Santander 123

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.

Four million Santander customers will see the cashback offered on their 123 and 123 Lite accounts changed from October. 123 Lite customers will also see their account fee doubled to £2 a month.

Santander will slash the interest paid on its popular 123 current account to just 1% and cut the cashback it offers, MoneySavingExpert.com can reveal. It's also bringing in a single overdraft interest rate of 39.9% across most accounts. We've full details and analysis below, along with answers to some of the questions you've sent us since we first published this article.