Latest news with #MPlusSaver
Scottish Sun
5 days ago
- Business
- Scottish Sun
NatWest to make huge change to millions of accounts TODAY – check if you're affected
We explain what to do if you're affected BANK ON IT NatWest to make huge change to millions of accounts TODAY – check if you're affected Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MILLIONS of NatWest customers will see a big change to accounts from today. The move will hit savers trying to make a return on their hard-earned cash. Sign up for Scottish Sun newsletter Sign up 1 NatWest is cutting rates hitting savers Credit: Getty The high street bank is chopping interest rates on a range of accounts from today. It comes after the Bank of England (BoE) slashed the base rate from 4.5% to 4.25% earlier this month. The base rate affects borrowing and saving rates offering by banks. Usually you will see rates come down if the central rate is lowered. And now NatWest is today cutting interest rates on four of its savings accounts including its Digital Regular Saver, Flexible Saver and Help to Buy ISA. The digital regular saver, flexible saver, savings builder and cash ISA are among other rates falling. The interest earned depends on how much money you hold in these accounts, you can see the full list of how rates are changing in the table below. Rates on three other savings accounts and a kids current account will be slashed from July 15. NatWest customers with a children's First Saver account and a balance of more than £1 will see the interest rate fall from 2.25% to 2.05%. If you've got a First Reserve account with £1 or more in the account, the interest rate will fall from 1.25% to 1.15%. You can see the changes taking place on accounts in July in the table below. A spokesperson for NatWest said: "Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts. "We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes. "Details of these changes are available on our website now." The provider is also cutting rates on variable rate mortgages. NatWest has cut interest rates on accounts twice since the end of 2024. In December, the bank dropped the interest rates on its Digital Regular Saver, Flexible Saver and Savings Builder accounts. Then in March, it cut rates on 11 variable rate savings accounts including its Digital Regular Saver and Flexible Saver again. It's not the only provider trimming returns for savers. Nationwide is cutting interest rates on over 60 savings accounts from June 1 including a number of ISAs and easy access accounts. And Virgin Money is trimming the rate on its M Plus Saver account next month. What to do if your savings rate is being cut If your interest rate drops, look to see if you can get a better return elsewhere. Price comparison sites such as or show the best savings accounts on the market. Take action and move your money if you can get a more attractive return. But do check whether the headline savings rate includes a bonus rate. These bump up returns for a short period so you'll need to make a note to switch when those bonus rates fall off. Others will only offer you a specific interest rate if you make a limited number of withdrawals each year. Go over this withdrawal limit and the interest rate can plummet. Some savings accounts offer additional perks which can make them attractive.
Scottish Sun
20-05-2025
- Business
- Scottish Sun
HSBC to make huge change to eight bank accounts used by millions of customers in weeks
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HSBC is making a major change to eight of its bank accounts within weeks. The bank and lender is slashing interest rates on a number of its savings accounts from June 3. Sign up for Scottish Sun newsletter Sign up It comes after the Bank of England (BoE) reduced its base rate from 4.5% to 4.25% this month - the fourth cut since 2020. The base rate is charged to smaller high street banks and any falls are usually echoed in savings rates. HSBC is reacting to the base rate change by dropping rates on eight of its savings accounts, but the drops come into effect on different dates. The interest rate on its Online Bonus Saver is being cut on July 21 from 4% AER to 3.75%, for balances between £1 - £50,000. Meanwhile, anyone with the same account and a balance over £50,000 will see the rate cut from 1.5% to 1.3% on the same date. The interest rate on the bank's Flexible Saver is also being cut from 1.35% to 1.3% from July 21. Anyone with a Help to Buy ISA and balance over £12,000 will see their interest rate reduced from 1.35% to 1.30% from June 3. HSBC non-Premier customers will see the interest rate on the Loyalty Cash ISA cut (standard rate) from 2.15% to 2.10% from June 3. Meanwhile, the rate on the same ISA (loyalty rate) for non-Premier HSBC customers will drop from 2.35% to 2.30% on the same date. The full list of affected accounts and the new rates coming into force can be seen via: Switch bank accounts for free perks A spokesperson for HSBC said it was "firmly focused on supporting customers with their savings". They added: "We provide overall value on our savings accounts that goes beyond interest rates to provide flexibility, convenience, simplicity and organisational and financial stability for customers who want to save with a trusted high street brand. "There are several factors taken into account when setting savings rates. "We have designed our savings accounts to make it easy for our customers to start and maintain a savings habit so they can save towards longer term goals. "We also proactively remind customers of the need to review their savings, highlighting products that might also be suitable for them and where they could benefit from a higher rate." MAJOR BANKS CUTTING RATES HSBC joins NatWest and Nationwide in cutting rates on its savings accounts as the BoE continues to slash its base rate. Nationwide is cutting interest rates on over 60 savings accounts from June 1 including a number of ISAs and easy access accounts. NatWest is also cutting rates on a number of accounts from the end of this month. Meanwhile, The Sun exclusively revealed how Virgin Money is lowering the interest rate on its M Plus Saver account next month. If you've got a savings account with an interest rate set to drop, it might be worth shopping around for a better deal now. Check out comparison sites like and to browse the best on the market. According to Moneyfacts, Chip is offering the best rate on an easy access savings account, with a rate of 4.77%. Meanwhile, the best easy access cash ISA is with Trading 212 and offering a rate of 4.86%. Always look beyond just the headline interest rate on any savings account though. Some offer additional perks which can make them more cost-effective and suited to you, based on your circumstances. For example, the Club Lloyds Silver account comes with a £11.50 monthly fee and extra £3 monthly Club Lloyds fee that's waived every time you pay in £2,000 or more in each month. However, the account comes with AA breakdown cover, European and UK family travel insurance and mobile phone insurance.
Business Mayor
05-05-2025
- Business
- Business Mayor
Barclays to make big change to bank accounts TODAY impacting thousands of customers
THOUSANDS of Barclays customers are set to see a major change to their bank accounts today. The high street bank has lowered the interest rate on its Rainy Day Saver account from 4.87% to 4.61%. 1 Barclays has slashed the interest rate on its Rainy Day Saver account for the second time in four months Credit: PA It marks the second time the bank has decreased the savings rate on customer accounts in the last four months. The cut comes ahead of the Bank of England's next interest rate decision on Thursday. Markets have already priced in another base rate cut, with a roughly 90% chance of it going ahead. The base rate is the rate at which the Bank of England charges other banks and lenders when they borrow money, and it influences the interest rates that banks set on mortgages and savings accounts. It's widely expected the base rate will be cut from 4.5% to 4.25% this week. Experts are also expecting a further three base rate cuts this year. Because these cuts are already being priced in, we're currently seeing decreases to interest rates on both mortgages and savings accounts. That means it's a good time for home buyers and movers – but savers are getting the short end of the stick. Barclays' Rainy Day Saver account previously had an impressive interest rate of 5.12%, but this was cut by the bank in February. Even with the rate cut, the Rainy Day Saver is still a pretty good option. Santander's £130 Million Recovery: What You Need to Know It's the highest interest rate among big name banks, with Santander-owned Cahoot offering the closest at 4.41%. Marcus by Goldman Sachs has a rate of 4.3%. If you're happy to try a smaller bank, Chip and Sidekick both offer rates of 4.76% – beating the Barclays account. Sidekick offers unlimited withdrawals, but there are limited withdrawals with Chip. Other major banks have recently slashed their savings rates. Virgin Money will lower the interest rate on its M Plus Saver account by 0.25 percentage points on June 16. Currently, customers benefit from an interest rate of 2.5% on savings up to £25,000. Therefore if you have £5,000 in savings, you would earn £125 in interest over the course of a year. But once the rate drops to 2.25%, the same £5,000 savings will generate £112.50 in interest annually – £12.50 less than before. Chase also reduced the rate on its standard Saver account from 3.25% to 3%.
Scottish Sun
05-05-2025
- Business
- Scottish Sun
Barclays to make big change to bank accounts TODAY impacting thousands of customers
THOUSANDS of Barclays customers are set to see a major change to their bank accounts today. The high street bank has lowered the interest rate on its Rainy Day Saver account from 4.87% to 4.61%. 1 Barclays has slashed the interest rate on its Rainy Day Saver account for the second time in four months Credit: PA It marks the second time the bank has decreased the savings rate on customer accounts in the last four months. The cut comes ahead of the Bank of England's next interest rate decision on Thursday. Markets have already priced in another base rate cut, with a roughly 90% chance of it going ahead. The base rate is the rate at which the Bank of England charges other banks and lenders when they borrow money, and it influences the interest rates that banks set on mortgages and savings accounts. It's widely expected the base rate will be cut from 4.5% to 4.25% this week. Experts are also expecting a further three base rate cuts this year. Because these cuts are already being priced in, we're currently seeing decreases to interest rates on both mortgages and savings accounts. That means it's a good time for home buyers and movers - but savers are getting the short end of the stick. Barclays' Rainy Day Saver account previously had an impressive interest rate of 5.12%, but this was cut by the bank in February. Even with the rate cut, the Rainy Day Saver is still a pretty good option. Santander's £130 Million Recovery: What You Need to Know It's the highest interest rate among big name banks, with Santander-owned Cahoot offering the closest at 4.41%. Marcus by Goldman Sachs has a rate of 4.3%. If you're happy to try a smaller bank, Chip and Sidekick both offer rates of 4.76% - beating the Barclays account. Sidekick offers unlimited withdrawals, but there are limited withdrawals with Chip. Other major banks have recently slashed their savings rates. Virgin Money will lower the interest rate on its M Plus Saver account by 0.25 percentage points on June 16. Currently, customers benefit from an interest rate of 2.5% on savings up to £25,000. Therefore if you have £5,000 in savings, you would earn £125 in interest over the course of a year. But once the rate drops to 2.25%, the same £5,000 savings will generate £112.50 in interest annually - £12.50 less than before. Chase also reduced the rate on its standard Saver account from 3.25% to 3%.
The Sun
05-05-2025
- Business
- The Sun
Barclays to make big change to bank accounts TODAY impacting thousands of customers
THOUSANDS of Barclays customers are set to see a major change to their bank accounts today. The high street bank has lowered the interest rate on its Rainy Day Saver account from 4.87% to 4.61%. 1 It marks the second time the bank has decreased the savings rate on customer accounts in the last four months. The cut comes ahead of the Bank of England 's next interest rate decision on Thursday. Markets have already priced in another base rate cut, with a roughly 90% chance of it going ahead. The base rate is the rate at which the Bank of England charges other banks and lenders when they borrow money, and it influences the interest rates that banks set on mortgages and savings accounts. It's widely expected the base rate will be cut from 4.5% to 4.25% this week. Experts are also expecting a further three base rate cuts this year. Because these cuts are already being priced in, we're currently seeing decreases to interest rates on both mortgages and savings accounts. That means it's a good time for home buyers and movers - but savers are getting the short end of the stick. Barclays ' Rainy Day Saver account previously had an impressive interest rate of 5.12%, but this was cut by the bank in February. Even with the rate cut, the Rainy Day Saver is still a pretty good option. It's the highest interest rate among big name banks, with Santander -owned Cahoot offering the closest at 4.41%. Marcus by Goldman Sachs has a rate of 4.3%. If you're happy to try a smaller bank, Chip and Sidekick both offer rates of 4.76% - beating the Barclays account. Sidekick offers unlimited withdrawals, but there are limited withdrawals with Chip. Other major banks have recently slashed their savings rates. Virgin Money will lower the interest rate on its M Plus Saver account by 0.25 percentage points on June 16. Currently, customers benefit from an interest rate of 2.5% on savings up to £25,000. Therefore if you have £5,000 in savings, you would earn £125 in interest over the course of a year. But once the rate drops to 2.25%, the same £5,000 savings will generate £112.50 in interest annually - £12.50 less than before. Chase also reduced the rate on its standard Saver account from 3.25% to 3%. Where to find the best savings rates Many savings accounts offer miserly rates meaning that money is generating little or no return. However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate. Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time. If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not. Check in at least once a month to see what is happening in the market. Check what is offered by your bank - sometimes the best rates are for customers only. But do search the wider market as often top savings accounts are offered by lesser known providers. Comparison sites are a good place to check for the top rates. Try or Moneysupermarket. You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies. Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
