Savings Accounts Guaranteed to Increase Rates

Mr_Mumble · 3 August 2006 at 8:47PM

Had a few minutes spare so came up with this list of competitive (base rate or above) accounts which must see a rise in interest rate to meet a base rate guarantee. Data from Moneyfacts which may not be completely accurate nor may my collating of that data.

Easy access savings accounts

Account Name: raised rate or announced rise % AER (guaranteed until date)

Market Harborough onthedot 60+: 5.12 (30/9/06)
Bradford & Bingley eSavings 2 (yearly interest option) : 5.10 on Sept 3rd (30/6/07)
Market Harborough onthedot: 5.00 (30/9/06)
Yorkshire BS Internet Saver: 5.10(28/2/07)
Northern Rock Silver Savings: 4.80 (31/1/10)
Nationwide E-savings: 4.80 (30/9/06)
Capital One Base Beater Savings: 4.80 (1/7/10)
Cahoot Savings: 4.80 (31/12/06 - for amounts up to £250K)
EGG Internet Only: 4.75 (31/12/07)
Coventry BS Netsave Instant III: 4.75 (30/9/06)

Limited access or Withdrawals

Mansfield BS Postal Tracker 3: 5.00
Post Office Instant Saver: 5.00 (1/1/08)
Derby BS: Easy Save Tracker: 4.95 (1 year from opening)

Notice accounts

Chelsea BS Double Guarantee: 5.25 (2/5/07)
Dunfermline BS Base Rate Tracker 10: 4.96

Instant access cash ISAs

NS&I Direct ISA: 5.30 (5/4/08)
Derby BS 55 Plus ISA: 5.15 (5/4/07)
Intelligent Finance mini-cash ISA: 4.85 (31/12/06)
Newcastle BS 55 ISA: 4.75 on Sept 11th (5/4/10)
Natwest Mini Cash ISA: 4.75 (5/4/07)
Marks & Spencer Money ISA: 4.75 (31/12/07)

Updated: 1st September

Kazza242 · 3 August 2006 at 8:58PM

The thisismoney (Daily Mail) website have also started a rolling list of accounts that have confirmed what their new rates will be following the BOE base rate increase to 4.75%.

Has your savings rate risen?

Mr_Mumble · 8 August 2006 at 10:47AM

Bump to point out that Kazza's link now includes comments from the likes of ING, Halifax and Cahoot all saying they're still thinking about a rise and may announce something this week. :wall:

I've updated the initial post as well.

EagerLearner · 8 August 2006 at 11:20AM

Does this mean I should move my B&B Isa to NS&I? I have £4,117 in there and opened the account early June this year.

Kazza242 · 8 August 2006 at 11:49AM

EagerLearner wrote:

Does this mean I should move my B&B Isa to NS&I? I have £4,117 in there and opened the account early June this year.

Unfortunately, the NS&I Direct mini cash ISA does not accept ISA transfers. They only accept 'new money'.

EagerLearner · 8 August 2006 at 1:06PM

Thanks Kazza - is there a better ISA than B&B, that I can transfer to (monthly interest payment) or is it better to sit and wait til April 07 now?

Kazza242 · 8 August 2006 at 1:43PM

EagerLearner wrote:

Thanks Kazza - is there a better ISA than B&B, that I can transfer to (monthly interest payment) or is it better to sit and wait til April 07 now?

I've just done a search on the Moneyfacts website using the 'transfer ISA' search criteria. I selected monthly interest, no fixed term ISA's and no notice. The B&B esavings ISA came out on top. This must be the one you already have(?). I wouldn't move just yet, as B&B may decide to increase their mini cash isa rate, following last week's BOE rate rise.

Here's a link to the Moneyfacts transfer ISA page: http://www.moneyfacts.co.uk/searches/savings.aspx?accounttype=97&pageid=6

Keep a look out for any new mini cash ISA's that may be launched over the coming weeks. Whenever, BOE base rate has risen a number of new mini cash ISA's usually become available.

Mr_Mumble · 9 August 2006 at 1:05PM

Updated first post. All the accounts on the above list which have hiked have done so by .25% except the onthedot 60+ which has risen by .27%.

Amount of days taken to change rates for accounts with a base rate guarantee. (very incomplete list):

0
Cahoot
N&SI Direct ISA

1
Halifax Guaranteed Saver
Mansfield BS Postal Tracker 3
M&S Money ISA

6
West Bromwich BS (all accounts that track base rate)
Anglo Irish Bank Easy Access Deposit

7
Capital One Base Beater
Market Harborough onthedot & onthedot 60+

13
EGG

24
Yorkshire Building Society

26
Post Office

29
Northern Rock

EagerLearner · 9 August 2006 at 1:57PM

Kazza242 wrote:

I've just done a search on the Moneyfacts website using the 'transfer ISA' search criteria. I selected monthly interest, no fixed term ISA's and no notice. The B&B esavings ISA came out on top. This must be the one you already have(?). I wouldn't move just yet, as B&B may decide to increase their mini cash isa rate, following last week's BOE rate rise.

Here's a link to the Moneyfacts transfer ISA page: http://www.moneyfacts.co.uk/searches/savings.aspx?accounttype=97&pageid=6

Keep a look out for any new mini cash ISA's that may be launched over the coming weeks. Whenever, BOE base rate has risen a number of new mini cash ISA's usually become available.

Thanks Kazza - would have looked into it myself but work has been manic - thanks again & will keep an eye out :T

Moggles_2 · 9 August 2006 at 8:56PM

Accounts with a BOE base rate guarantee

7 days taken to change rates
Cahoot Base Beater

I suspect this is the Capital One Base Beater savings account
(AFAIK, Cahoot have yet to make an announcement)

Thanks Mr M for a very useful checklist.

Kazza242 · 9 August 2006 at 9:05PM

Yorkshire Building Society have announced that they will increase the rates of it's Internet Saver before 31st August 2006.

It currently pays 4.70% gross to those with an annual interest option and 4.6% to those that opted for monthly interest.

The annual interest option will increase to 4.85%, while the monthly interest option will increase to 4.75%.

Here's the Yorkshire Building Society Internet Saver interest rates page.

Savings Accounts Guaranteed to Increase Rates

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