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

MSE_Luke

Two of the country's best-paying current accounts will dramatically cut the interest and rewards they pay...

Read the full story:
'Halifax and Lloyds to slash rewards and interest on flagship accounts'

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Yorkshire_Pud

Down down deeper and down:o

The only way is up.

I mean down down deeper and down:)

steve65e

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

No mention of BoS Vantage accounts - curious.

System

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

Where are the TSB changes?! I didn't see that.

Never mind noticed it now..... sad.

GingerFurball_2

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.

Consumerist

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)?

Ed-1

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

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.

Consumerist

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?