M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Money, investing, mutuals etc
expressman33
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M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by expressman33 » Tue Nov 19, 2019 5:17 pm

The news comes after HSBC and First Direct cut the rates on their regular savings accounts in October.This means there are no longer accounts of this type offering 5% interest.
Story here https://www.moneywise.co.uk/news/2019-1 ... m_content=
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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by planteria » Wed Nov 20, 2019 7:09 pm

as expected.
so now when all of my RSs: HSBC, Nationwide and M&S mature, they won't be renewed.

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by regulator » Wed Nov 20, 2019 7:34 pm

Has happened across the board. Am currently getting 5% on my soon to finish regular saver at HSBC. New accounts are now 2.75%, I think. Not worth it.

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by planteria » Wed Nov 20, 2019 7:49 pm

i agree. several stoozers are still using RSs at 2-3% but i don't think it's worth it.
i'm only £750 in to my latest HSBC RS.

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by axelandpixel » Wed Nov 20, 2019 10:57 pm

Not a surprise. That's why I invest my money in stocks and shares ISA and others. Banks give peanuts.

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by AAAlphaThunder » Thu Nov 21, 2019 9:14 am

axelandpixel wrote:
Wed Nov 20, 2019 10:57 pm
Not a surprise. That's why I invest my money in stocks and shares ISA and others. Banks give peanuts.
The banks make a tidy profit lending our money to other people so we have every right to expect a "living wage" return on our money. If not then fair play there are other options for the same money.
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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by macliam » Thu Nov 21, 2019 9:38 am

AAAlphaThunder wrote:
Thu Nov 21, 2019 9:14 am
The banks make a tidy profit lending our money to other people so we have every right to expect a "living wage" return on our money. If not then fair play there are other options for the same money.
UK banks generally don't charge for a current account.... and people are so used to this that they consider it a "right" - but move to the continent and you'll quickly find yourself paying a few euros a month for the privilege of a bank account and a cash card to withdraw your own money. Interest rate on savings are pretty pathetic there too......
Just because I'm paranoid, it doesn't mean they're not out to get me

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by expressman33 » Thu Nov 21, 2019 10:05 am

macliam wrote:
Thu Nov 21, 2019 9:38 am

UK banks generally don't charge for a current account....
Years ago you could get interest on a current account. Most firms insist on paying wages into a bank account so if you get charged you should be able to insist on being paid in cash.

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Re: M&S Bank slashes interest rate on its regular savings account from 5% to just 2.75%

Post by William Joseph1 » Thu Nov 21, 2019 10:39 am

expressman33 wrote:
Thu Nov 21, 2019 10:05 am
macliam wrote:
Thu Nov 21, 2019 9:38 am

UK banks generally don't charge for a current account....
Most firms insist on paying wages into a bank account so if you get charged you should be able to insist on being paid in cash.
I doubt very much there are many companies which would pay you in cash. I suspect most companies have written in to their contracts that salaries would be paid by BACS. Anyway in the case that banks do start charging the sensible thing would be is to change your bankers.

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