Bradford&Bingley 5.15%

Kazza242

Stonk wrote:

The most notable omission at the moment is Nationwide, who are usually good; but also A&L, Birmingham Midshires and Derbyshire BS are particularly disappointing me. I mean, that's the point of Debyshire's Regular Saver now that it pays less than a mainstream no-ties account?!

A&L have announced that they are increasing their savings account and ISA rates by 0.25%. See my new thread here.

A&L rate change information.

Moggles_2

The e-Savings account is tied to the BoE base rate and is guaranteed to be at least 0.25% above.

Neverthless, B&B did not have to raise the rate a full 0.25% to meet this guarantee.

It just troubles me that it takes a full month to pass on the rate change - especially when there is a guarantee on the account

It troubles me too. While a handful of building societies and savings providers have made a move, B&B is only the second bank, AFAIK, to come clean on new rates following the BoE rate rise (Northern Rock was first) A B&B customer, I was told over the phone yesterday that an announcement would be made on Sunday 3 September 2006. The decision to bring things forward is welcome. B&B is now offering a market-leading savings rate (minimum balance £1000), beaten marginally by the no-strings ICICI and YBS internet savers. The bank deserves some credit for that.

Moggles_2

B&B is only the second bank, AFAIK, to come clean on new rates following the BoE rate rise (Northern Rock was first)

For the record, I notice Anglo Irish Bank, Egg and today Alliance & Leicester have now passed on the full 0.25% to their customers. None matches the B&B e-Savings rate.

The big banks are obviously playing a waiting game, watching for competitors' next move before making a decision. You never know, if enough savers vote with their wallets, B&B, ICICI and YBS could 'spike' the rest of the market!

Everest

Moggles wrote:

The decision to bring things forward is welcome. B&B is now offering a market-leading savings rate (minimum balance £1000), beaten marginally by the no-strings ICICI and YBS internet savers. The bank deserves some credit for that.

I do agree with this. My complaint was meant to be more general but spurred on by B&B still taking, I feel, too long to make the change. I can understand that banks would want to wait to see what others are doing, but when they know their own profit margins, account holder targets, and raising quickly can mean you steal a march on the competition it leaves only 'screwing' consumers / savers for a little more cash. I find it irritating, more so when there is no other bank that stands out by being quicker. There is no choice for savers on this matter.

(probably getting too wound up on this as rates change so rarely but I feel its part of a wider syndrome with the way banks treat their customers)

richgirl

Stonk wrote:

Derbyshire BS are particularly disappointing me. I mean, that's the point of Debyshire's Regular Saver now that it pays less than a mainstream no-ties account?!

I'm giving them until 2nd Sept, if nothing then the account will be closed, yeh whats the point ? Can get 5.27% on an halifax web saver ! Fixed for 3 months

Kazza242

richgirl wrote:

I'm giving them until 2nd Sept, if nothing then the account will be closed, yeh whats the point ? Can get 5.27% on an halifax web saver ! Fixed for 3 months

Ditto that. I e-mailed Derbyshire yesterday asking them what they intended to do, the response I got from their customer service team was:

"We are currently reviewing our interest rates on our Savings and Investment accounts due to the recent Bank of England increase. Once a decision has been made we will be writing to all of our savings and investment customers".

I'm giving them until early September too. To be honest, if they increase their rates by less than the full 0.25%, then I am thinking of moving my money out anyway. There are now quite a few easy access accounts that allow unlimited withdrawals that are now paying 5.1% or more. One has to remember that when the BOE base rate was last at 4.75%, the Derbyshire were paying 5.85% on their regular saver. The account is not as attractive as it once was.

[Deleted User]

Still no move from Nationwide and Birmingham Midshires either as far as I am aware, although things seem to be moving again now that ING have shown their hand.

Gambler

Just about to write a cheque for the B&B ISA at 5.15%. Will also be doing a transfer to them.

Is this the best instant access rate I can get?

Thanks

Kazza242

Gambler wrote:

Just about to write a cheque for the B&B ISA at 5.15%. Will also be doing a transfer to them.

Is this the best instant access rate I can get?

Thanks

If you have an ISA to transfer, then the B&B ISA at 5.15% currently offers the best instant access ISA rate.

If you have not used your mini cash ISA allowance for this year yet, then the NS&I Direct ISA is a better option. It currently pays 5.30% and has a guarantee to pay BOE base rate +0.55% until 5th April 2008. No transfers are allowed with this ISA, it only accepts new ISA savings.

Gambler

Kazza242 wrote:

If you have an ISA to transfer, then the B&B ISA at 5.15% currently offers the best instant access ISA rate.

If you have not used your mini cash ISA allowance for this year yet, then the NS&I Direct ISA is a better option. It currently pays 5.30% and has a guarantee to pay BOE base rate +0.55% until 5th April 2008. No transfers are allowed with this ISA, it only accepts new ISA savings.

Thanks, that's just as I thought. I did apply for the account a few months ago but waited to see the effect of the base rate rise.

I have not used my allowance for this year but would rather keep the whole ISA in the same place.