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

AirlieBird

Tesco to increase the underlying savings rate by 0.15% from 1 Dec.

http://corporate.tescobank.com/25/news/news-releases/tesco-bank-to-increase-interest-rates-for-savings-and-mortgage-customers/?newsid=328

badger09

I was just going to post this.

AirlieBird lived up their username:D

RG2015

AirlieBird wrote: »

Tesco to increase the underlying savings rate by 0.15% from 1 Dec.

http://corporate.tescobank.com/25/news/news-releases/tesco-bank-to-increase-interest-rates-for-savings-and-mortgage-customers/?newsid=328

Excellent! This will bring the easy access saver up to 1.35%.

jimroy

I was checking on any news re my bank First Direct earlier and came across this article about the imminent paltry increases by Barclays and First Direct in the Mirror today:

http://www.mirror.co.uk/money/barclays-first-direct-next-line-11515761

It looks like the changes will affect their Cash ISA, Bonus Savings and Savings Accounts. No mention of their Regular Savings Account mind you. I'm not holding my breath that they'll increase it back to 6% as it was prior.

According to the article, their Cash ISA is due to increase from 0.5% to 0.75%. It was 0.9% up to February this year.
Their Bonus Saver is increasing from 0.4% to 0.5% for balances less than 100,000. Those above that amount will now get 0.2% instead of 0.05%
The Savings Account will increase from 0.05% to 0.1%. It was 0.25% up to February this year.
And like I said, no mention yet of the Regular Saver.

According to the article, Barclays savers seem to be getting a bigger increase of 0.15% but still much lower than the BOE increase of 0.25%.

I haven't had any notification yet myself from First Direct and there's nothing on their website about it.

*Update*

I spoke with First direct last night and the current Savings Account will remain unchanged at 0.05%. It's the previous (now unavailable to new customers) E-Savings and Everyday Savings accounts that are increasing to 0.1% from 0.05%.

And they're not expecting the Regular Saver rate to increase from 5%. In that they won't be issuing one with a higher rate.

I forgot to ask what date these changes will take place. It was late.

*Update*

Their rates increased yesterday 01/12/17 automatically and without notice.

*Update*

I received an email a week later on 07/12/17 informing me of the changes to some of their rates. The ones they had to inform about as a regulatory requirement. In my case the Bonus Savings Account.

eskbanker

jimroy wrote: »

No mention of their Regular Savings Account mind you. I'm not holding my breath that they'll increase it back to 6% as it was prior.

At the risk of stating the obvious, if you already hold a First Direct regular saver then it'll stay at 5% as it's a fixed rate product for its 12 month term.

Nothing to stop them offering a higher rate for new accounts being opened from now though....