Santander slash interest on its 123 current account

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!

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