Have banks & building societies raised their savings rates?

Moggles_2

Responding to the rise in the BoE base rate, National Savings & Investments has raised the rate paid on its Direct ISA, available online or by phone, from 5.05 to 5.3 per cent.

Anyone spotted any others?

mad

Not seen any others and this article suggests we could have a bit of a wait

http://money.guardian.co.uk/saving/story/0,,1836679,00.html

When rates cam down last time my Mortgage provider passed only part of the benefit to me. I wait for them however, to pass all of the liability on, i.e probably increase the mortgage by the full ammount

nrsql

Rates that are tied to the BoE base rate will increase automatically with the delay mentioned in the t&c's (e.g. the direct ISA mentioned).
For others the institution will have to go through a process to decide which rate will give the savers best value for money so there is a delay - I'm sure that they increase rates as quickly as they possibly can (what's a sarcasm symbol look like?).

masonic

nrsql wrote:

For others the institution will have to go through a process to decide which rate will give the savers best value for money

...or which is the lowest rate they can get away with offering without driving their customers away.

Moggles_2

Rates that are tied to the BoE base rate will increase automatically with the delay mentioned in the t&c's (e.g. the direct ISA mentioned).

It would be good to hear about them, all the same.
Btw, the NS & I has raised its Direct ISA rate with effect from today.

YorkshireBoy

A mixed response from YBS.

Their 'Internet Saver' will see a 0.15% increase to 4.85% "before 31st August 2006".

The e-ISA remains at 4.90%.

Moggles_2

Hmmn. I wonder how much it costs them, simply to administer the change of rate?

Better news from the Post Office. The PO has announced a 0.25% increase in the rate paid on its Instant Saver. Currently 4.75%, it rises to 5.0% on 29 August.

[Deleted User]

See this thread, which was started two days ago, that includes a link to a 'This is Money' monitor.

http://forums.moneysavingexpert.com/showthread.html?t=238391

nrsql

YorkshireBoy wrote:

A mixed response from YBS.

Their 'Internet Saver' will see a 0.15% increase to 4.85% "before 31st August 2006".

The e-ISA remains at 4.90%.

I'll wait a bit but could be looking to move my cash isa.

Moggles_2

See this thread, which was started two days ago

This is a comprehensive list, but savers need to know, IMO, when & how quickly banks & building societies respond to this change in the BoE base rate.

The minority of savings providers that up their interest rates promptly, deserve our support.

Mikeyorks

Moggles wrote:

The minority of savings providers that up their interest rates promptly, deserve our support.

Fine .... but that gives rise to a lemming mentality, does it not? Sometimes better to sit and observe, before deciding, I find.;)