Santander to HALVE interest rate on its current account - savers issued warning

She said: “With the Bank of England base rate remaining at its lowest level on record, and significant recent reductions in interest rates on current and savings accounts across the industry, we have taken the difficult decision to reduce the interest rate on our 123, Select and Private Current Accounts.

“However, by lowering the monthly fee, we’ve ensured the accounts continue to provide customers with long term, everyday value, and Santander remains the only bank to offer both in-credit interest and cashback on households bills.”

Interest rates have tumbled recently, creating a difficult bind for those hoping to grow their money.

Due to the COVID-19 crisis, the Bank of England took the unprecedented decision to reduce its base rate to a record-low of 0.1 percent.