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Santander current account fee increase the sign of things to come

With Santander announcing that monthly fees for its popular 123 current account will rise from £2 to £5 in January 2016, Nicolas Frankcom, money expert at https://www.uswitch.com/banking/>**Uswitch.com****, says**: “An almost threefold increase in fees is a huge kick in the teeth for Santander 123 customers. Many will feel cheated by Santander moving the goalposts, and those drawn in by tempting cashback offers will have to spend more on household bills just to break even. However, it’s worth noting that Santander still pays a respectable 3% interest on balances between £3,000 and £20,000.

“Santander didn’t win any of our customer services awards this year, and it may be time for their customers to check how much they’re earning on the account and vote with their feet if they’re not seeing value for money. Competition in the current account market is hotting up with more banks like Halifax, TSB and Clydesdale bringing in switching incentives, and lots of accounts on the market still offering high interest on balances. For example, Nationwide and TSB both pay 5% on balances with no monthly charges.”

For more information visit https://www.uswitch.com/banking/>**www.Uswitch.com** or call 0800 093 06 07

FOR MORE INFORMATION

Ailene Barr

Phone: 020 3872 5610

Email: ailene.barr@uswitch.com

Twitter: @uswitchPR

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