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

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creditavenger
creditavenger Posts: 139 Forumite
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edited 15 November 2019 at 8:00PM in Budgeting & bank accounts
Sad news indeed, but not unexpected.

Probably explains why I had to wait for over 10 working days for a switch slot, and why no response was made (so far) to an on-line application for a regular saver made at 07:00 on the 13th Nov.

I wonder if they'll honour the rate in force at the time of application? ...or at least now process it!!
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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Following suit of HSBC and First Direct then
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Yup, the rates are getting lower and lower right across the entire banking sector...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
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    Willing2Learn wrote: »
    Yup, the rates are getting lower and lower right across the entire banking sector...
    Well yes. They have to finance all the switch incentives.
  • Katiehound
    Katiehound Posts: 7,556 Forumite
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    oh ho, Nationwide gone altogether, now M&S and HSBC reduced..... these 2 have yet to mature.Sadly not unexpected news
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,29 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=163 £86 spent!!!
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,858 Forumite
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    Reduced to 2.75%:)
  • stehouk
    stehouk Posts: 412 Forumite
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    i'm not going to be renewing at 2.75% on any of them, not worth the effort.
  • Joe9090
    Joe9090 Posts: 201 Forumite
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    Another thread on it here https://forums.moneysavingexpert.com/showthread.php?t=6070875 .........although you will need to look at post 5 for the leader article.
  • Milarky
    Milarky Posts: 6,355 Forumite
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    Coincidentally I contacted them this week about my current eligibilty as I was really thinking about it this time! I could have opened one again (after maturity) back in January but put it off, and put it off and (now) that decision has been made for me it would appear.
    .....under construction.... COVID is a [discontinued] scam
  • bhjm
    bhjm Posts: 341 Forumite
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    stehouk wrote: »
    i'm not going to be renewing at 2.75% on any of them, not worth the effort.

    where do you put your money for saving then?
  • stehouk
    stehouk Posts: 412 Forumite
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    bhjm wrote: »
    where do you put your money for saving then?

    I will probably pay more into my sipp and marcus, running out of options now.:(
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