Interest rates

Hanxx

I'm looking to transfer my poxy interest paying First Direct Mini Cash ISA over to something with a better interest rate. I'm still fairly new to intelligent saving, in that I've only recently opened my eyes to the fact that my money could be working harder for me and delivering better returns.

With the BoE base rate recently going up, I was wondering how long I should wait to see which providers increase their rates (before moving the cash). I would appreciate any views on this, as the 4.25% interest that I'm currently getting is pretty darn poor. Should I get things moving straight away or wait a little longer?

Thanks.

steady__eddie

The penultimate time that the B.O.E. increased their rate was the third of August and virtually all my I.S.A. providers increased their rates w.e.f. the first of September. The last B.O.E. rise was on the 9th of November so if history is anything to go by, then I reckon that we've got about another fortnight of suspense to go yet.

meanmachine_2

Yes, we should know by first week of December.

Why it takes these banks three weeks to "review their rates" though is baffling.

Actually, it isn't baffling - it's called profiteering.

anniecave

yeah I've been looking around, and a lot of ISAs don't seem to have shifted upwards yet. Or maybe I am expecting some good deals and the banks etc aren't offering too many at the moment.
For example the Yorkshire Building Society is 5.15% at the moment, so if that was to go up by the full .25, that would make it 5.4% but they haven't made any change to it as yet.

james10999

My A&L ISA is currently at 4.75 with a 0.70 bonus so giving you a total of 4.45% interest.

Does anyone know when A&L are going to increase this again?

Can't wait to get 5.70% on my ISA, I have £12.5k in it!

ReportInvestor

Then you need to switch.

Kent Reliance BS will accept ISA transfers and offer 5.21% before any increase following the November BofE base rate rise.

They are a streamlined outfit, the only BS that has shut its branches and outsourced to India.

Here's a link to the KRBS site

[Deleted User]

ReportInvestor wrote:

Then you need to switch.

Not to Nationwide, presumably.

ReportInvestor

That would be a mistake.

4.65% is the comparative rate.
4.70% if you have £10K to transfer
4.95% if you are an existing 3 year Nationwide member (rises to 5% @ £10K).

Underwhelming for the Nation's top mutual .