Savings News & Alerts

Written by our founders Anna and Sue

Rate Alerts

Regular updates on the savings market

🔔 Santander announces 123 Current Account rate cut

Author: Anna Bowes
19th August 2016

Savings Champion Rate Alert

Friday 19th August 2016

Current accounts continue to be one of the most competitive areas of the market and are a great way for savers to boost their overall returns.

So, it was no surprise to hear that Santander will cut the interest rate on its popular 123 Current Account. This means that those with balances between £3,000 and £20,000 will see their rate halve from 3% to 1.50% AER from 1st November 2016.

While this will come as a blow to many, the revised rate remains competitive compared to standard easy access savings accounts and there is a cashback facility with the account, though you should also take into account the £5 monthly fee.

However, for those looking for an alternative, there are other high interest current accounts available, with rates far ahead of the best on offer from standard savings accounts. Even with a rate cut, the return is likely to be higher than you can get elsewhere.

The good news is that many of these current accounts allow you to take advantage of the high returns on offer without having to switch your main account.

So, with all this in mind, please find below a summary of some of the top-paying accounts currently on the market. If you need any help with your savings, please get in touch on0800 321 3581, we’d love to hear from you.

Provider Account Name Balance AER
TSB Bank

Classic Plus Account

£1 - £2,000
5.00%

Nationwide Building Society
FlexDirect Current Account

£1 - £2,500
5.00%
Lloyds Bank
Club Lloyds Current Account

£4,000 - £5,000
4.00%

Tesco Bank
Current Account

£0 - £3,000
3.00%

Bank of Scotland
Vantage Current Account

£3,000 - £5,000
3.00%
Full Best Buy Tables »

Best Savings Deals Summary

If you have any queries regarding our Best Buy Tables, an account featured or the suitability of the account for your needs, please call us on 0800 321 3581

Best Buy Table Best Account(s) Best Rate (AER)

High Interest Paying Current Account

TSB Bank /
Nationwide Building Society

5.00%

Easy Access

RCI Bank*

1.20%

Fixed Rate Bonds

Clydesdale Bank / Yorkshire Bank (5 years)

2.20%

Variable Rate ISAs

Clydesdale Bank / Yorkshire Bank

1.50%

Fixed Rate Cash ISAs

United Trust Bank (5 years)

1.95%

Notice Accounts
Shawbrook Bank

1.55%

Monthly Income

Clydesdale Bank / Yorkshire Bank (5 years)

2.18%

Regular Savings

First Direct / M&S Bank

6.00%

Children's Accounts

Halifax / Saffron Building Society (Regular Saver)

Edit

4.00%

Junior ISAs

Coventry Building Society / Nationwide Building Society

3.25%

Help to Buy ISAs

Halifax / Virgin Money

2.50%

* Deposits held with RCI Bank are covered by the FGDR, which is the French equivalent of the UK Financial Services Compensation Scheme (FSCS). Please contact us if you would like further information.

Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 321 3581 to discuss your savings with one of our expert advisers.