Club Lloyds and BOS dropping rates to 1.5% on 1st July

hoc

So letters within the next 2 weeks then. So much for Carney's expectations banks would pass on the rate hike.

I need to keep my Lloyds account but will reduce the balance down. BOS was going to be a struggle with having to find 6 new DDs, at these rates I can't be bothered and will switch them away. I imagine BOS will take a much greater hit than Lloyds.

thor

ceredigion wrote: »

I think this will start a race to the bottom in relation to the rates being offered.

It's hardly the start as it has been going on for years now. It's the government's fault for giving them so much almost free credit so that they don't need our money anymore. If it wasn't for this 'funding for lending' then the much maligned suggestion of targeting a mass cash withdrawal from a single bank would probably have given them the willies to think of the savers for once instead of bigger profits and undeserved bonuses.

thor

ffacoffipawb wrote: »

With interest rates going up, Lloyds' reductions seem perverse.

I think you'll find that matching the boe's rate rises only applies to loan and mortgage rates. They got to keep increasing their margins.

vixen1500

colsten wrote: »

I'll be moving the £15K from my BOS accounts into the Nationwide Loyalty ISA @ 1.4%. May be also the Club Lloyds.

Yes, that's exactly what I was thinking

PLUS frees up DDs to cover 2 Co-op and 2 Barclays and 3 Halifax


Shame they didn't say earlier, back to rearranging DDs - what fun:rotfl:

vixen1500

surreysaver wrote: »

I'll have to dust off my standing order to my NatWest Savings Builder. Although it only needs £50pm now

We have 2 single accounts, might be worth getting a joint one aswell

bxboards

I'm going to close mine - when it was offering 4% just over a year ago it was worth it, but with the drop to 2% and now 1.5% I am going to close it - this is also coupled with the branch closure announcements - my local branch is being closed. While I could use the local post office if not in a hurry, it's easily possible to spend 20 minutes queuing there behind folks sending multiple parcels, or applying for licences etc, something I'm not prepared to do.

anotheruser

Hmm.
Was about to open a new one from Santander so possibly isn't worth it anymore. That's a shame.

I guess there's always Barclays Blue account...

supremetwo

The issue with all these offers perhaps lies in the MSE instructions re. automation from one account to another.

When so many are doing this, the banks will not be making the profit on these accounts that they have predicted.

The same can be said for best buy tables.

As soon as a provider puts its head above the parapet, it will be inundated. Ulster bank is a recent example.

Richchad

Bank of England saying interest rates could rise next month...

So these greedy banks all of a sudden drop their rates in time to raise them when BOE rate increases saying look we have increased the rate in line with BOE rate rise :mad:

This rate drop just confirms my earlier decision to close our 10 BOS accounts and 2 of our Lloyds accounts and invest elsewhere.

eskbanker

Richchad wrote: »

Bank of England saying interest rates could rise next month...

So these greedy banks all of a sudden drop their rates in time to raise them when BOE rate increases saying look we have increased the rate in line with BOE rate rise :mad:

This rate drop just confirms my earlier decision to close our 10 BOS accounts and 2 of our Lloyds accounts and invest elsewhere.

So you had at least twelve accounts with the same banking group, presumably to exploit the opportunity to maximise interest earnings, but it's the banks that are greedy?!