The bank itself has said there will be no changes to the cashback benefits provided on Santander’s 1|2|3, Select and Private Current Accounts.

Santander has said customers able to earn a total of £180 per annum in cashback on their household bills paid through these accounts.

This week, it has been confirmed that there will be no change to the monthly account feee, which will remain at £5 a month - which will cost the equivalent of £60 per annum.

"You'll be saying to me, 'Yeah but I get my cashback from Santander 1|2|3'. But you pay £5 a month for it," Mr Lewis said.

"Whereas the Santander 123 Lite gives you the same cashback, you pay £1 a month for it. So drop down to the Lite, move your savings to the top easy access and you'll be a minimum - probably more - £48 a year better off."

Santander said the changes announced this week are being made as a result of the recent reductions in the Bank of England Base Rate - which is now at a record low.

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