A year ago Santander 123 halved its interest to 1.5% – now most should consider ditching it

Update Note: 12/12/2017. I wrote this blog just before November’s base rate rise, predicting then UK rates would rise and Santander 123 wouldn’t follow. Well UK rates did rise, and Santander’s confirmed it won’t follow. So everything below still stands. Some of the alternative accounts and rates have shifted slightly, but most are pretty similar – just click...

Santander 123 rate’s dropping to 1.5% – should you ditch it?

This Tuesday 1 November, Santander 123 – the bank account that’s topped savings tables for over four years – will take a hammer to the interest it pays. It’s cutting its main interest rate from 3% to 1.5%, the one that applies to savings up to £20,000. So the key question for the four million people who...

Santander 123 rate’s dropping to 1.5% – should you ditch it?

This Tuesday 1 November, Santander 123 – the bank account that’s topped savings tables for over four years – will take a hammer to the interest it pays. It’s cutting its main interest rate from 3% to 1.5%, the one that applies to savings up to £20,000. So the key question for the four million people who have it is – stick or ditch?

Should I ditch Santander 123 due to the fee increase?

Santander 123 is the most innovative current account we've ever seen – it's been one of my top picks since it launched in 2012, yet it's now announced the fee will rise in January from £24 to £60 a year