Santander 123 account interest rate cut on November 1st

  • Interest rate dropping to 1.5% on Santander’s 123 account on Tuesday
  • Other popular high-interest rate accounts seeing rates cut early next year 

Jane Denton For Thisismoney

The first big hit for savers using high-interest current accounts to bolster the meagre returns on their standard savings accounts arrives tomorrow. 

Savers with a Santander 123 current account will see their interest rate cut from up to 3 per cent to a flat rate of 1.5 per cent on Tuesday.

Earlier this year, the Spanish-based bank upped the fee for for its 123 current account from £2 to £5 a month.

Cuts: The interest rate for Santander’s 123 current account is dropping to 1.5 per cent

In January, Lloyds Bank is also cutting its Club Lloyds current account rate from 4 per cent to 2 per…

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