BOE raises Base rate to 5.5%

Paul_Herring

lisyloo wrote: »

I agree.
People shouldn't be takin out loan, credit cards and huge personal debt, but they do and it could affect us all (as a recession will put lots of innocent people out of jobs).

That's not what I said.

Don't forget though that there have been 4 interest rate rises so I don't think your statement is quite correct.
They have gone up 1% since last August.

I would still agree that people shouldn't have taken loans (or should have fixed) if they couldn't stomach 1% but it's not quite as stupid as what you are suggesting.

I was replying to the poster implying 0.25% was sufficient to push people over the edge. Hence my "stupid" suggestion. Thanks for that :rolleyes:

GCH888

Wonder what ING Direct will do given the fact they recently decreased it's web saver rate. It'll be interesting to see how the ING PR dept are going to spin this piece of news.

lisyloo

That's not what I said.

No, I never said that was what you said :-)
I was adding to it.

I was replying to the poster implying 0.25% was sufficient to push people over the edge. Hence my "stupid" suggestion.

I wasn't saying that you suggestion was stupid. I was saying that the borrowing decision was stupid.

Sorry if there's been any misunderstanding.
I'm gonna look ar what's happening with savings now, so have a good day :-)

Paul_Herring

GCH888 wrote: »

It'll be interesting to see how the ING PR dept are going to spin this piece of news.

I fully expect an announcement along the lines of "Due to the increase of the BOE base rate, we shall be changing the interest rate on your Websaver account to 5.45%" Or maybe 5.55% *


* for those not in the know/can't remember the numbers, the last communication from ING was about 'changing' the interest rate to 5.5%, (with no mention of the fact that the rate before was 5.65%, giving the misleading impression that it was a rise.)

nilrem_2

GCH888 wrote: »

Wonder what ING Direct will do given the fact they recently decreased it's web saver rate. It'll be interesting to see how the ING PR dept are going to spin this piece of news.

Isn't it funny how ones opinions change, a year ago I thought ING were the 'Top Cats' now I shall be glad to see the back of them!

Icesave are my 'hero's' now! :beer:

nilrem_2

sm9ai wrote: »

Your in the savings and investment board - this is good news.

Well actually its an interesting one today. Is anyone happy?

I am happy but would have been happier with a 1% rise!

People who complain about the rate being high should visit the BOE site and just look at what the rate has been in the past, Have a look at 1989 for starters , in Oct it was over 14% and that is not the highest it has been either!

IMHO people borrowing cash today don't realise how low the rates are even with today's increase!

McSaver

nilrem wrote: »

I am happy but would have been happier with a 1% rise!

People who complain about the rate being high should visit the BOE site and just look at what the rate has been in the past, Have a look at 1989 for starters , in Oct it was over 14% and that is not the highest it has been either!

IMHO people borrowing cash today don't realise how low the rates are even with today's increase!

It was around 18% once back in the 70's. That would of given good returns on savings...

Dunscrimpin

Hi,

Still to take out this year's entitlement re. Mini cash ISA.
Do I wait for new rates to emerge, and if so, when is this likely to occur, please, or should I plump for best fixed or variable deal straight away ?

Any advice much appreciated.

D

Primrose

It normally takes at least a fortnight for announcements about rate rises to start creeping through the woodwork, and some institutions hold fire for much longer, waiting to see what their competitors are doing. . Bear in mind that another rate rise might come in the autumn so if you opt for a fixed rate now you might shoot yourself in the foot. I don't want to keep moving my minsi Cash ISas around and over the years have found that Kent Reliance offer a reasonable rate (currently 5.7% without a passbook). They appear regularly in the list of consistent performers and in the past have announced changes within 2 weeks of announcements and always given customers the full .25% increase.

GCH888

Or go with something like the NS&I Direct ISA which guarantees to stay 0.55% above the base rate until at least 5 April 2008. Therefore you should still benefit from any rate increases which come later in the year.