Club Lloyds and BOS dropping rates to 1.5% on 1st July

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  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    YorkshireBoy wrote: »
    £1 was out of the question...may as well have withdrawn the account. Could have gone to £2 I suppose.

    Barely worth the bother at £3 frankly.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    ffacoffipawb wrote: »
    Got my last 3 x £3 rewards this month, unable to replace the tesco direct debits and not worth transferring some real bills across as they earn a decent cashback with Child & Co Reward Account via RBS.
    I was quite pleased I'd sorted it last year when I moved all mine to a couple of YBS accounts. One of these was only available until I redeem my mortgage in September 2019 though (Offset Savings Account), so the writing was on the wall for me anyway.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    YorkshireBoy wrote: »
    I could put the £20K in my PO Online Saver (or Tesco for the same 1.30% rate...for the remainder of the bonus year) and only be the equivalent of £38 a year worse off. Maybe it's time to call it a day on these two providers. I haven't even been to the flix this lifestyle year either...and it's nearly up!

    The Birmingham Midshires 1.45% makes things look even more marginal, at least for the remaining time that rate is available. Looks like I'll be keeping some cashback DD's on a 123 account after all.
    "In the future, everyone will be rich for 15 minutes"
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    ffacoffipawb wrote: »
    Barely worth the bother at £3 frankly.
    I have 4, and they've been fully automated for years. Well short of the £240 a year I was making prior to the drop (which paid for my week in the winter sun each year!), but no additional effort required so left them.
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    YorkshireBoy wrote: »
    I was quite pleased I'd sorted it last year when I moved all mine to a couple of YBS accounts. One of these was only available until I redeem my mortgage in September 2019 though (Offset Savings Account), so the writing was on the wall for me anyway.

    No complaints, nice while it lasted. Must have got over £1,000 in total over the 3 accounts, will need to check my spreadsheet. Will use them for switching I guess.

    Mothballng them in the meantime.

    With interest rates going up, Lloyds' reductions seem perverse.
  • skitskut
    skitskut Posts: 221 Forumite
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    ffacoffipawb wrote: »
    No complaints, nice while it lasted. Must have got over £1,000 in total over the 3 accounts, will need to check my spreadsheet. Will use them for switching I guess.

    Mothballng them in the meantime.

    With interest rates going up, Lloyds' reductions seem perverse.
    Me too. Makes me feel better about my decision to 'let go' of these accounts next month due to the Tesco dd cancellations!
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Think I will keep my Club Lloyd's c/a and 3x BoS Classic Vantage. It's difficult to get 1.5pc on instant/easy access and I've got the required number of DDs working smoothly on the accounts. The monthly pay ins and outs take seconds. Plus there's the cinema tickets on the Club Lloyd's,,,,,and access to the 3pc Club Lloyd's RS on £400 pcm.
  • colsten
    colsten Posts: 17,597 Forumite
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    I'll be moving the £15K from my BOS accounts into the Nationwide Loyalty ISA @ 1.4%. May be also the Club Lloyds.
  • Frogletina
    Frogletina Posts: 3,888 Forumite
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    I was still short of one direct debit for one of my BOS accounts, so I think I will close that sooner rather than later once I have had my April interest paid.

    I have a 1.35% flexible ISA so I will put more money into that - possibly most of the money I have in my LLoyds and BOS accounts. I have already reduced the money in my Santander account and changed that to the Lite version.

    Already I am using the flexibility of my Isa, by transferring money from there each month to fund my regular savers, and then transferring the matured funds from them back to the Isa. If I keep just the taxable accounts earning 2% or more at their maximum, I should not exceed the personal tax amount (which I have been doing) and therefore will not have to pay extra tax for the tax year 2018/19. That will simplify things.

    frogletina

    Just looking on the bright side
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    I'll keep for the time being - don't forget access to the monthly savers. If the BoE base rate goes up again, that will put my mortgage up to 1.5%, so using funds to offset that would be better as it won't then be taxable
    I consider myself to be a male feminist. Is that allowed?
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