Ulster Bank

BigAl94

It's not often that a bank does something good that is a genuine surprise! Just received notification from UB that the interest rate on an eSavings account has risen from 0.01% to 1.25% on all balances from £1 to £5m with no tiering. Strange to get mildly excited over 1.25% but that's the world we live in.

Honkycat

You need to get out more

Cotta

Genuine question, why do you use them at those rates?

BigAl94

Only had a small amount in the account for convenience, 1.25% is now a reasonable rate for instant access savings. Can obviously be bettered elsewhere on a current account for limited amounts.

tara747

Really? That's not bad for anyone who's maxed out the higher-paying accounts.

tara747

Now I'm starting to wonder why they're offering those rates, hmm. Do they need more deposits?

Suplex_Backbreaker

I agree with tara747 - they dropped rates on all my savings accounts with them to practically zero a while back so I moved all my 'cash' savings out to premium bonds which have zero counterparty risk.

I suspect lots of people moved their money elsewhere and they are now having problems with their deposit base and need to attract loans from the public again. Interesting that they would need to do this at all since the BoE have been keeping the banks flush with cash for some time now (which has enabled them to neglect the need to attract large amounts of deposits) thanks to a large variety of liquidity schemes .... Could be big moves underway behind the scenes of UK finance.

BOBS

I got the same letter - I was thinking of moving my ISA pot over - much better rate than the paltry 0.25% offered on ISA

Witless

Do the know (or think they know) something we don't?

BigAl94

UB has made it onto MSE !! http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#ulster

ballyblack

and Progressive our local Building Soc has one of the best fixed term Isa'S about


http://theprogressive.com/saving-product/limited-issue-2-year-fixed-rate-isa-bond-issue-1/


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