M&S, HSBC and First Direct cutting interest on regular savings accounts to 5%

littlemissbossy

Blimey, I just got in, I opened a M & S RS last Saturday

Motormad

Just as well I hung on the phone to M&S for about an hour on Tuesday night to open the regular saver then.

Lokolo

4 years ago it was 8%!

Westie983

HSBC was opened on the 9th August, as I was sure the rate could change and matured FD regular save on the 21st September opened a new one as soon as it disappeared online, so looks like I have nipped in before the change, that said just got a letter from Bucks saying they are slashing their rates to 1.75% not worth it I don't think.

planteria

it was Lokolo.. better times for Savers in those days.
i have HSBC and M&S accounts running at 6%, just started another HSBC account earlier this month.. and the reality is that as these accounts are still market leading HSBC can cut this rate and still get our savings.

TheShape

An easy decision as all three could reduce the rate together and not lose competitive advantage against one another. Now Nationwide has an equal rate I wonder if they might reduce theirs or be content to now be matching the top rate available.

planteria

yes, will be interesting to see how Nationwide respond.
as it stands i would repeat HSBC, M&S and Nationwide.
i had a Lloyds reg sav at 4% but the drop to 3% lead to me not renewing.. i'll renew or open at 5% or more(:A).

apt

What I expect Nationwide to do is to withdraw their 5% regular saver before any can be renewed in December. The HSBC/FD/M&S regular saver is their headline savings offer which they've kept for years. Nationwide makes occasional good offers, but does not keep them going year after year.

adindas

A sensible cut.
It seems they might have learnt it from the Case of Santander 123.

These RSAs is different case with Santander123, but all of these RSAx are linked to current account. So if people did not consider these RSAs attractive anymore they might close their current A/C.

From various threads there are reasonable of people who want or consider seriouly to move out their money from Santander 123 compared to the one who said they will stay. This is just the tip of the iceberg .....

Mr_K

Cutting the interest rate from 6% to 5%, only make s a £15 a year difference on max. subscriptions to HSBC - goes to show what a waste of time Regular Savers are. Peanuts in the end.

Look to drip feed into the stock market if you want returns long term.