club lloyds dropping to 2%, halifax rewards to £3

Mr_Goodkat · 13 October 2016 at 1:37PM

joe134 wrote: »

with tsb doing the same,5%>3%, and only £1500, I will just shut them all down, p*** poor rates, not worth the hassle.
In all combined, the saving is peanuts, won't have to bother with all the dd's with other bank then, as they will be next,T, on their current a/cs.
sign of the times
updating.my paper work is going down drastically:)

All of these cuts are annoying but I won't be cutting off my nose to spite my face.

Until the rate change kicks in TSB are giving me 5% on £2k plus £5 a month for contactless even when the cashback ends and the rate drops to 3% on £1.5k still worth having in my opinion.

Same with Halifax, benefit from £5 per month per account whilst it lasts then even at £3 per month per account better than nothing.

I'm holding on to all my accounts for now as others could still change and I will reassess when they have all kicked in

Westie983 · 13 October 2016 at 4:21PM

£3 a month for an average balance of 0.01p is good in my eyes, and even when TSB cut the rate and balance, its still 3% and that higher then the base rate.

Will ride the storm, but nothing is happening till 2017, so I will enjoy the rates and rewards for the next three to five months.

Jlawson118 · 13 October 2016 at 6:14PM

YorkshireBoy wrote: »

You're young. One day you'll have a lump sum saved and be thankful of 4% AER on £5K (£15K if you meet/marry someone).

Halifax pay me £240 a year for tying up £4 (I could get away with a zero balance, but the interest rate wouldn't then compute). What's the AER on a £240 return for a £4 balance? You went to school more recently than me.

And as for Barclays...I'm all ears on their savings rates. My lowest will be 1.5% soon. Can they beat that?

Oh don't get me wrong, the 4% on Club Lloyds is absolutely amazing, I mean more the savings accounts for 0.05% and 0.25% if you're lucky. I've been getting 1.30% on an ISA with First Direct, as well as a bonus savings for just short of that. But my Halifax and Lloyds savings accounts never earned anything near that. That's what I was getting at

YorkshireBoy · 13 October 2016 at 6:25PM

Jlawson118 wrote: »

Oh don't get me wrong, the 4% on Club Lloyds is absolutely amazing, I mean more the savings accounts for 0.05% and 0.25% if you're lucky. I've been getting 1.30% on an ISA with First Direct, as well as a bonus savings for just short of that. But my Halifax and Lloyds savings accounts never earned anything near that. That's what I was getting at

And the rates you're getting on the "few" savings accounts you've just opened with Barclays are?

pinkdalek · 13 October 2016 at 8:04PM

Banks betray switchers? What about banks who do sod all for their current account customers?

Daily Mail, the Halifax has had the reward £5 account for over a decade, that's £600 at least if you've been with them for that long and always had it paid.

Really Daily Mail in an economic environment of very low interest rates, stable yet low, a weakening £ brought about through Brexit - which one could argue you aided with your ridiculous and xenophobic headlines about asylum seekers and immigration - is it really a shock that rates offered by banks or rewards are being cut?

YorkshireBoy · 13 October 2016 at 8:21PM

pinkdalek wrote: »

Daily Mail, the Halifax has had the reward £5 account for over a decade, that's £600 at least if you've been with them for that long and always had it paid.

It was launched in Feb 2009, so less than 8 years (but it feels like over a decade

)

JustAnotherSaver · 13 October 2016 at 9:45PM

For all these people saying things along the lines of....

"i'm closing my account because of the pi$$ poor rates"

Can you tell me which account/s you're then putting your money in to that gets you the super high rates that you must be moving to?

And why didn't you put your money in those higher rate accounts in the first place?

Westie983 · 14 October 2016 at 2:49AM

YorkshireBoy wrote: »

It was launched in Feb 2009, so less than 8 years (but it feels like over a decade )

Not done me badly - held three reward accounts for eight years, switched one out years ago, and the other two have a 0.01p balance.

Its all a shame, but these rates have been at the high rates for a long time, we all know good things must come to an end at some point, just enjoy/utilise the next few months getting the higher interest/rewards, but dont forget £3 a month is still a good return on a low balance.

I think I will move some money from Lloyds as the club account will not pay me as much as it does now, maybe utilise BOS, or Tesco account which are not full.

Just need to play around with my spreadsheet see how it works out..

GingerFurball_2 · 14 October 2016 at 7:33AM

Jlawson118 wrote: »

Oh don't get me wrong, the 4% on Club Lloyds is absolutely amazing, I mean more the savings accounts for 0.05% and 0.25% if you're lucky. I've been getting 1.30% on an ISA with First Direct, as well as a bonus savings for just short of that. But my Halifax and Lloyds savings accounts never earned anything near that. That's what I was getting at

There are no Lloyds or Halifax savings accounts available to new customers that pay as little as 0.05%.

joe134 · 14 October 2016 at 8:49AM

Mr_Goodkat wrote: »

All of these cuts are annoying but I won't be cutting off my nose to spite my face.

Until the rate change kicks in TSB are giving me 5% on £2k plus £5 a month for contactless even when the cashback ends and the rate drops to 3% on £1.5k still worth having in my opinion.

Same with Halifax, benefit from £5 per month per account whilst it lasts then even at £3 per month per account better than nothing.

I'm holding on to all my accounts for now as others could still change and I will reassess when they have all kicked in

Hi Mr G, you are right, I'm not doing anything until the new rates kick in.
However. Lloyds club, unlike any other high paying Current A/c has this fee.
If and when Anyone decides to not require it, they cannot just withdraw their funds and stop their £1500 pm,like I have with their Vantage a/c's. which I still have, open, but empty, because the £3 pm will still apply, hence my Question about cancelling the A/c.
I may decide to retain it, but, the Question still applies?:beer:

club lloyds dropping to 2%, halifax rewards to £3

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