First direct reduction in interest rates including regular saver

gt94sss2

Zero_Sum wrote: »

Would this be a legit reason for closing the current account for the £100 golden goodbye?

No. You can always open the RS at 5% now and once you do the rate is fixed for 12 months.

MaxZorin

That’s a substantial reduction. Rates once again in decline across the board.

I’m fortunate enough to have access to Ipswich Building Society who have a useful Regular Saver. 2.9% looks like a decent rate now but it’s the ability to drip feed £1K per month that make it genuinely useful for cash savings.

Zero_Sum

gt94sss2 wrote: »

No. You can always open the RS at 5% now and once you do the rate is fixed for 12 months.

Well yes, i meant once it matures & you no longer can.

gt94sss2

Zero_Sum wrote: »

Well yes, i meant once it matures & you no longer can.

Even then, it's a no. If only because you need to leave then within the first 12 months...

Snakey

Have to say, although I get a nice little shiver of a thrill from all the cleverness of having tons of accounts and a spreadsheet and moving numbers around in circles each month and using up my PSA to the penny and working out what DDs should go where, the lazy side of me will be relieved when it's all "back to normal" and I can just have one account for my salary and DDs, one for my everyday contactless spending and one for my internet orders/emergency card.

Sorry I know that's not very MSE!

20SmthngSver

Oh no. Looks like I either open one tonight or not at all.

I've already had to close one FD RS this year 5 months in for use to a house deposit. I was going to open another in November or December again to start saving to pay off my Help to Buy Loan.

I have an M&S Bank account too, but I'm thinking I should open a FD one tonight? But then again it's instant access subject to forfeiting interest. I'm not sure if I want to do this again.I don't know whether to go for lower rate, properly instant access instead?

20SmthngSver

I've just opened it. It says 3 days to process, but the Summary page did say 5%. I assume that as I've opened it today, I will still get the 5% rate?

MDMD

Snakey wrote: »

Have to say, although I get a nice little shiver of a thrill from all the cleverness of having tons of accounts and a spreadsheet and moving numbers around in circles each month and using up my PSA to the penny and working out what DDs should go where, the lazy side of me will be relieved when it's all "back to normal" and I can just have one account for my salary and DDs, one for my everyday contactless spending and one for my internet orders/emergency card.

Sorry I know that's not very MSE!

My thoughts exactly. I’m now in the position that I’ve got a surplus of direct debits so am moving them to my monzo account which is now my new “bills” account. Once my Barclays double blue rewards ends next year and assuming that M&S follow FD and cut their rate I won’t have a single account that requires any DDs for a reward / interest which is worth bothering with.

Have to say I like simplifying things even if the income from cash has dropped!

IanSt

I was hoping that this may have all been a mistake but unfortunately the website itself is now showing 2.75% AER/Gross p.a. fixed for 12 months.

Ah well, it was nice whilst it lasted and I've still got 6 months to run on mine.

HSBC website also shows 2.75% but M&S is still showing 5%.

20SmthngSver

I have an M&S Bank Account, hoping they keep it for when I need to open one. If not, it was worth it for the vouchers.