First Direct / HSBC Regular Saver cut to 2.75%

[parchedpeas]

The end of the last best Regular Saver on the market with surely M + S Bank to follow (they're the same backbone as t'other two).

Is it worth bothering anymore, when you're money is tied in for the whole year? Surely better to pay down the mortgage / offset.

I've got 40 bank accounts churning money all over the place and it takes time to keep on top of them. I think this decision has made my mind up - the game is over. Time to pay down the 0% Credit Card balances and focus on one or two accounts (probably Monzo / Starling and a High Street Bank).

Was good while it lasted.

[planteria]

i recently set up another PremRegSav, and sits alongside M&S and Nationwide, all at 5%.
but i agree with you..2.75% isn't worth doing, and assuming M&S have dropped their rate by the time comes, i don't see myself renewing any of them.

from the days of 24 Credit Cards, and all sorts of Current and Savings accounts, i'm not, like many others, active as a stoozer nowadays. i was looking for cashback/points/interest in whatever way was best to 'game the system', but i've lost a lot of enthusiasm now.

i think i'm on the path to ending my stoozing days.. i spend on Amex and Barclaycard for cashback, i have a BT balance on my Barclaycard, and I have an MBNA card with a big limit to which i could BT my Barclaycard balance early next year, and a Nationwide back up. but i'm thinking of just clearing the balance of the Barclaycard when the 0% deal comes to an end and just using credit cards for spending, to generate some cashback and provide the protections.

i continue with a 10 c/a Round Robin at the moment, but it's hardly worthwhile with rates/rewards/limits cut, and apparently to be cut further, ref Halifax Rewards thread, for example. i don't see my downside in simplifying: might cut right back to 2 Spending Cards, Amex and Barclaycard, and 2 Personal Current Accounts, HSBC and Lloyds.

i'm still a member of almost all UK building societies, and i'm invested in an ISA, 4 Pensions and an RSP, and i have enough to occupy me with family/business.

anyone seeing any opportunity that i'm not seeing?

[planteria]

my Nationwide and M&S RegSavs are now closed, and haven't been replaced as previously.
i just have my HSBC RegSav to run until September, and then, unless rates are increased again, let that one go unreplaced too.
anyone seeing any viable alternatives or better ideas in the market?

[parchedpeas]

I got into Club Lloyds at 2.5% for £400 a month but you can withdraw whenever you like and keep the same rate, which is what sold me. It's dropped to 2% now, but same rules.

I just opened up FD and HSBC reg savs with max deposit but will let them roll over with lower amount (£50 ish) for now while I keep my options open. But I think the 2.75% rate is likely to be pulled pretty soon, so might be worth parking something there to give you the option later in the day (you can top up to the full amount any time later down the line, so potentially 6 months time you'll have it as an option).

Rates are not going to recover, we're going to need to inflate our way out of the huge debts we've accrued.

[AAAlphaThunder]

I got into Club Lloyds at 2.5% for £400 a month but you can withdraw whenever you like and keep the same rate, which is what sold me. It's dropped to 2% now, but same rules.

I just opened up FD and HSBC reg savs with max deposit but will let them roll over with lower amount (£50 ish) for now while I keep my options open. But I think the 2.75% rate is likely to be pulled pretty soon, so might be worth parking something there to give you the option later in the day (you can top up to the full amount any time later down the line, so potentially 6 months time you'll have it as an option).

Rates are not going to recover, we're going to need to inflate our way out of the huge debts we've accrued.

I like the way you have set it up to keep all of your options open.

[planteria]

me too, but 2% isn't really good enough.
i'm bagging 2.25% instant access from one of my local Co-ops, ie no monthly contibution limits.

[Sarah]

Club Lloyds Monthly Saver just dropped again 2.0% to 1.5% with effect from 21 July 2020:
https://www.lloydsbank.com/assets/media ... -rates.pdf

[parchedpeas]

Bag those HSBC / First Direct / M and S monthly beasts before they're gone. 2.75 might seem pathetic, but it's a kings ransom in the current climate.