With Santander raising the monthly fee for its popular 123 current account from £2 to £5 on Monday (11th January), Tashema Jackson, money expert at https://www.uswitch.com/banking/>**Uswitch.com****, says**: “The 150% fee hike is an unwelcome New Year’s gift for Santander’s 123 current account customers. Many will feel cheated by the bank moving the goalposts and could find that the fee increase significantly reduces the account’s benefits.
“If you’re a Santander 123 customer, check to see whether the account still offers you enough cashback or interest to justify the higher monthly charge, or whether you could be better off switching.
“Both M&S and Halifax are offering incentives for switching current accounts – including monthly vouchers or cash – while many other accounts offer high interest rates on balances. For example, TSB and Nationwide pay 5% AER on balances with no monthly charges. However, there are limits on the balance that can earn these high interest rates and it’s worth noting that the respectable 3% interest Santander pays is available on balances up to £20,000.”
FOR MORE INFORMATION
Katherine Moss
Phone: 020 3021 5893
Email: katherine.moss@uswitch.com
Twitter: @uswitchPR
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