Banking

High street bank TSB i s reviewing the 5% rate it pays out to savers on its best-buy Classic Plus account, MoneySavingExpert.com understands.

Tens of thousands of people who held a student current account with RBS or NatWest between 2002 and March 2016 are due to receive a refund of overdraft charges.

HSBC has fallen into last place in our latest banking poll with just 38% of its current account customers rating it 'great' for customer service, while First Direct has extended its six-year reign at the top of the table with 91% giving it the thumbs up.

Rewards and interest rates on Lloyds', Halifax's and Bank of Scotland's flagship current accounts could be under threat, after their parent company Lloyds Banking Group said it will conduct a review as a result of "changing market conditions".

Santander is taking an axe to its flagship 123 current account by chopping the headline interest rate in half later this year, MoneySavingExpert.com can reveal.

Banks have been told they must take part in an "Open Banking revolution" and allow customers to manage their accounts with multiple providers through a single digital app by early 2018, as part of a package of measures designed to "shake up retail banking for years to come".

The Bank of England has cut the base rate for the first time in more than seven years, reducing it from 0.5% to a new historic low of 0.25%.

Interest rates on two different Santander products have been cut this week as customers continue to wonder whether the bank is preparing to reduce the headline rate on its flagship 123 current account from 3% to 2%.

Santander has unveiled a 'lite' version of its 123 current account in a bid to attract lower-earning customers and those without big savings.