Santander

Hundreds of thousands of Santander customers who have its 123 credit card could see their cashback cut from next February, as the bank caps the amount of cashback cardholders can earn.

The last bastions of decent interest rates - high interest accounts - are disappearing fast. Lloyds, First Direct, HSBC, M&S and TSB have all followed Santander's lead and decided to cut their rates, either immediately or in the next few months. Plus Halifax has also slashed its monthly reward.

Santander has ditched its cashback-paying 123 credit card for new customers, replacing it with the new lower-paying All in One card.

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.

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.

The number of current account customers switching banks is on the up, despite the fact that of the UK's 68 million current accounts, fewer than 1% were switched during the opening six months of 2016.

Halifax has cut the interest rate of its Help to Buy ISA from 4% to 2.5% for new customers – but if you already have one, you can breathe a sigh of relief as existing customers won't be affected by the change.

More than a million current accounts were switched to a new bank in 2015, according to new figures published today. But with total switches down 11% compared with 2014, the message is: if you're not gaining from your bank account, switch now.