Has Santander signalled the end of current accounts with benefits?

Santander is to cut the rate of interest customers can earn with its 123 current account.It will mean one of Britain's most popular accounts will have dropped from a top tier 3 per cent when it launched in 2012 to 1 per cent.Why has the high street banking giant done this and could it result in an exodus of people moving? Does it signal the end of current accounts with benefits?It is also capping the level of cashback customers can earn while putting a blanket 39.9 per cent overdraft rate in place – following a similar move from its banking rivals.Simon Lambert, Lee Boyce and Georgie Frost take a look at what it means for the current account market, whether there are other – better – accounts to switch to and how it managed to become so popular.Also on this week's podcast, we look at the rise of the buy now, pay later form of credit and whether it is another debt trap to watch out for.Why have nearly 40,000 people put in retrospective planning applications? And can you really hide a castle behind a haystack…Lastly, the love affair with car buyers and SUVs shows no signs of abating – sales continue to grow at a faster rate than any other group.We list the five reasons, allegedly, not to snap one up and whether you should consider an alternative.Follow us on Instagram @dmgnewmedia.Follow us on TikTok @dmgnewmediaFollow us on X @dmgnewmediaEmail us [email protected] us  020 7938 6000.Hosts: Georgie Frost, Simon Lambert, Lee Boyce, Helen CraneProducer: Georgie Frost Hosted on Acast. See acast.com/privacy for more information.