High paying current accounts - future of

veryintrigued

So we all know that there are stacks of these around and lots of us are utilising these instead of (or as well as) other forms of savings (and investments).

Is it me or have these mushroomed in the last couple of years?

Or is it that they have always been there but there have been 'better' options and hence never been in focus for me?

Reason for asking is if they have 'just appeared and are multiplying' over the last two or three years could they all disappear just as fast?

I know no-one has a crystal ball but others must have thought of this when they reject other forms of savings and investments in lieu of these C/As?

Archi_Bald

I wouldn't say they have mushroomed. The Lloyds Vantages had been around forever, and are still of use to some today. Halifax Rewards have been around for absolute ages. BOS Vantages have been around equally long just weren't mentioned a lot. The banks/accounts not paying interest and/or rewards still outnumber those paying interest and having other benefits.

What has mushroomed is the noise level on here about these accounts as cash ISA rates have steadily got worse.

I am not losing any sleep over whether the rates on the current accounts will stay, mainly because me losing any sleep over it makes no difference to what banks do about their interest rates.

polymaff

Archi_Bald wrote: »

I wouldn't say they have mushroomed. The Lloyds Vantages had been around forever, and are still of use to some today. Halifax Rewards have been around for absolute ages. BOS Vantages have been around equally long just weren't mentioned a lot. The banks/accounts not paying interest and/or rewards still outnumber those paying interest and having other benefits.

What has mushroomed is the noise level on here about these accounts as cash ISA rates have steadily got worse.

I am not losing any sleep over whether the rates on the current accounts will stay, mainly because me losing any sleep over it makes no difference to what banks do about their interest rates.

Agreed - and before Halifax Reward was Halifax High Interest paying 6%, 10 years ago.

Any suggestion of "Mushrooming" has to be OTT. What has been happening in the last year or so are reductions in the amount you can put under interest and reductions in the interest rates paid (Yorkshire/Clydesdale 4% this time last year - 2% for everyone as of the end of this month)

We've a skip-load of money in these accounts. Like the man says, worrying about their imminent demise will make not one jot of difference.