How soon do rates get cut ?

truckid

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

Reaper

Nationwide won't be cutting their rates

nrsql

>> expected
It's happened.

Who will this benefit?
People on tracker mortgages is all I can think of.

starbump

nrsql wrote: »

It's happened.

One percent. Words fail me.

Lokolo

Student loan woooooooo! Down goes the rate, down goes the rate woop woop! (If banks follow)

ej3ae

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

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

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.

Reaper

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.