Coventry BS still not acting on 0.5% interest rate cut

baby_boomer

Coventry have gone for a big business expansion in 2007/8.

This has to be paid for by somebody! Why not you ?

Seriously, 95% of building societies have not passed on the 0.5% cut - so not hearing anything could even turn out to be good news .

TLC not PLC.

MarkyMarkD

There's a balance between irrational criticism and sensible judgement on this thread. And those making irrational criticisms - including the OP - aren't listening to those giving sensible judgement.

For most building societies, there is no cost saving resulting from the BoE rate change, because they haven't reduced savings rates. And they can't reduce savings rates, because they will lose vast amounts of savings balances very quickly, which will mean that they have liquidity problems.

The BoE rate is, frankly, irrelevant.

Building societies are not profiteering from this. Those BSs (and banks) which have reduced rates are going to lose money by doing so, at least in the short-term, and they are doing so for political/PR reasons not with commercial logic.

silvercar

Received my letter today. I'm on a BoE base rate + 0.75% tracker. Any news from those on the SVR?

lisyloo

No news in the press (and to be honest I think they would have done it by now if they were going to).

The BOE areexpected to cut next week or possibly at the same time as the FED (announcement expected today).
It loks like 0.5% is odds on.

Red_Cat

I've got a Cov BS mortgage too, based of BoE base rate. I am waiting for a letter to let me know what my new payments will be and from what date the new rate will apply. Hopefully that will come today.

A mate with a Nationwide BoE base rate tracker got his letter last week. The new reduced rate applies to him from 1st November.