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Bank and Building society bonus rates axed

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Bank and Building society bonus rates axed

Postby 9fingers » 24 Oct 2016, 20:35

Over the last few months nearly all the big banks and credit card operator and typically halving their bonus rates

EG Amex, Halifax cashback levels and interest rates at banks like Santander, TSB and Halifax are all being slashed some from November and few into early next year.

If you are at all reliant on these little extras, be aware they are getting much smaller.

Bob
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Re: Bank and Building society bonus rates axed

Postby Halo Jones » 24 Oct 2016, 21:10

Brexit!

Went away for 2 weeks in France - Euro was on parity with the pound and when I came back diesel had gone from 1.08 to 1.18 a litre!

Luckily for me the retired few are stealing my pension. One of the few perks of my job was a final salary pension. Ended a few months ago. I now have the joy of paying 11% into my pension to expect a career contribution (roughly 1 third of my salary).

Not to mention child care bills twice my mortgage costs. Joy.

Britain is a lovely place to be :eusa-violin:
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Re: Bank and Building society bonus rates axed

Postby 9fingers » 24 Oct 2016, 21:19

Halo Jones wrote:Brexit!

Went away for 2 weeks in France - Euro was on parity with the pound and when I came back diesel had gone from 1.08 to 1.18 a litre!

Luckily for me the retired few are stealing my pension. One of the few perks of my job was a final salary pension. Ended a few months ago. I now have the joy of paying 11% into my pension to expect a career contribution (roughly 1 third of my salary).

Not to mention child care bills twice my mortgage costs. Joy.

Britain is a lovely place to be :eusa-violin:


The biggest cutter is Santander and they have been been paying far higher that they needed to for long before brexit. A re-adjustment was inevitable really Brexit or not.
With all the banks getting the jitters and reducing their lending apart from the safest of safe borrowers, the Peer to Peer lending market is benefiting. So yes Britain is a good place to be!!

Bob
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Re: Bank and Building society bonus rates axed

Postby Wizard9999 » 24 Oct 2016, 21:55

9fingers wrote:With all the banks getting the jitters and reducing their lending apart from the safest of safe borrowers, the Peer to Peer lending market is benefiting. So yes Britain is a good place to be!!


Be careful, a number of people whose opinions I trust and who are in a position to know more than most of us have been saying for a while that peer-to-peer has the potential to be the next big financial services disaster if we hit an economic downturn.

Terry.
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Re: Bank and Building society bonus rates axed

Postby RogerS » 25 Oct 2016, 05:23

I did read an article that takes my 'make money from the banks' regime a whole lot better. Think it might have been Which.

Basically you play them at their own game and take advantage of the 'swap your current account' deals. In a nutshell it was IIRC £1k in one particular bank. £2.5k in another one and IIRC another £1k in the third. You got the initial 'Tank you for joining us' bonuses and then continued to milk them by setting up standing orders/direct debits that simply moved the money around between them on a monthly basis.

The nett level of interest was over 7%.
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Re: Bank and Building society bonus rates axed

Postby Tusses » 25 Oct 2016, 17:54

RogerS wrote:I did read an article that takes my 'make money from the banks' regime a whole lot better. Think it might have been Which.

Basically you play them at their own game and take advantage of the 'swap your current account' deals. In a nutshell it was IIRC £1k in one particular bank. £2.5k in another one and IIRC another £1k in the third. You got the initial 'Tank you for joining us' bonuses and then continued to milk them by setting up standing orders/direct debits that simply moved the money around between them on a monthly basis.

The nett level of interest was over 7%.


I used to do the CC shufle .. turned out very bad ! :o
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