Always remember anyone can post on the MSE forums, so it can be very different from our opinion. For further explanation of our main terms and services take a look at our Glossary. www.santander.co.uk. Now it’s halving that, meaning for those with £20,000 saved, it drops … Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Overdrafts depend on your circumstances and you must repay any overdraft when we ask in line with our General Terms and Conditions. There is a cost associated with using an overdraft. 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. The Fee Information Document (116 KB) details the main fees and charges on this account, including those associated with using an overdraft. For example, alerts to advise you when your balance has fallen below a set limit, or you have had a deposit into your account greater than a set amount.  For more information visit Account alerts, You can manage your alerts settings at any time by using Online Banking, calling us on 0800 9 123 123 or visiting a branch. Â. Shift your savings to the top easy-access account, then if you like the cashback, instead of paying £5 a month for it, shift your current account to the Santander 123 Lite account, where you get the same cashback (but no savings interest) and pay just £1/mth (£2/mth from October) for it. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. Santander UK plc. Monthly interest of 0.60% AER/gross* (variable) on balances up to £20,000. Ultimately, the best way to affect the interest rate … 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. We think it's important you understand the strengths and limitations of the site. 3157344) is MoneySupermarket House, St. David's Park, Ewloe, Chester, CH5 3UZ. Santander UK plc. The maximum interest is now just under £120 a … MoneySavingExpert.com is part of the MoneySuperMarket Group, but is entirely editorially independent. Santander will cut the interest rate on its popular 123 account again in August to 0.6%, MoneySavingExpert.com can reveal. Santander 123 looks worse. What are your rights to a refund if you need to cancel or change a wedding? We’ll send them before your account is charged so that you have plenty of time to pay in money and either avoid or reduce overdraft charges. There are other charges with this account, such as when you use your card abroad. Find out how much income you keep and how much the taxman takes. Registered Number 2294747. The account's monthly fee hasn't changed this year â€“ it remains £5/mth. Interest is calculated daily and paid monthly. Including can you reschedule, what do insurers cover and will you get a refund? Unique tool uses probability to estimate winnings. If you’re shopping online for gifts, the deadline for ordering to get ’em in time for Christmas may be sooner than you think. Actual credit limit may differ. It's paid from your account automatically each month. Actual credit limit may differ. Santander cut the interest it pays on balances up to £20,000 on its 123 account by a further 0.4 percentage points. When you try to make a payment that would take you into an unarranged overdraft, we make the decision whether to allow or reject the payment based on your individual circumstances. Santander’s 123 account was unique in that it paid a relatively high interest rate on a large sum of money – up to £20,000. This second rate cut came into effect on Monday 3 August. Santander said its interest rate changes will mean some customers no longer earn enough in interest and cashback to cover the monthly fee. How does our overdraft compare? Earlier this year, Santander's 123 account paid 1.5% interest and offered 1-3% bills cashback with no caps. The monthly fee for a regular Santander 123 account will remain at £5 and it will continue to pay 0.6 percent interest, up to a maximum of £20,000. Have enough saved to pay tax on your interest? Santander is slashing the interest paid to holders of its flagship 123 current account and imposing a new overdraft rate of 39.9%. Cashback is paid on Direct Debit payments made directly to the provider. … Shows which top cards and loans you're most likely to get. Don't miss out, Premium Bond holders will continue to get paper prize cheques until at least spring 2021, as NS&I has delayed phasing them out after some reported difficulties registering bank account details, At least 10 banks, building societies and credit card firms have now decided to close accounts held by Brits living abroad in Europe as a result of Brexit, Pension savers could see their pots fall from 2030 as a result of a shake-up to how inflation is calculated. Finds your cheapest energy & monitors to let you know when to switch again. An overdraft lets you borrow through your current account. 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 … Santander and the flame logo are registered trademarks. *Based on the annual gross rate of 0.598% which is equivalent to 0.60% AER. If you're switching to us there'll be no arranged overdraft interest charged for the first 4 months.Â. You can ask for up to 3 months of temporary overdraft support if you still find yourself financially impacted by coronavirus. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. The bank has announced that, from 5 May, the interest paid on balances up to £20,000 in its 123 account will be cut from 1.5% to 1%. To view these documents you may need to download Adobe Reader. We want everyone to enjoy using our site but spam, bullying and offensive comments will not be tolerated. Their flagship current account now pays less than one percent. 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