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Santander ups fees on “123” current account


Santander, one of the UK’s biggest banks, have announced that they are more than doubling the charges on it’s main current account, leaving customers out of pocket.

The current costs of Santander’s main current account stands at £24 a year. In January, this will be increased to £60 a year. The bank will also be increasing the fees on its main credit card from £24 to £36 a year.

The cost increase will be a blow to many consumers who transferred their current accounts from the “big four” UK high street banks; Lloyds, Barclays, HSBC and RBS, thanks to the attractive perks on Santander’s “123” current account. The account also had endorsements from experts such as television money guru Martin Lewis.

James Daley, founder of bank account analysts Fairer Finance, said:
"Santander had been one of the few to offer a genuine alternative to the traditional banks – and as well as a blow for the millions of customers who were lured in by its attractive offers, this will reduce competition in banking, which is already weak."

The Santander “123” account offers up to 3% interest on balances between £3,000 and £20,000 and between 1% and 3% on household bills. The Santander 123 credit card pays between 1% and 3% cashback on spending in supermarkets, department stores and on travel.

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