In addition, there will not be any changes applied to the cashback benefits the accounts provide - which are an enticing feature for Britons.
The bank has said it will be contacted all customers within the next few weeks to inform them of the changes and how they may be affected.
A “small number”, it stated, may end up paying more for their account than they currently earn on it.
Susan Allen, CEO of retail and business banking at Santander commented on the new decision.
Santander: Some people are turning to ISAs as interest rates are so low (Image: EXPRESS)