It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.
I opened a Santander 123 current account a couple of years ago to benefit from the 3% interest rate on my cash savings of about £10,000.
I now hear that the bank is cutting the rate from 3% to 1.5%. It's annoying, but this new rate still seems better than I can find elsewhere. Is it worth switching to another bank?
F Brown, London
Dear Mr Brown,
It is true that in the current low interest rate environment, 1.5% remains a reasonable rate of interest - especially as Santander allows you to withdraw your funds at any point.
However, the Santander account has a £5 monthly fee that will eat into your returns. It is therefore worth looking at other fee-free current accounts paying high interest.
These include Nationwide's FlexDirect account, which pays 5% on balances of up to £2,500 for the first year and 1% thereafter, and TSB's Classic Plus, which pays 5% on up to £2,000 and also offers 5% cashback on up to £100 of contactless card or Apple Pay spending every month.
Don't forget, however, that these rates are all variable and could fall too - especially if the Bank of England decides to cut interest rates again.
As the Santander rate will remain at 3% until November, it also makes sense to make the most of it by sticking with the bank for the next couple of months.
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