Martin Lewis has sounded the alarm for Santander customers, advising them to consider moving their money following a significant change. The financial guru and host of the BBC Sounds podcast, as well as ITV’s The Martin Lewis Money Show, took to Twitter to share his thoughts.
“News. Santander is cutting the rate of its popular 5.2% one year easy access savings later this month, should you ditch it? …,” Martin queried. In a move that will impact many savers, Santander is set to reduce the interest rate on its sought-after easy-access savings account from 5.2% to 4.2% come Monday 20 May.
Mr Lewis expressed his initial reaction: “When I first heard this was happening I thought, ‘how annoying! ‘ I’d hoped this account would keep the stellar rate for the full term, though there was never a guarantee and then it decided to slash it.”
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He continued, highlighting the benefits of such accounts despite the cut: “Having said that, for most of the past few months it’s been higher than any other easy-access account rate and the big advantage of choosing variable easy-access accounts like this is that, if they do let you down and ditch the very high rate, you can ditch them just as quickly and switch elsewhere.”
“And even though the new rate is far from awful, it’s beatable, so why not move your money elsewhere.”, reports Birmingham Live.
A Twitter user responded to the Money Saving Expert founder’s comments: “The article says Santander can make the change as long as they give the required 2 months notice. I only got the email last week so less than a month. Is that a typo in the article, or have they breached their TandC’s with me? “.
Mr Lewis replied: “They had written to everyone back in march. Are you sure you didn’t get it. They were also texting.”
Another user asked: “Martin it would be great if you could talk about joint savings accounts on the podcast. Are there any good rates for joint accounts? “.
Mr Lewis clarified: “There are no ‘joint accounts’ there are savings accounts, most of which can be joint. Yet i’m not aware off the top of my head of any specific accounts that are joint – so just look for the top normal savings and do them as a joint account.”
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