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Unexpected interest rate reduction
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Phil27356
Posts: 23 Forumite
NOW MOVED TO SAVINGS & INVESTMENTS
Just received this from the Coventry Building Society:
This email is to let you know that we!!!8217;re reducing the variable interest rate on this [30 day notice] account with effect from 16 March 2018.
We realise that this isn!!!8217;t good news for savers. However, as mortgage rates have continued to remain low, we!!!8217;ve regretfully had to make the difficult decision to reduce the interest rates on some of our savings accounts.
What this means
As at the date of this email, the balance of this account was earning a variable rate of 1.49% gross p.a.** and from 16 March 2018 the new variable interest rate will be 1.34% gross p.a.
Granted that as an relatively easy access account the rate doesn't appear too bad but I thought the current trend was for interest rates to go up! in fact this account saw an interest rate rise in Nov 17.
Anybody out there with this account thinking of moving elsewhere, or already getting anything better (with full protection)?
Thanks
Just received this from the Coventry Building Society:
This email is to let you know that we!!!8217;re reducing the variable interest rate on this [30 day notice] account with effect from 16 March 2018.
We realise that this isn!!!8217;t good news for savers. However, as mortgage rates have continued to remain low, we!!!8217;ve regretfully had to make the difficult decision to reduce the interest rates on some of our savings accounts.
What this means
As at the date of this email, the balance of this account was earning a variable rate of 1.49% gross p.a.** and from 16 March 2018 the new variable interest rate will be 1.34% gross p.a.
Granted that as an relatively easy access account the rate doesn't appear too bad but I thought the current trend was for interest rates to go up! in fact this account saw an interest rate rise in Nov 17.
Anybody out there with this account thinking of moving elsewhere, or already getting anything better (with full protection)?
Thanks
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Comments
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This would get a better response in the savings & investments board.Make £2025 in 2025
Prolific £229.82, Octopoints £4.27, Topcashback £290.85, Tesco Clubcard challenges £60, Misc Sales £321, Airtime £10.
Total £915.94/£2025 45.2%
Make £2024 in 2024
Prolific £907.37, Chase Intt £59.97, Chase roundup int £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
Thank you (new to posting)0
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I'm very surprised. I had a high opinion of the Coventry BS until now.
Mods? :wave:Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0
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