Banking

Rewards and interest rates on Lloyds', Halifax's and Bank of Scotland's flagship current accounts could be under threat, after their parent company Lloyds Banking Group said it will conduct a review as a result of "changing market conditions".

Santander is taking an axe to its flagship 123 current account by chopping the headline interest rate in half later this year, MoneySavingExpert.com can reveal.

Banks have been told they must take part in an "Open Banking revolution" and allow customers to manage their accounts with multiple providers through a single digital app by early 2018, as part of a package of measures designed to "shake up retail banking for years to come".

The Bank of England has cut the base rate for the first time in more than seven years, reducing it from 0.5% to a new historic low of 0.25%.

Interest rates on two different Santander products have been cut this week as customers continue to wonder whether the bank is preparing to reduce the headline rate on its flagship 123 current account from 3% to 2%.

Santander has unveiled a 'lite' version of its 123 current account in a bid to attract lower-earning customers and those without big savings.

If you're a First Direct customer you'll soon be able to access your account details without having to give a password, thanks to new voice recognition technology the bank's bringing in – but if you're not comfortable with the new 'biometric banking' system you can opt out.

The number of current account customers switching banks is on the up, despite the fact that of the UK's 68 million current accounts, fewer than 1% were switched during the opening six months of 2016.

MoneySavers who've racked up £100s by repeatedly switching banks have battled it out for the title of Britain's biggest bank tart – with one couple sharing a whopping £1,565 and another switcher making £845 in the first three months of 2016 alone.