M & S Bank have cut their 5% regular savings rate

zagfles

My energy supplier pays 3%, that'll be the best "savings" rate after my reg savers mature!

alandaniel132

which energy supplier do you mean?

zagfles

alandaniel132 wrote: »

which energy supplier do you mean?

Igloo, 3%pa paid on credit balances. And supposedly protected if they go bust. Don't believe it's taxable either.

phillw

zagfles wrote: »

Igloo, 3%pa paid on credit balances. And supposedly protected if they go bust. Don't believe it's taxable either.

Don't the T&C exclude you from purposefully generating a credit balance?

alandaniel132

https://works.igloo.energy/

could find the 3% thingy

zagfles

phillw wrote: »

Don't the T&C exclude you from purposefully generating a credit balance?

No, they say you must maintain a credit balance! They can ask to reduce the DD if they think it's too high.

Just checked and they only pay interest on the first £1000 of credit so it's not something that'll make a lot.

DavidT67

It's limited to £1000 in credit, also applies to Tonik Energy & others. Seems like an incentive to set the monthly direct debit on the high side and help with the suppliers cash flow.

YorkshireBoy

phillw wrote: »

Don't the T&C exclude you from purposefully generating a credit balance?

On the contrary, they positively encourage it...up to £1,000.

zagfles

alandaniel132 wrote: »

https://works.igloo.energy/

could find the 3% thingy

https://support.igloo.energy/hc/en-us/articles/360000886505-Terms-and-Conditions
Section 6

binaryuniverse

Shame. Means my M&S account will be next up for the chop, should another switch offer arise.