However interest rates are set to change in the near future.

Before, August  3, 2020, Select and 1I2I3 customers will receive 1.00 percent AER/gross (variable) interest on the entire balance up to a maximum of £20,000.

After this date, monthly interest will stand at 0.60 percent AER/gross (variable) on in-credit balances of up to £20,000.

All 1I2I3 customers continue to have access to other account benefits including preferential rates on other Santander products and additional cashback of up to 15 percent on debit card spending at a range of retailers, the bank confirmed.

Susan Allen, Head of Retail Banking at Santander, said: “It has been a very difficult decision to make these changes to our popular 1I2I3 accounts but both the 1I2I3 and 1I2I3 Lite Current Accounts will continue to be good options for the large majority of our customers with the value they still offer.

“1I2I3 is the only account on the market offering both in-credit interest and cashback, while both 1I2I3 and 1I2I3 Lite accounts give cashback on essential household bills paid by direct debit.”