £125 cash bonus to switch to specific HSBC accounts (subject to eligibility). We review its range of bank accounts.

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Revealed: how to get £100 paid into your bank account

2nd September 2020

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also reveal the other bank account switching deals currently offering cash to swtich.

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. We also rev

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Earn £125 by switching to a HSBC current account

15th September 2020

After stopping its switching incentive six months ago, HSBC has relaunched its current account switching offer today

After stopping its switching incentive six months ago, HSBC has relaunched its current account switching offer today

Read More

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