Northern Crock reduces rates -again!

Stavros_3

Am I missing sommat here, the BOE reduced the interest rates by 0.5% this month, but the Northern Rock have taken a bigger slice off the savers. Good job I ditched them in November

Edited co's the table hasn't come out properly, but it looks like they have reduced the rates on their accounts by 3/4 of a percent

Lansdowne

Hope you're watching Evan Davis BBC 2 now, N rock gets a star billing

realaledrinker

That's their reaction to the Dec 1% cut. More yet to come.

Keep up!

skitskut

Stavros wrote: »

Am I missing sommat here, the BOE reduced the interest rates by 0.5% this month, but the Northern Rock have taken a bigger slice off the savers. Good job I ditched them in November

Edited co's the table hasn't come out properly, but it looks like they have reduced the rates on their accounts by 3/4 of a percent

Yeah you're right for their e-Saver account. It's now 2.90% from today (15/01/09) down from 3.65%!

Stavros_3

realaledrinker wrote: »

That's their reaction to the Dec 1% cut. More yet to come.

Keep up!

I think it is you that needs to keep up - Quote - Northern Rock

On 8 January 2009 the Bank of England Base Rate1 reduced to 1.50%. Following this change, the annual and monthly interest rates on our
E-Saver account will also be reduced.

The changes are outlined in the table below and will take effect from Thursday 15 January 2009.

ChuckCash

Yes, strange how a 0.5% drop in boe rates gets amplified like that.

Their SVR for mortgages is currently at 5.09%, not sure what their previous rate was or if it has dropped at the same level as the info doesn't appear on the website.

Anyway i'm sure there's a rational explanation, such as they are only profiteering in order to pay back the taxpayer :rolleyes:

bristolleedsfan

ChuckCash wrote: »

Their SVR for mortgages is currently at 5.09%, not sure what their previous rate was or if it has dropped at the same level as the info doesn't appear on the website.

Anyway i'm sure there's a rational explanation, such as they are only profiteering in order to pay back the taxpayer :rolleyes:

http://financialadvice.co.uk/news/7/mortgages/9273/Northern-Rock-announces-reduction-in-mortgage-rates.html

maypole

I recently opened one of these accounts. We could just be running around chasing our tails though, looking for the best rate just now.

ChuckCash

bristolleedsfan wrote: »

http://financialadvice.co.uk/news/7/mortgages/9273/Northern-Rock-announces-reduction-in-mortgage-rates.html

Thanks for the link. I especially like the part of the article which states:

"The reduced benefit for variable rate holders compared to the full benefit for tracker mortgage holders is interesting and the bank seems to be playing the "savers" card as a reason. However, as yet we have seen no benefit for savers."

Seems more like they are playing the "joker" card than the "savers" card.