Santander cuts paid accounts

BANKING giant Santander yesterday said it would scrap packaged deals on paid-for current accounts, in a move that will affect hundreds of thousands of customers.

Packaged accounts offer add-ons such as phone insurance for a fee that can hit £20 a month. Santander will scrap all such accounts from 19 October, citing a desire to simplify its service. Regulators have also recently taken an interest in the products.