Santander cuts again 123 present account rates of interest – and now pays zero.three%
Martin: & # 39;Santander 123 is more deaf than a dead duck – if that's even possible!& # 39;
When Santander cut rates in 2020, Martin Lewis, founder of MoneySavingExpert.com, made the following statement, which continues to this day: "When Santander announced that it would cut the interest rate on its 123 account to 1%, I said it was a dead duck checking account there was little reason to hold on to it, it's more deaf than a dead duck now, if that's even possible!
The option for Santander 123 customers is simple. Move your savings to the top account with easy access. If you like the cashback instead of paying £ 5 a month for it, move your checking account to the Santander 123 Lite account you receive the same cashback (but no savings interest).
"That's all a shame. When the 123 account was opened in 2012 it was a real game changer with a cracking interest of up to 3% for savers and a corresponding cashback offer. It remained a league leader for about five years , but since then the account has been killed by a thousand (interest) cuts. Now it's just one account. "