Tesco Bank to cut current account interest from 3% to 1% - MSE News

Cotta

soulsaver wrote: »

You're missing M&S 5% reg saver.

I was waiting until they offered a switch incentive.

DragonQ

Was always going to happen; that's up to £6k that won't have a home for now. I'll only have the following left:



TSB current accounts (£3k @ 5%)
Bank of Scotland Vatange accounts (£10k @ 1.5%, currently unused)
First Direct regular saver (£300 @ 5%)
M&S regular saver (£250 @ 5%)
Nationwide regular saver (£250 @ 5%)
Lloyds regular saver (£400 @ 3%)
Santander regular saver (£200 @ 3%)


(I know there's the HSBC 5% regular saver but they've screwed me over a bunch of times, I'm no longer eligible for the switching offer and I doubt they've changed their minds about accepting me for an Advance account.)


I guess I'll just have to put more into P2P lending, robo-investing, and my pension. The cashback offers alone on the former two make them worthwhile. Holding much cash doesn't seem to be worth it right now.

Mee

djpailo wrote: »

Oh well, was good while it lasted. Owners of Marcus will be rubbing there hands with glee, imagine all the new customers...

Probably.
I'm not planning to go anywhere near Goldman Sachs.

eskbanker

Mee wrote: »

djpailo wrote: »

Oh well, was good while it lasted. Owners of Marcus will be rubbing there hands with glee, imagine all the new customers...

Probably.
I'm not planning to go anywhere near Goldman Sachs.

Your prerogative obviously, but for those who've had money with Tesco, the plc owning the bank are hardly some cuddly and benevolent socially-conscious cooperative either!

Accounting scandals, predatory obliteration of competitors by ruthless expansion and land banking, aggressive (some would say bullying) stance with suppliers, etc, etc....

Amoux

DragonQ wrote: »

Was always going to happen; that's up to £6k that won't have a home for now. I'll only have the following left:



TSB current accounts (£3k @ 5%)
Bank of Scotland Vatange accounts (£10k @ 1.5%, currently unused)
First Direct regular saver (£300 @ 5%)
M&S regular saver (£250 @ 5%)
Nationwide regular saver (£250 @ 5%)
Lloyds regular saver (£400 @ 3%)
Santander regular saver (£200 @ 3%)


(I know there's the HSBC 5% regular saver but they've screwed me over a bunch of times, I'm no longer eligible for the switching offer and I doubt they've changed their minds about accepting me for an Advance account.)


I guess I'll just have to put more into P2P lending, robo-investing, and my pension. The cashback offers alone on the former two make them worthwhile. Holding much cash doesn't seem to be worth it right now.

My thoughts exactly.

Any account that offers below average inflation rates and I'm moving it away, even if it means to more riskier options such as investments. I won't want to hold much cash if it's under 2 or 3% as I see inflation as a risk in itself. So i'll stick with the TSB account and some regular savers (which can still be withdrawn in an absolute emergency) and shove everything else on the market. :rotfl:

colsten

Cotta wrote: »

I was waiting until they offered a switch incentive.

£220 not enough of an incentive? https://bank.marksandspencer.com/current-accounts/mands-current-account/

colsten

Cotta wrote: »

Yes, however let me expand on this. Below is my current saving's profile and I cannot see how I can realisiticlly improve on this even if I leave Tesco.


First Direct Regular Saver @ 5% - maximum allowed depoits made each month.
Nationwide Regular Saver @ 5% - maximum allowed depoits made each month.
HSBC Regular Saver @ 5% - maximum allowed depoits made each month.

Tesco account @3% with maximum balance of £3000 included.

What about the TSB Plus? What about 3% Regular Savers, can't you avail yourself of any of those?

Cotta

colsten wrote: »

£220 not enough of an incentive? https://bank.marksandspencer.com/current-accounts/mands-current-account/

That's only for credit card holders.

aj23_2

djpailo wrote: »

1% on £3000 is £30 whereas 1.5% on £3000 is £45. Now imagine you have £6000 (over two Tesco accounts). The extra .5% gives you £30. So you are willing to sacrifice £15/£30 for about 5 minutes of work in opening a Marcus account.

The additional .5% is most certainly nothing to be snuffed at if you were using the Tesco to its maximum potential (i.e. had £3k in it).

You'd get more in one of the Islamic Banks for 6, 9 or 12 months if you don't mind FTD.

aj23_2

DragonQ wrote: »

Was always going to happen; that's up to £6k that won't have a home for now. I'll only have the following left:



TSB current accounts (£3k @ 5%)
Bank of Scotland Vatange accounts (£10k @ 1.5%, currently unused)
First Direct regular saver (£300 @ 5%)
M&S regular saver (£250 @ 5%)
Nationwide regular saver (£250 @ 5%)
Lloyds regular saver (£400 @ 3%)
Santander regular saver (£200 @ 3%)


(I know there's the HSBC 5% regular saver but they've screwed me over a bunch of times, I'm no longer eligible for the switching offer and I doubt they've changed their minds about accepting me for an Advance account.)


I guess I'll just have to put more into P2P lending, robo-investing, and my pension. The cashback offers alone on the former two make them worthwhile. Holding much cash doesn't seem to be worth it right now.

I like your use of "Only" when you appear to have so many. Must be hard having £6k and not knowing where to put it!