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

[expressman33]

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=

[pakefield]

ouch

[planteria]

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

[regulator]

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.

[planteria]

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.

[axelandpixel]

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

[BeautifulSunshine]

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.

[macliam]

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......

[expressman33]

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.

[Richard Frost]

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.