Santander is cutting the interest rate on its hugely popular 123 account from 3% to 1.5% in a move that will hit millions of savers. Our Financial Services Register number is 106054. Shortly after getting the 123 account, which at the time offered a whopping 3% interest on balances up to £20,000 for a monthly fee of just £2, I also took out a mortgage with Santander. Santander will cut the interest rate on its popular 123 account again in August to 0.6%, MoneySavingExpert.com can reveal. Actual credit limit may differ. Itâs intended mainly for short term costs or emergencies and isnât generally suitable for longer-term borrowing. For more details, read How This Site Is Financed. If youâre shopping online for gifts, the deadline for ordering to get âem in time for Christmas may be sooner than you think. You can check this on the Financial Services Register by visiting the FCAâs websiteÂ www.fca.org.uk/register. Your account number, card and PIN will all stay the same. As usual, the interest rate you’re offered once applied depends on your personal circumstances, so there’s no guaranteed you’ll actually get the advertised rate … Thereâs a Â£5 monthly fee to maintain the account. If you are a higher or additional rate tax payer, you need to tell the HMRC about the interest … What’s changing with the Santander 123 accounts? If you are a 1|2|3 World or a Santander Select customer, you may be able to access lower interest rates on loans between £15,000 and £25,000. Here's MSE founder Martin Lewis's view... Martin Lewis, founder of MoneySavingExpert.com, said: "When Santander announced it would cut its 123 account's interest rate to 1%, I said it was a dead duck current account as there was little reason for anyone to stick to it. An unarranged overdraft occurs when your account goes overdrawn without an arranged overdraft in place or if your account goes over your arranged overdraft limit. SANTANDER is cutting the interest rate on its popular 123 current account for the second time in a year. Information correct as at 27 October 2020. You shouldnât notice any difference and the link will never negatively impact the product. There are other charges with this account, such as when you use your card abroad. Our Broadband Unbundled tool finds the cheapest broadband, phone and TV. You can retrieve your previous decision, The table below shows you how youâll be charged for using your overdraft.Â. "This is all rather a shame. To earn interest and cashback you'll need to pay in Â£500 a month (any interest paid, and payments between Santander personal accounts youâre named on won't count towards this) and have 2 active Direct Debits. And a Tesco Bank account could earn people £89, as they provide an interest rate of 3% if you having savings of over £3,000. Retailer Offers makes it easier to earn a little extra from a variety of Retailers.Â Once you switch on Retailer Offers in Online or Mobile Banking, youâll be able toÂ choose the offers youâre interested in and earn up to 15% cashback just by using your Santander cards. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. View all current accounts. Find out how much income you keep and how much the taxman takes. Learn more about ourÂ borrowing options. To pay tax you need to earn over £1,000 savings interest as a basic 20% rate taxpayer, £500 as a higher 40% rate taxpayer. where a payment is refused as you donât have enough funds. For more information about our approach to security as well as more useful information to help you stop the threat of fraud visit ourÂ Security Centre, Report a lost or stolen cardHelp with Online BankingHelp with Mobile BankingT&C and policy documentsRetailer Offers, How to update your contact detailsUsing your debit card outside the UKBereavement supportMoney worries, If you already have a current account with us and youâd like to change it to the 1|2|3 Current Account, you can change your account onlineÂ. If this applies to you, you should have been contacted and given alternative current account options. Santander said the changes were being made ‘due to the market expectation of interest rates staying lower for … TalkTalk to hike cost of home phone calls package by Â£24 a year, Tesco limits sales of toilet roll, eggs, rice and soap, Martin Lewis: This is why I set up a charityâ¦, Martin Lewis: Working from home due to coronavirus, even for a day? What are your rights to a refund if you need to cancel or change a wedding? Telephone 0800 389 7000. Santander is getting rid of the tiered interest rate offered on the 123 account, (1% on balances of £1,000, 2% on balances of £2,000 and 3% on balances of between £3,000 and £20,000) in favour of a flat … It's paid from your account automatically each month. Santander and the flame logo are registered trademarks. 3157344) is MoneySupermarket House, St. David's Park, Ewloe, Chester, CH5 3UZ. The deadlines for free and cheap delivery before Christmas are FAST approaching, Â£150 of CiatÃ© nail polish for Â£34 all-in, Trick gets TWO boxes of Â£2 Shreddies cereal for 60p - stack Â£1.50 coupon or cashback with supermarket offer. Registered Number 2294747. It's worth noting this means the third party used may be named on any credit agreements. Now, it's just another has-been account.". Editor-in-Chief, Marcus Herbert. Our TravelMoneyMax tool compares 30+ bureaux to max your holiday cash. We may ask you to repay all or part of your overdraft at any time but we'll try to notify you of this in advance. That cut has come into effect and it'll drop further to 0.6% â making it deader than a dead duck, if that's even possible! register to receive mobile-to-mobile payments withÂ, contactless payments with your mobile by linking your Santander debit or credit card to yourÂ. If you earn over £150,000 a year and are a top-rate taxpayer you don’t get a … We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. Monthly interest of 0.60% AER/gross* (variable) on balances up to Â£20,000. Actual credit limit may differ. If you go through it, it can sometimes result in a payment or benefit to the site. 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