Interest Rate increase

ceewash

Are savings rates likely to increase today with interest rates?

Zola.

Banks haven't been in the habit of passing savings onto consumers lately especially, but you'd expect some sort of rise, maybe. Its pitiful stuff really!

Maybe all waiting to see what their competitors do first.

AnotherJoe

No. I don't even think it's an given interest rates will increase today. But in any case it takes time for providers to change things plus rates are set by what they think the long term outlook is. If Brexit continues to be a catastrophic car wreck what are the odds they'll be notching it 1/4 % down in 6 months?

veryintrigued

These are the accounts that I had that raised their rates around the last rate increase in December 2017. Fingers crossed they replicate this if it increases again.

N&P regular saver (now a YBS RS)
Lloyds RS
Holmes dale RS
YBS RS
Leeds RS issue 4 (we've already received instructions on what happens next with this one)

Alexland

AnotherJoe wrote: »

No. I don't even think it's an given interest rates will increase today.

It's a given now.
https://www.bankofengland.co.uk/inflation-report/2018/august-2018/visual-summary

Alex.

ceewash

Thanks. I'll keep an eye on MSE.

surreysaver

Well, that'll put my mortgage up to 1.5%, same as the interest I'm earning on my Lloyds current account, as well as my NatWest Savings Builder and three Bank of Scotland accounts. Looks like I'll be moving a few grand into the mortgage where it won't add up to my annual taxable allowance.

harz99

So cue another round of building societies and banks increasing mortgage rates by the full .25% and only giving savers .125%...

jimjames

ceewash wrote: »

Are savings rates likely to increase today with interest rates?

No, not for me anyway. I already get 8x the base rate so I don't expect that to change.

Any of the decent rates are unlikely to vary much as a result of the increase today

harz99 wrote: »

So cue another round of building societies and banks increasing mortgage rates by the full .5% and only giving savers .25%...

So move to an account paying a decent rate

typistretired

At least Coventry BS are providing dates when we will be informed of increases:-

"Bank of England raises Base Rate to 0.75%

Following the increase to the Bank of England Base Rate, we are reviewing our saving and mortgage rates. We’ll announce our decision no later than the 23 August, with the intention of applying changes from 1 September."

[Deleted User]

Hello harz99,
Could you please clarify your statement re only giving savers .25%. Is that not the full increase in rates?
Regards,
mrwmartin