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How soon do rates get cut ?

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truckid
truckid Posts: 18 Forumite
in Savings & investments
Another rate cut is expected by the BoE, but I was wondering how soon the various banks/building societies cut their rates - is it more or instant/same day ?

I want to make a CHAPS payment to nationwide ebond, but no point if the rate will have dropped by the time the money clears

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  • Reaper
    Reaper Posts: 7,286 Forumite
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    Nationwide won't be cutting their rates
  • nrsql
    nrsql Posts: 1,919 Forumite
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    >> expected
    It's happened.

    Who will this benefit?
    People on tracker mortgages is all I can think of.
  • starbump
    starbump Posts: 357 Forumite
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    nrsql wrote: »
    It's happened.

    One percent. Words fail me.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    Student loan woooooooo! Down goes the rate, down goes the rate woop woop! (If banks follow)
  • ej3ae
    ej3ae Posts: 10 Forumite
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    Reaper wrote: »
    Nationwide won't be cutting their rates

    I think you are slightly mistaken there. The poster above is talking about savings rates and that story refers to borrowing rates. As a Nationwide customer I can cheerfully inform you that they have been coming down after every drop in the base rate for many of their accounts. Their Instant Access Cash ISA which was ok but never brilliant (about 5% at the peak) is now already down to 1% as of 1/2/09 to reflect January's cut. I dread to think what it will be at the start of March! I will be transferring out in April.

    In answer to the posters question, interest rate changes for savers tend to be passed on at the start of the next calender month.
  • mister_t
    mister_t Posts: 62 Forumite
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    Their Instant Access Cash ISA which was ok but never brilliant (about 5% at the peak) is now already down to 1% as of 1/2/09 to reflect January's cut. I dread to think what it will be at the start of March! I will be transferring out in April.

    Ruffler bank's 30day ISA currently at 4.2%. Not sure if it will go down after todays cut as they have not been tracking all the cuts.
  • evenasus
    evenasus Posts: 11,861 Forumite
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    Lokolo wrote: »
    Student loan woooooooo! Down goes the rate, down goes the rate woop woop! (If banks follow)


    Not a wise thing to shout on the Savings & Investments board.:confused:
  • Reaper
    Reaper Posts: 7,286 Forumite
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    ej3ae wrote: »
    As a Nationwide customer I can cheerfully inform you that they have been coming down after every drop in the base rate
    Yup, you're right. Nationwide have announced a 0.5% cut in their SVR which is likely to mean a corresponding cut in their savings rates.
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