Barclays Blue Rewards and Natwest Rewards

SuiDreams

Due to changes in interest rates that are coming up and reductions in rewards accounts, I am thinking of opening some additional accounts to try and gain back some of the income I will be losing. I currently have the following:


FD, TSBx2, M&S, HSBC, CL, Tesco x 1, Halifax, Co-op, NW.


When the interest rates drop I was thinking of opening an additional Tesco account for the CL money.


I am also thinking of opening a Barclays account with the Blue Rewards added to cover the reduction from Halifax, What are peoples opinions on this account is it worth the effort? Do I need to contact the inland Revenue if I open this account for tax on the reward?


I have also looked at the Cashback current accounts due to my monthly bills being so low standard 123 account would not be worth while, 123 lite would give me an average of £1.50/month after the fee and the Natwest Rewards would give me an average of £1.80 per month after the Fee. I can't decide if this is worth doing or not? Especially as I would need to factor in the loss of (mortgage interest) offsetting on bills money.


What are peoples opinions of these accounts and do you have any other suggestions?

premierfella

It is probably worth noting that Barclays were said to be making changes in due course to their Blue Rewards in light of the taxation issue. Given what other banks have done recently, there must be a fair expectation that when they make those changes, the account could be rather less rewarding than it is now.

Only you can really answer as to whether a couple of quid a month is worth the minor work involved to get it - some think it is, some think it isn't.