Melton Mowbray R/S Iss 1 - Is it time to ditch

Growingold

I have this R/S account currently paying 2% variable ever since it was launched.  What is the likelihood of them increasing the rate or is it time to ditch? Your thoughts would be much appreciated. Thanks.

refluxer

The best easy access accounts are paying around 2% now and there are certainly better Regular Savers available...

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

You could consider dropping the monthly payment to the minimum (if there is one) in order to keep it open and open a better one elsewhere ?

Descrabled

This account has no need of a payment every month. I have cancelled my standing order for October and will leave a further month or so before closing if the interest doesn't become interesting.

Growingold

Descrabled said:

This account has no need of a payment every month. I have cancelled my standing order for October and will leave a further month or so before closing if the interest doesn't become interesting.

Yes I thought that.  Would hate to do a withdrawal or close it only to find they increase their rates.  Having no experience with them before hard to predict what they will do.

refluxer

Growingold said:

Yes I thought that.  Would hate to do a withdrawal or close it only to find they increase their rates.  Having no experience with them before hard to predict what they will do.

I had a notice account with the Melton during the pandemic as it offered a decent rate at the time and quite liked them - I had reason to phone them a couple of times and got through to a human fairly quickly, plus a request for an interest summary a few months after I closed the account was dealt with promptly and it arrived by post a few days later.

2% is at least around the same as the top-paying easy access account so there would be no real benefit to closing your RS and moving to one of those.

I would stop paying in for now and look at alternatives. If, like me, you want a RS with online access then the Nationwide currently do one at 3% (£200/month) and the Principality at 2.8% (£250/month). It's obviously also worth checking banks and building societies you're already a member of, as these rates can often be pretty good too.