I'll soon be 16 and I'm comparing a few high interest savings / current accounts and this one from Santander UK looks too good to be true, so I think I'm not understanding it right.

Santander 1-2-3 current account says that I get Monthly interest of 1.50% AER / 1.49% gross (variable) payable on your entire balance up to £20,000.

Monthly interest of 1.5%? Does that mean, if I have £10K in the account, I get £150 each month? that is way too much compared to the other banks so I'm wondering what I'm missing.