Bank of England - Rates down to 3%

JayTee99_2

Wow, historic cut, unbelievable, things must be far worse than we thought, i suppose

This might be worth keeping an eye on in the coming days/weeks as it factors in more likely rate cuts, with the possible knock-on effect of that on inflation
(see the dip at mid-day)


Pound Sterling - United States Dollar



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Quentin

alchemistkevin wrote: »

Look at that That's what we need

Don't count your chickens just yet!

FTSE now down 140 on the day

Lokolo

pawpurrs wrote: »

Sorry I am still confused, is there such a thing as a fixed rate savings account with instant acccess or access within a month that I can fix in to today to get a good rate?

No..... unless its a month fixed, but they don't exist.

If you want a fixed rate you have to tie up your money for a long period (3 months, 6 months etc.)

pawpurrs

Ok so I would have to look at bonds then?

ChiefGrasscutter

Me thinks this rate cut has the heavy hand of HMG all over it.

No doubt the Chancellor would like this opportunity to issue Gilts at much reduced interest rates.......

FairyElephant_2

pawpurrs wrote: »

Ok so I would have to look at bonds then?

Pawpurrs,

The Halifax is offering 7% fixed for 3 months from when you open it - but I'd grab it quick if you are interested - I bet it will disappear pretty soon.....

Lokolo

pawpurrs wrote: »

Ok so I would have to look at bonds then?

Its really upto you. What I tend to do is tie up some of my money in fixed term savings and some in instant access. The instant access stuff is on a crappier rate but its what I use if I need it in an emergency.

Example: £1700 in Instant Access (4.75% soon to be dropped I imagine), £1300 in 3 months fixed (at 7%)

Baldur

pawpurrs wrote: »

Ok so I would have to look at bonds then?

'Bond' is a word which is often misused by the marketing departments of many building societies/banks to describe their fixed-rate savings accounts.

ought

Halifax have a 12 month fixed at 5% with up to 4 withdrawals. I might go for one of those....

Malski

It'll probably make premium bonds look far more attractive now.