MSE News: UK base rate decision looms - what it means for you

Speculator

jimjames wrote: »

Is the regular saver a variable rate account? Mine certainly isn't as the rate is fixed for the duration of the account.

The 3% portion is fixed but I think the 0.25% portion is variable.

alanq

Coventry Building Society to increase variable savings rates by 0.25% from 1st December.
https://www.coventrybuildingsociety.co.uk/
N.B. Page does not display correctly for me in Firefox nor Opera. OK in Internet Explorer.

I wonder if these announcements cover all such accounts or only those currently available to open.

Speculator

alanq wrote: »

Coventry Building Society to increase variable savings rates by 0.25% from 1st December.
https://www.coventrybuildingsociety.co.uk/

N.B. Page does not display correctly for me in Firefox nor Opera. OK in Internet Explorer.

Good news. Still have their 2.75% former Stroud & Swindon regular savings account.

alanq

Nationwide BS
"We will be increasing Savings rates by 0.25% for all members who received a reduction of 0.25% following the base rate reduction in September 2016."

https://www.nationwide.co.uk/support/support-articles/rates-fees-charges/bank-of-england-base-interest-rate-announcement-savings

Speculator

Leeds Building Society announcement:

Base Rate change from 0.25% to 0.50%
We’re reviewing the announcement by the Bank of England’s Monetary Policy Committee on Thursday 2nd November to increase Base Rate.
The majority of Leeds Building Society savers and borrowers are on fixed rate products. Therefore, the rates will remain the same until the fixed period ends.
Bank of England tracker accounts will change automatically in accordance with the terms and conditions of the account.

Mersey_2

Malthusian wrote: »

cash will always be eroded by inflation.

Clearly not if inflation falls to the 2% target.


Indeed Martin Lewis regularly lists inflation-busting accounts and bonds (although I concede at the moment there's hardly any because inflation is almost double the 2% target).

michaels

How come there is such a furore about energy 'standard variable tariffs' being a rip off but the fact that mortgage 'standard variable rates' are now 4% above the bank base rate compared to the 2% prior to the GFC is just accepted?

michaels

Seems strange that all rates are 'under review' - everyone knew the change was going to happen, surely it would be possible for banks to already have a plan....

Glen_Clark

So they announce the first rate rise in 10 years - but share prices rise.
Since they started QE, conventional economics seems to have been turned on its head?

michaels

Glen_Clark wrote: »

So they announce the first rate rise in 10 years - but share prices rise.
Since they started QE, conventional economics seems to have been turned on its head?

Share prices are up because the pound is down.

The pound is down because although rates went up today the forecast for future rate rises was reduced from 2 more increases next year to two more increases by 2020.