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Santander Bank Declares War on Its Customers and on the FCA

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Millions of people with Santander's popular current account face a cut in the interest paid amid changes for savers and borrowers.

The bank has announced that, from 5 May, the interest paid on balances up to £20,000 in its 123 account will be cut from 1.5% to 1%.

The move has prompted one commentator to describe the account as a "dead duck" for savers.

Santander has joined other big brands in setting a 39.9% overdraft rate.

This will take effect on 6 April and comes in response to tough new rules from regulators designed to protect consumers.




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