Banks

Banks will be required to refund most victims of bank transfer scams – known as "authorised push payment (APP)" fraud – from 7 October 2024, under new rules confirmed today (Tuesday 19 December). But you'll still need to be cautious when making a payment, as banks will be able to refuse refunds where you haven't been "sufficiently careful" – and they can charge an excess on claims.

Santander customers with the bank's popular 123 current account will see the interest paid on savings drop to just 0.3% from 12 April. It's the third time the bank has cut the account's rate cut in less than a year and means holders are better off switching.

Victims of authorised push payment (APP) scams could soon be guaranteed refunds from their bank as part of new rules to better protect consumers from financial fraud.

Santander is to close 111 branches - around 20% of its 563 UK branches - by the end of August, with the bank blaming the move on customers increasingly banking online. We've full info on which outlets are closing and what to do if your local branch is affected.

Consumers are being warned to look out for automated phone calls pretending to be from their bank or card company, after a wave of reports of similar scams.