Santander bank to cut interest rates on the popular 123 current account

The bank of Santander attracted millions of new customers with its offer of interest of up to 3% on the 123 current account, but now the bank is set to cut these interests rates to 1.50% AER on 1st November 2016.

From 1 November 2016, the 1|2|3 Current Account will pay 1.50% AER / 1.49% monthly gross (variable) on balances up to £20,000, including on balances below £1,000. No interest is earned on balances above £20,000.

This latest cut follows on from when I reported the hike in its fee last January on the popular account!

I will now have a look and see what’s else is out there for all fellow Prudent Petes!