MSE News: Savings rates have barely risen TWO WEEKS after base rate rise - MSE data reveals 16 August 2018 at 5:35PM edited 16 August 2018 at 5:58PM in Savings & Investments 48 replies 4.3K views

Former_MSE_Karl

Savings rates have barely risen in the two weeks since the Bank of England increased the base rate by 0.25 percentage points, MoneySavingExpert data reveals.
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'Savings rates have barely risen TWO WEEKS after base rate rise - MSE data reveals'

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veryintrigued

Can MSE journos tell us which institutions raised their rates last time and how long after the last rise they raised them?

That might give us a lead for this time.

E.g. Lloyds raised their RS 0.5% December 2017 - at least four weeks after.
YBS raised their RS 0.5 from 14/12/17 - six weeks after.

I could go on but don't want to unemploy you guys ;-)

ValiantSon

Big deal.

Could MSE stop perpetuating the nonsense myth that retail savings rates are intrinsically linked to the Bank of England base rate?

Yet more shabby tabloid journalism.

Oh, and can we stop referring to the Coventry Building Society's Limited Access Saver as, "the top easy-access deal right now"? Even the account's name reflects the fact that it is not an easy access account! You can only make three withdrawals a year, without paying a 50 days' interest penalty.

Shedman

ValiantSon wrote: »

Oh, and can we stop referring to the Coventry Building Society's Limited Access Saver as, "the top easy-access deal right now"? Even the account's name reflects the fact that it is not an easy access account! You can only make three withdrawals a year, without paying a 50 days' interest penalty.[/QUOTE

Don't get too wound up as they'll stop calling it that in a week or two as someone else introduces a higher paying one to get the headlines - only to withdraw it before you've even had time to apply (especially if you have do a postal application under a POA!)

TheShape

They're exploiting a 'loophole':;)

http://www.dailymail.co.uk/money/saving/article-6060965/Savers-dark-stingy-rate-increases-rule-allows-lenders-pass-Bank-rate-rise.html

ValiantSon

TheShape wrote: »

They're exploiting a 'loophole':

http://www.dailymail.co.uk/money/saving/article-6060965/Savers-dark-stingy-rate-increases-rule-allows-lenders-pass-Bank-rate-rise.html

I'm sorry, but that is just nonsense reporting. The requirement (or not) to inform customers of changes in the interest rate provided on their accounts has nothing to do with whether or not the customer should expect a positive change in the base rate to be reflected in their completely unconnected retail savings rate.

TheShape

TheShape wrote: »

They're exploiting a 'loophole':;)

http://www.dailymail.co.uk/money/saving/article-6060965/Savers-dark-stingy-rate-increases-rule-allows-lenders-pass-Bank-rate-rise.html

ValiantSon wrote: »

I'm sorry, but that is just nonsense reporting. The requirement (or not) to inform customers of changes in the interest rate provided on their accounts has nothing to do with whether or not the customer should expect a positive change in the base rate to be reflected in their completely unconnected retail savings rate.

Sorry, I couldn't find the 'rolls-eyes' emoji!

Got you with the tabloid journalism though!:D

ValiantSon

TheShape wrote: »

Sorry, I couldn't find the 'rolls-eyes' emoji!

Got you with the tabloid journalism though!:D

I did wonder, as it seemed most uncharacteristic of you.

Yes, the lack of a "roll-eyes" emoji is a frustration of mine too. I've had to settle for a "wink", which is not really very satisfactory.

Snow_Dog

And have mortgage rates ticked up in the last two weeks?

bowlhead99

Snow_Dog wrote: »

And have mortgage rates ticked up in the last two weeks?

A previous MSE article focused on the fact that Nationwide and TSB were increasing their variable mortgage rates by more than the average savings interest increase.


It noted that at both institutions the variable mortgage rates would be going up by 0.25% on 1 September after the bank base rate went up on 2 August.


So, while per this latest MSE headline the savings rates have barely risen after TWO WEEKS, the mortgage rates at those pilloried institutions haven't either and won't do so for another two weeks from now

minislim

quite a few on here bashing MSE for poor reporting.

but in nearly all the small prints for my savings i have it stated that its the back of england rate plus a bonus rate.
yet not one of my accounts has yet increased?

so in reality MSE are doing what they should and do best. sticking up for moneysavers.