Interest rates cut to 0.25% from 0.5% discussion

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Breaking news, just happened.

Balls.

Hoping the Santander 123 account stays at 3%!

What's everyone thinking?
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  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
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    tommysaver wrote: »
    Breaking news, just happened.

    Balls.

    Hoping the Santander 123 account stays at 3%!

    What's everyone thinking?



    what im thinking is: now that the rate is cut will that effect my current accounts?
    I don't have mortgage or any loans, but I have savings in current accounts
    What happens if you push this button?
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    I thought the Santander was anyway going to 2%. Or was that just the papers being excitable?
    Free the dunston one next time too.
  • Kim_13
    Kim_13 Posts: 2,496 Forumite
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    I just don't see how it benefits the country. Scaremongering works wonders it seems.

    Wasn't Brexit supposed to put interest rates up, not down?
  • Vortigern
    Vortigern Posts: 3,249 Forumite
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    kidmugsy wrote: »
    I thought the Santander was anyway going to 2%. Or was that just the papers being excitable?
    Daily Fail speculation at the moment.
  • BOBS
    BOBS Posts: 2,871 Forumite
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    Is there really any point putting money into a savings account anymore - would do as well under the mattress !!!
    [FONT=verdana,arial,helvetica][/FONT]
  • smile88egc
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    Santander would give 60 days notice if they were going to cut the rate on the 123 account so plenty of time to stop around for an alternative deal.

    Not that I think there will be many other deals as good on offer.
  • tommysaver
    tommysaver Posts: 181 Forumite
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    Well, this is rather depressing.

    Check this out: http://swanlowpark.co.uk/savingsinterestannual.jsp

    Annual interest over the years.

    That's unreal it peaked at like 11%, I would have well and truly coined in on that! Madness
  • Plus
    Plus Posts: 433 Forumite
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    kingrulzuk wrote: »
    what im thinking is: now that the rate is cut will that effect my current accounts?

    My concern is that it will trigger institutions to drop their rates by more than 0.25% and use the base rate cut as the excuse. Since the current account rates are mostly promotional rather than related to base rate, it may provide a convenient smokescreen to get out of awkward promises legitimately without bad publicity.
  • Nick_C
    Nick_C Posts: 7,462 Forumite
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    BOBS wrote: »
    Is there really any point putting money into a savings account anymore - would do as well under the mattress !!!

    Not a savings account, but a portfolio of current accounts, it most certainly is. With RPIx inflation at 1.7%, and interest at up to 5% tax free, savers have never had it so good.
  • ajdj
    ajdj Posts: 567 Forumite
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    tommysaver wrote: »
    Well, this is rather depressing.

    Check this out: http://swanlowpark.co.uk/savingsinterestannual.jsp

    Annual interest over the years.

    That's unreal it peaked at like 11%, I would have well and truly coined in on that! Madness

    I can only assume you are not old enough to remember 1990. Interest rates of 14% were not good times!
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