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Consumers urged to consider account options as fees increase


Santander will be increasing the fees on their 123 current account, almost doubling the amount consumers will have to pay.

Santander has announced that it will be increasing customer’s fees from £24 a year to £60 a year for the 123 current account, and the charge for its 123 credit card will also increase from £24 a year to £36. The banking giant has claimed that it is increasing fees due to the increased cost of running a bank, such as capital requirements and the government's bank levy.

As well as this, HSBC have announced that they will be cutting interest payments to customers on both their current accounts and ISAs. Savers who hold HSBC ISAs will see rates cut to as low as 1.19%, part of a continuing trend of falling savings rates.

Consumers are now being told to consider their options and look into different deals that may be on the market. Hannah Maundrell, editor in chief of said:

"Don't jump ship until you've done the maths. To put it simply, you need to look at how much you're earning in interest and cashback. If it's less than the new £60 a year fee you need to take it as a wake-up call to seriously consider your options."

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