Tesco Internet Saver rate dropping from 2.5% to 1.75% on 5th March

EalingSaver

The discipline required to keep below the £50k limit in my Egg instant access paying 6.3% guaranteed till mid june is definitely getting harder and harder......

evenasus

EalingSaver wrote: »

The discipline required to keep below the £50k limit in my Egg instant access paying 6.3% guaranteed till mid june is definitely getting harder and harder......

I'm so tempted to go above the £50K limit on a couple of my fixed rate accounts, fixed last November.

BUT...just think if you lost everthing above £50K. Just not worth the risk.
Better to received small interest on some savings than lose thousands of pounds.

SavingSteve

sheslookinhot wrote: »

no doubt that this rate will drop soon.

Of course it will. Every bank will cut their rates if the BoE cut their rates in the next week.

With that attitude how will you ever be able to compare rates?

SavingSteve

sheslookinhot wrote: »

His point might be that they are getting this cut in before rates possibly drop again. Then they can reduce their rate again if the BoE drop their rate

Again, of course the rate will drop when/if BoE make a rate cut.

Contrary to popular belief the banks do not have a crystal ball to determine what the BoE will do.

withnell

evenasus wrote: »

I'm so tempted to go above the £50K limit on a couple of my fixed rate accounts, fixed last November.

BUT...just think if you lost everthing above £50K. Just not worth the risk.
Better to received small interest on some savings than lose thousands of pounds.

Then how many personal savers have lost anything yet? While it's prudent to not have all eggs in one basket, staying below the 50k religiously in every account is like looking 200 times before crossing the road

PurpleBox

SavingSteve wrote: »

And? I don't get your point?

My point is that some people (possibly more than you think) will associate this rate cut - which is a result of previous BOE rate cuts - with the one made on the same day (the pundits are expecting a 0.5% cut) when in fact further rate cuts are likely.

No other bank changes rates on BOE MPC decision day.

PurpleBox.

MimiJane

Anyone know when in March they apply their annual interest on the Internet account ... is it the end of the month? (Not that it'll be worth having :rolleyes:)

martyn4764

MimiJane wrote: »

Anyone know when in March they apply their annual interest on the Internet account

Last business day of the month.