Savings rates following base rate change

beefturnmail

So obviously no-one has a crystal ball, but what are people's thoughts to whether savings rates have 'settled' following last months BOE base rate change?

ColdIron

I suppose that if things stayed the same interest rates would soon settle, but things never stay the same so it would depend on those future events which you would need a crystal ball to see

RG2015

beefturnmail wrote: »

So obviously no-one has a crystal ball, but what are people's thoughts to whether savings rates have 'settled' following last months BOE base rate change?

The best rates appeared in anticipation of the base rate change. I got a decent 1.81% from Virgin Money on a fixed cash ISA just before the base rate rise and now it's down to 1.55%. Tesco offered 1.35% on easy access and this is now down to 1.20%.

No one is now predicting any base rate changes for several months so rates are unlikely to increase in the next 6 months. If anything, banks will be removing the higher rates for new customers in the next few months

AirlieBird

Most of the savings banks offering the highest interest rates are offshoots of specialist finance houses. Their decisions on interest rates are not linked to the BoE base rate. They will offer higher interest rates on new accounts as and when they need an influx of deposits to fund their lending activities.