This week, Santander announced it would hike the fee on its flagship 123 current account,promoted by Formula 1's Jenson Button, here with Myleene Klass, by 150% from £2 a month to £5. The account has lured 3.8 million customers to Santander since its launch in 2012, largely attracted by cashback of up to 3% on household bills.
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More than 400,000 savers hit as National Savings cuts popular cash Isa to 1.25% - the lowest rate since 2008 launch
More than 400,000 National Savings and Investment savers who hold a Direct Isa will see the rate they receive shaved by 0.25 percentage points to 1.25 per cent. The tax-free offering launched in April 2008 and gave savers a far meatier rate of 5.3 per cent. Within a year, it had fallen to 1.3 per cent, but this latest cut leaves it languishing as its worst ever rate.
What if you could access the top savings accounts across Europe: New platform that offers access to accounts across borders
A German-based savings platform which offers residents in the country access to top rates across the continent is set to launch in Britain the coming years. SavingGlobal, based in Berlin, allows Germans to open savings accounts around Europe without having to visit branches or learn the local lingo.
Challenger banks braced for bad news as they fear 8 per cent levy will stay - along with 'unfair' free current accounts
Banks will be forced to become more transparent about current account costs and provide better access to the clearing system under a wide-ranging review into competition. But they are expected to be allowed to continue to offer free accounts which smaller so-called challenger banks have attacked amid claims that they stifle competition.
Banking reforms are on the way that could spell the end of the free account - but are you tapping into the best deal?
Banking in Britain is changing. Next month we will see a glimpse of the future when proposed improvements are announced - affecting anyone with a current account. The Mail on Sunday reveals what is on the cards, why it is important to switch - and how to measure the value of your account. ...read
Provider | Rate |
NS&I; | 1.50% | Monmouthshire BS | 1.50% | Virgin Money | 1.41% |
Coventry BS | 1.40% | |
Dudley BS | 1.40% |
DON'T MISS...
- Our savings picks This is Money's five favourite best buy cash Isas for 2015
- BEST BUY ALERT! Fixed savings rates creep higher as challenger bank's new two-year bond offers 2.4% interest
- ASK TONY: Mum got ill with advancing Alzheimer's But Nationwide BS wouldn't let me run her affairs
- Beware text messages sent from your bank 'Vishing' con netted fraudsters £24m last year - and refunds are often refused
- Has Santander just killed off Britain's best bank account? Spanish lender to hike fee on flagship deal by 150%
- What if you could access the top savings accounts across Europe New platform that offers access to accounts across borders
- Nationwide offers £100 cash perk for new current account customers On top of 5% interest on balances
- More than 400k savers hit as National Savings cuts popular cash Isa to 1.25% The lowest rate since 2008 launch
- TSB boosts Classic Plus Account earnings to up to £238 a year With new 5% cashback perk on contactless spending
- Why banks can't compete against National Savings And how it offered bonds paying nearly two-thirds above market rate
- Banking reforms are on the way that could spell the end of the free account But are you tapping into the best deal?
Latest from Saving & banking
- 'We gained £575 in two years from cashback and interest': As Santander hikes its 123 current account fees, should you stay or should you go?
- Looking for a better current account? Our pick of some of the best - and the fees they charge
- Another new banking name launches in Britain: Germany's Fidor offers fixed-rate savings and a current account – but are they any good?
- Our savings picks: This is Money's five favourite best buy cash Isas for 2015
- RACHEL RICKARD STRAUS: I take my hat off to you if you've switched current account - but don't get complacent
- The 5% savings rate trick: Best interest-paying current accounts to make your money work harder
- Fixed savings rates creep higher as challenger bank's new two-year bond offers 2.4% interest
- Nationwide offers £100 cash perk for new current account customers - on top of 5% interest on balances
- Looking for a better bank? This is Money's five of the best current accounts
- Current accounts: How to beat fees, charges and overdrafts
- Fight back against the banks? Your guide to the rules of switching and where to find the best offers - including free money
Premium Bonds winners
Prize value | Winning bond No. | Area |
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£1,000,000 | 181XE611069 | South West Wales |
£1,000,000 | 180AV204733 | Overseas |
£100,000 | 82NC804116 | Outer London |
£100,000 | 248RZ165168 | Bedfordshire |
£100,000 | 188PZ779903 | Essex |
£100,000 | 15SM469591 | Overseas |
£100,000 | 137XP786876 | Fife |
£50,000 | 89AE387151 | Birmingham |
£50,000 | 6HJ562295 | Hertfordshire |
£50,000 | 36BX381662 | Leicester |
£50,000 | 251XK512431 | Surrey |
SAVINGS ESSENTIALS
Provider | Incentive |
First Direct | Free £150 | |
HSBC | Earn £240 | |
Nationwide | Travel cover | |
Santander | 3% cashback | |
Halifax | £5 a month |
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BEST BUY TABLES
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SAVING & BANKING MUST READ
Customers CAN request not to have a contactless debit card major banks say - but at one, just 1,200 out of millions have...
Contactless technology has become more popular in the last year, with recent reports suggesting usage has grown significantly. Some don't like them - but you can request not to have one. Meanwhile, at NatWest and RBS, it says out of 8 to 9m contactless cards issued since 2013, only 1,200 have requested to not have the technology.
LATEST SAVINGS DEALS REVIEWS
Fixed savings rates creep higher as challenger bank's new two-year bond offers 2.4% interest
The challenger bank hiked the rate by 0.15 percentage points to leapfrog RCI Bank 's 2.35 per cent at the top of the independent This is Money fixed-rate savings table. It comes as a number of providers in recent months have focused on straight forward fixed-rate bonds, a large percentage of which are for 12 months.
Kent Reliance boosts fixed savings rates and one-year deal is now best buy as challenger banks continue to battle for top spot
Kent Reliance has today boosted the rate on its one-year fixed-rate account rocketing in to the top of the independent This is Money savings tables. It is now offering 2.1 per cent over 12 months, up from 2.02 per cent it previously had available. This nudges it past Charter Savings Bank to the top spot by 0.04 percentage points.
More must reads...
- Customers CAN request not to have a contactless debit card major banks say But at one, just 1,200 out of millions have...
- Britons embrace contactless payments with spending up 560% in a year And half of transactions are made by the over-50s
- 'I got £130k back from PPI' Chef's massive payout and he DIDN'T use a claims firm
- Savers lose more than £1BN by failing to switch accounts Five steps to securing better rates for your savings
- The top savings deals that WILL pass on a rise... When the Bank of England's base rate goes up
- Mis-selling scandal could see customers pocket £33bn windfall What did banks do wrong and will you receive compensation?
- With the new term just a month away banks battle to offer best student current accounts How do they compare?
- Leeds BS launches 'flexible' five-year fixed savings account that allows 25% access But is it worth taking?
- HSBC offers new customers biggest sweetener yet with £240 gift for switching But how does its Advance Account stack up?
- Challenger banks Charter Savings and RCI boost fixed savings rates Smaller providers continue to leapfrog each other
- Reduced to tears by bailiffs shouting through her door Banks bullied woman for FIVE YEARS over a £16k debt owed by someone else
- Stealing data from contactless cards is easy, experts warn Are they safe (and can you protect your wallet with foil?)
- Film and TV stars join forces to save their local bank branch Barclays customers face a devastating wave of closures
- ME AND MY MONEY: I've invested in 40 Burger Kings and a golf course... Billionaire Metro Bank founder reveals his finances
- 'Big four' banks lost quarter of a million current account switchers last year And Barclays was the biggest loser
- End of stag-do squabbles? Cash kitty goes digital with new app that allows people to club together and use one prepaid card to pay
- These seven expats between them have 325 years of loyalty to Barclays And now their accounts are being closed with NO apology
- Savings Champion: The hassle-free way to ensure you're getting the best savings rates
- Three simple steps to switch your current account to a better deal Checking whether you can get a better current account is a wise move - we explain how to do it
- SAVE SAFELY: We explain the rules on savings compensation, updated as they change, and how to keep your money safe
- SAVINGS COMPENSATION & PROTECTION: A comprehensive list of bank ownership and licences
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LATEST SAVINGS AND BANKING ASK AN EXPERT
ESSENTIAL GUIDES TO SAVING
How to start saving or investing into an Isa - the essential guide to a tax-friendly pot
Making the most of your annual Isa allowance is the cornerstone of wise saving. There's no income tax to pay on interest and no capital gains tax on profits. This makes them ideal for long-term savings because money that is not taxed grows faster. This essential guide reveals, how to start using an Isa for your savings. ...read
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