Martin Lewis issues 'switch' message to Santander customers

Santander has cut the rate on its Easy Access Saver (Limited Edition Issue 3) from 5.2% when it first launched to 4% now - there are better paying accounts out there says Martin Lewis' MSE

Money Saving Expert Martin Lewis is advising Santander customers to consider switching banks following a cut in savings rates. Customers once enjoyed rates up to 5.2 percent on the Easy Access Saver (Limited Edition Issue 3) account, which has now been lowered to four percent.

There are better deals out there, with other institutions like Trading212 offering more competitive interest rates.

Santanders product was not fixed-rate, meaning the bank had the flexibility to alter rates, provided they notified savers, and that's what happened.

Read more: Martin Lewis issues 'act fast' warning

Post the 'fixed' term, funds move to an even lower rate of 1.2 percent. The upside here is the absence of penalties for moving your money elsewhere, reports the Express.

Lewis' consumer website MSE commented: "The flip side of Santander's rate being variable is that you're not locked in and don't have to stick with it you can ditch and switch."

Top of the list for earning potential right now is an ISA from Trading212, allowing investment through high street banks and protection by the Financial Conduct Authority for sums up to £85,000.

For those looking to stay with Santander, its Simple Saver currently offers a 4.85 percent rate and only requires £1 to open.