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Uswitch comments on Santander halving interest rates on 123 account

Commenting on the news that Santander has halved the interest rate on its 123 account to 1.5%, Tashema Jackson, money expert at Uswitch, says: “It’s disappointing to hear that Santander is halving the interest it will pay customers on its flagship 123 current account. As we had expected savings rates to be affected by the Bank of England’s cut to base rate, it’s perhaps unsurprising that one of the most popular current accounts has followed suit.

“There are still a number of alternative current accounts offering a high interest rate on your savings. However, make sure you shop around to find the best bank account for your needs as some of the accounts will have upper limits on the balance that can benefit from the higher rates of interest, while others will have conditions such as depositing a minimum amount each month or paying out a certain number of direct debits.

“Santander customers who are thinking of switching should wait until November – when the cut to interest rates will be made – before deciding whether or not to switch, as other banks may follow this lead and make changes to their high interest accounts.”

Find out how you could save over £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR

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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.

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