Another blow for savers as M&S bank cuts its 5% rate - are regular savings still worth it? MSE News

Former_MSE_Stephen_B

Today marks another blow for savers as M&S Bank becomes the latest firm to slash rates on its market-leading regular savings account from 5% AER to 2.75% AER...

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Another blow for savers as M&S bank cuts its 5% rate - are regular savings still worth it?

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Rich2808

Surprised it took them so long after their sister banks HSBC and First Direct cut the rate a couple of months ago.

dcs34

Another kick in the teeth after they rejected my current account application a couple of years ago, was hoping they'd still be offering it 6 months later! Oh well...

Wheres_My_Cashback

MSE_Stephen_B wrote: »

Today marks another blow for savers as M&S Bank becomes the latest firm to slash rates on its market-leading regular savings account from 5% AER to 2.75% AER...

Read the full story:
Another blow for savers as M&S bank cuts its 5% rate - are regular savings still worth it?

Click reply below to discuss. If you haven't already, join the forum to reply.

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bubieyehyeh

Link seems to be https://www.moneysavingexpert.com/news/2019/11/another-blow-for-savers-as-m-s-bank-cuts-its-5--rate---are-regul/

eskbanker

"This is not just a rate cut....





....it's an M&S rate cut"

GazHol

And mine matured on the 16th Nov :mad:
M&S Bank still telling me today I already have a monthly saver when I try to open my next one.

Poor_Leno

got lucky, current account was opened on the 8th and on the 12th I had the monthly saver opened. phew. Surprised it took them only 4 days to open given the process of opening the current account must have been about a month.

Looks like I'l have headache in a years time looking at these big rate drops. My other regular saver that ends on 31st October next year is the 3% Virgin one that's no longer open. At least I have a year before I need to console myself with the misery of a rate below 3%.

Maybe it'll be better to put into a 1 year fixed. The gap between what you get drip feeding a regular saver and a fixed is not going to much pence difference.