MSE News: Halifax and Lloyds to slash rewards and interest on flagship accounts

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MSE_Luke
MSE_Luke Posts: 295 MSE Staff
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in Budgeting & bank accounts
Two of the country's best-paying current accounts will dramatically cut the interest and rewards they pay...
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'Halifax and Lloyds to slash rewards and interest on flagship accounts'
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  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,858 Forumite
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    Down down deeper and down:o

    The only way is up.

    I mean down down deeper and down:)
  • steve65e
    steve65e Posts: 154 Forumite
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    Lloyds Group and TSB make the same announcement on the same day, but they are completely separate banks in competition with eachother, and can't collude in any way.

    Hmmmm
  • DJ_Mike
    DJ_Mike Posts: 247 Forumite
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    No mention of BoS Vantage accounts - curious.
  • System
    System Posts: 178,094 Community Admin
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    It's in direct competition to TSB in Scotland.
    TSB isn't a small challenger bank here.
    DJ_Mike wrote: »
    No mention of BoS Vantage accounts - curious.
  • xnoxxnox
    xnoxxnox Posts: 95 Forumite
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    Where are the TSB changes?! I didn't see that.

    Never mind noticed it now..... sad.
  • GingerFurball_2
    GingerFurball_2 Posts: 990 Forumite
    Debt-free and Proud!
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    The thread title is inaccurate.

    People who keep less than £2k in a Club Lloyds account are getting their interest doubled. People who keep between £2k and £4k are not experiencing any change.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    DJ_Mike wrote: »
    No mention of BoS Vantage accounts - curious.
    Yes, interesting.

    Would it be too much to expect that, since it has not been mentioned, that nothing is changing (for the time being)?
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • Ed-1
    Ed-1 Posts: 3,892 Forumite
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    Consumerist wrote: »
    Yes, interesting.

    Would it be too much to expect that, since it has not been mentioned, that nothing is changing (for the time being)?

    It's only just changed in September (2 direct debits required). That'll be why.
  • davidgmmafan
    davidgmmafan Posts: 1,459 Forumite
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    I hate when companies refer to market conditions and things like that. I know they have to operate that way but it does seem to create a vicious circle since other businesses doing the same thing will also reduce their interest rate or incentives.

    It seems banks no longer want or need to pay customers for their funds, yet are content to charge exorbitant sums if someone wishes to lend from them. Halifax charges £1 per day for an authorized overdraft which I wouldn't touch with a barge pole.
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    Ed-1 wrote: »
    It's only just changed in September (2 direct debits required). That'll be why.
    Wonder why it hasn't been included in the table. It's worth up to ca. £150 gross per year.

    Is there something MSE is not telling us?
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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