Santander launches £1 123 account

Santander launches £1 123 account

Santander's '123' account has been rather successful for the bank, however, in the last few months, they've seen a large drop in the number of people switching to them.

This is because they upped the monthly fee on their account from £2 to £5 per month.

To reverse this trend, they have now launched a 'lite' version of the account, which comes with a £1 fee.

Like the standard 123 account, this new version has cashback and preferential rates, but it doesn't offer interest on balances. You can check out the details of the new account here.

A spokesperson for Santander said: "The Santander 123 current account remains one of the most rewarding accounts on the market due to its twin benefits of cashback on household bills and in-credit interest."

"That, coupled with high levels of customer service, has made our account popular with savvy switchers."

"We continue to be at the forefront of current account innovation, and just this week, we have added a new account to our range, the 123 lite."

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