Martin Lewis warns Santander customers 'ditch it' and says 'move money elsewhere'

James Rodger

8 May 2024 at 1:02 am·2-min read

Martin Lewis has issued a warning to Santander customers and bank account holders. The BBC Sounds podcast host and ITV The Martin Lewis Money Show star, who has regular stints on Good Morning Britain and This Morning too, spoke out on Twitter, now X.

"News. Santander is cutting the rate of its popular 5.2% one year easy access savings later this month, should you ditch it?...," Martin asked. Santander is cutting the rate on its popular easy-access savings account from 5.2% to 4.2% on Monday 20 May.

Mr Lewis added: "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.

"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." In reply to the Money Saving Expert founder, a Twitter user wrote: "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 T&C's with me?"

Mr Lewis said: "They had written to everyone back in march. Are you sure you didn't get it. They were also texting." A second typed: "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 explained: "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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