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Millions of bank customers face increase in fees
Millions of bank customers face increase in fees
This is a duplicate of the Blog Entry made on: 11th January 2016 11:39
This is a duplicate of the Blog Entry made on: 11th January 2016 11:39
Millions of current account customers are being advised to consider their options, following an increase in fees, and changes in interest rates.
From Monday, monthly charges on the Santander 123 account - held by 3.6 million people - will more than double. At the same time HSBC is cutting interest payments to customers on both current accounts, and Individual Savings Accounts (Isas). Barclays also announced more cash rewards for those who switch. The change in Santander fees - announced inSeptember - will see customers paying £60 a year, instead of the previous fee of £24. The charge for its 123 credit card rises from £24 a year to £36.
'Do the maths'
Last year the Santander account proved very popular, with more than 27,000 people switching to it in a single month. But experts said that - even after the changes -it still offered relatively generous interest payments of up to 3% a year, and cashback of up to 3% on some household bills. "Don't jump ship until you've done the maths," said Hannah Maundrell, editor in chief of advice site Money.co.uk. "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.".....Read more here
From Monday, monthly charges on the Santander 123 account - held by 3.6 million people - will more than double. At the same time HSBC is cutting interest payments to customers on both current accounts, and Individual Savings Accounts (Isas). Barclays also announced more cash rewards for those who switch. The change in Santander fees - announced inSeptember - will see customers paying £60 a year, instead of the previous fee of £24. The charge for its 123 credit card rises from £24 a year to £36.
'Do the maths'
Last year the Santander account proved very popular, with more than 27,000 people switching to it in a single month. But experts said that - even after the changes -it still offered relatively generous interest payments of up to 3% a year, and cashback of up to 3% on some household bills. "Don't jump ship until you've done the maths," said Hannah Maundrell, editor in chief of advice site Money.co.uk. "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.".....Read more here