Is your bank passing on the cut?

Isleman

martinman3 wrote: »

Which banks are these and how do they know ?

The strategy is very simple .
On 4 December will say they will decide to talk about cutting rates starting with January .
In January they will need to identify how much they can cut the rates so the savers won't be affected :rolleyes: .Blah ,blah ,blah .....

They just want more time as the profits are huge . The lower the Libor and Boe goes and the longer they can get away without cutting the rates without !!!!ing off too much their customers the better .
Christmas is coming and they need their fat bonuses .

rosysparkle

Britannia tracker mortgage - 4.5%

Joannef_2

Streetperson wrote: »

Principality haven't decided yet altho yesterday said they would make decision in next few days. Passed on .4% of the last one from memory.

Has anyone heard whether Principality are passing on the cut? I can't find anything on their website.

Thanks.

michaelm

Please could you state when replying if you are on a tracker or svr mortgage as it's pretty much a given that tracker rates will have been lowered.

Aisling108

So they are not passing it on?? ;-( I was so relieved whenit came out but Standard life have always been slow to pass it on; Lloyds sent a letter yesterday; they're all quick to cut interest on their savings rates
fed up

Aisling108

SO what Im gathering is Standard Life is just buying time and WILL pass it on?? OR they are waiting till the 4th and skipping this 1.5% cut???? Imsure there wont be a further rate drop on the 4th??? Surely not???

jpatrick

Standard Life's decision is particularly indefensible in my view since 3 month LIBOR has dropped sharply since the Bank of England 1.5% cut- it is now below 4%, which means that the BoE cut has been fully reflected by the LIBOR as it was over 5.5% at the beginning of this month.

I also note that Standard Life do not appear to have been so reluctant to drop the interest rate on my Business Deposit Account with them- so they are protecting their profits, not their savers.

Lister_2

The Nottingham have passed on .75% of the total 2% drop (On their SVR - now 6.49%)

Jvic28

I have been told that my interest rate will be reduced as from 1st december. My payments normally go out on the 28th of each month. Can anyone let me know when I should see a change in my payments?

milanos

Jvic28 wrote: »

I have been told that my interest rate will be reduced as from 1st december. My payments normally go out on the 28th of each month. Can anyone let me know when I should see a change in my payments?

You should receive a letter if you haven't already which will confirm for sure but I'd expect your payment at the end of December will be on the reduced rate, unless you have a fixed payment in place