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Interest rate retreat?
Sceptic001
Posts: 1,111 Forumite
So Egg pulls its 3.25% instant access account, West Brom BS pulls its 1 year fixed 3.9% account and Bucks BS cuts its Regular Saver rate (twice!!!). All of these were market leaders.
Is this just a coincidence, or does it mark the beginning of a retreat in rates for savers?
Is this just a coincidence, or does it mark the beginning of a retreat in rates for savers?
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Comments
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As the credit crunch eases, savings rates will ease, and will lose some of their premium to base rate.0
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On the other hand, Principality have increased the rate on their 3-year fixed rate account to 4.55%, and the Yorkshire is launching an even higher rate bond.
I would think that to a certain extent the rates are changing according to how desperate the banks and building societies are for cash. West Brom have been offering market-leading rates for several weeks now, so perhaps they simply don't need much more money."The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens0 -
Going back to the Egg account, I seem to recall (but can't find it in writing) that for accounts opened prior to today the 2% bonus was fixed for 12 months and as it's only the bonus rate that's been reduced, the 3.25% (total) still applies to those accounts for the 12 months. At least, that's my understanding. Nick.0
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Going back to the Egg account, I seem to recall (but can't find it in writing) that for accounts opened prior to today the 2% bonus was fixed for 12 months and as it's only the bonus rate that's been reduced, the 3.25% (total) still applies to those accounts for the 12 months. At least, that's my understanding. Nick.
I have it in writing from Egg...
"This consists of the Egg standard interest rate of 1.25% AER gross per annum variable and a fixed bonus interest rate of 2% AER gross per annum."0 -
The rates for Egg's Savings Accounts are clearly shown on their website:I seem to recall (but can't find it in writing) that for accounts opened prior to today the 2% bonus was fixed for 12 months and as it's only the bonus rate that's been reduced, the 3.25% (total) still applies to those accounts for the 12 months.
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