Forum Home» Savings & Investments

charting interest rate rises – 1st Egg, 2nd Abbey

New Post Advanced Search

charting interest rate rises – 1st Egg, 2nd Abbey

edited 30 November -1 at 1:00AM in Savings & Investments
37 replies 7.4K views
EDED Forumite
617 posts
edited 30 November -1 at 1:00AM in Savings & Investments
5.00% (including bonus) offered by Egg, effective 19th May (from 4.75%), announced 7th May

4.60% (incl. bonus) via Abbey – eSaver a/c, effective 1st June (from 4.35%), announced 10th May

Anyone here discovered other rate increases for savings a/c's? We know management of numerous banks & building societies read MSE forums. Let's encourage them to be completely competitive – not 'arf!
«134

Replies

  • M&S upped their Cash ISA on the 7th May - effective immeadiately - to 4.75% (from 4.5%). That was within 1 day of the BoE rise, and beats their gaurantee to increase within 5 working days. Well done M&S! Shame they've closed to new business.

    Abbey's Postal Cash ISA changes to 4.85% on the 1st June (from 4.6%).

    I'm waiting to see whether ING respond quickly, last time the BoE raised rates, ING increased their interest rate on the 1st of the next month.
    Cider Country Solar PV generator: 3.7kWp Enfinity system on unshaded SE (-36deg azimuth) & 45deg roof
  • EDED Forumite
    617 posts
    Leeds & Holbeck Bdg Soc = 1st to respond with a rate-rise announcement date, after I contacted the most competitive dozen or so bdg. societies & banks. On 22nd May (Saturday next week) Leeds & Holbeck aim to announce "the majority" of their accounts will "increase by 0.35% which is higher than the recent Bank of England increase."

    The 5% a/c of Leeds & Holbeck (new, instant access postal a/c without bonus) was given by me as an example of a competitive rate when asking each other bdg soc & bank if they were going to increase the rate of a specific a/c (eg Britannia's monthly Regular Saver @ 4.25%, First Direct's Savings a/c @ 2.47%.

    Anyone else here written to their bdg society, bank or other financial institution, urging a competitive boost to the interest rate? The more of us who do it, the more likely they are to play fair.

    Jonah – good to know Marks & Spencer were so swift, but as you say sad the ISA is closed to new business.
  • EDED Forumite
    617 posts
    ING Direct are increasing their interest rate to 4.60% gross (4.70 AER) effective 1st June.

    Leeds & Holbeck Bdg Society already pay 5% on their new, instant access postal a/c. Anyone here already opened one? If so, do you have feedback to share (eg any niggles in small-print, etc)?
  • EDED Forumite
    617 posts
    0.55% increase impending for some Abbey customers with eSaver a/c. Could Abbey be boosting the rate of existing customers to 4.40% gross (currently 3.85%), making a differential of only 0.20% (instead of 0.50%) compared with the bonus rate offered in 1st 6 months of newcomers having an eSaver? 4.60% gross is to be their new rate.

    Abbey state on customers' My Home Page :

    "Messages – Everyone with an eSaver account can smile as interest rates go up by between 0.25% gross p.a. and 0.55% gross p.a. on 1 June. Watch out for more information!"

    4.40% gross for existing Abbey customers isn't as good as Coventry BS, Halifax plc or Norwich & Peterborough BS are likely to become soon (currently all 4.30% gross). But Abbey's eSaver is a convenient companion for the cheque a/c (sweeping £'s from savings to cheque a/c the day before DDs/SOs/outward cheque payments, even on Saturdays ready for Mondays).

    Equally importantly, in my experience Abbey staff are trained much better than Halifax branch personnel. Glad to see Abbey becoming more competitive with their eSaver interest rate.
  • MortgagemanMortgageman Forumite
    158 posts
    I work for a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    ( I have ammeded this signature slightly, as I do not actively provide mortgage advice. However, I support and adhere to the moneysavingexpert mortgage broker code of conduct)
  • EDED Forumite
    617 posts
    Mortgage Man – good to know L&C are going to offer 5.10% gross. I see an L&C advert for the a/c now appears atop the MoneySupermarket website.

    Leeds & Holbeck Bdg Soc appear to have withdrawn for new applications their 5% paying instant access postal a/c, precisely 7 days after launch. Proof, presumably, much cash is available in the UK population for investment in bdg soc, bank & similar a/c's.
  • isasmurfisasmurf Forumite
    1.8K posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ✭✭✭
    IF are not passing on any of the rate increase to their customers. :o So glad I don't bank with them.
  • EDED Forumite
    617 posts
    saver smurf – IF's decision is curious…

    Leeds & Holbeck Bdg Soc Regular Saver a/c earns 5.05% gross effective 22nd May for up to £500 per month.
  • Noxid_2Noxid_2 Forumite
    13 posts
    Halifaxs fixed rate accounts have gone up but none of their variable ones and not the 6% account.

    I am really worried that Halifax wont put up other rates because IF is part of the Halifax ???
    Charles J
  • lisyloolisyloo Forumite
    26.8K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    I am really worried that Halifax wont put up other rates because IF is part of the Halifax

    Although they are part of the same group, I believe they are run completely independently.

    Of course that doesn't mean that Halifax will put up rates.
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support