Clydesdale Current Acc Direct > Rate Cut

scoot65

Another bank reducing their rates…

I received a letter through the post today informing me that the interest on my Clydesdale Current Account Direct is being reduced from 2% to 1.50% as from 1st December……..(on balances up to £3000)

pinkdalek

So £15 a year if you maintained a straight balance of £3k for a year?
Considering interest rates had been at 0.5% for many years, subsequently lowered to 0.25% what do you expect?

On a positive note a mortgage payment potentially is less each month so what you may lose in one hand you may gain significantly in the other.

djpailo

pinkdalek wrote: »

So £15 a year if you maintained a straight balance of £3k for a year?
Considering interest rates had been at 0.5% for many years, subsequently lowered to 0.25% what do you expect?

On a positive note a mortgage payment potentially is less each month so what you may lose in one hand you may gain significantly in the other.

The purpose of his post was just to inform others, that's all.

scoot65

djpailo wrote: »

The purpose of his post was just to inform others, that's all.

Correct! Thank you.
That was the exact intention of the post….

System

Isn't this account closed to new applicants anyway?

dggar

pinkdalek wrote: »

So £15 a year if you maintained a straight balance of £3k for a year?
Considering interest rates had been at 0.5% for many years, subsequently lowered to 0.25% what do you expect?

On a positive note a mortgage payment potentially is less each month so what you may lose in one hand you may gain significantly in the other.

What if you don't have a mortgage.

tg99

Heng_Leng wrote: »

Isn't this account closed to new applicants anyway?

I assume so as YOrkshire Bank version is listed as off sale on their website. (Also reducing to 1.5% whilst the B current account going to 0.25% and B instant savings to 0.75% on 1.12.16.)

Speculator

I've kept mine going because it's my only current account that offers a MasterCard Debit card. Useful because occasionally, Amazon give discounts if you pay using a MasterCard.