MSE News: Savings rates have barely risen TWO WEEKS after base rate rise - MSE data reveals

eskbanker

minislim wrote: »

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?

If you're going to make claims like that, please advise exactly which savings accounts you're referring to.

Clearly if you have such tracker products with guaranteed indexation to base rate then you'd have a cast-iron case for insisting on the rate increase being applied....

Edit: I have found a couple of tracker accounts from small niche providers and in both cases it's clearly spelt out that any base rate changes are automatically applied to the tracker products from the 1st of the following month (equitably, i.e. for decreases as well as increases), so if you have such accounts and are expecting swifter action, you need to be more patient!

jimjames

MSE list the loopholes for decent rates then perpetuate the myth that savings accounts are the place to put your spare money. For most people that really isn't the case.

18cc

NS&I are keeping very quiet....

minislim

Post office easy saver. BOE 0.5% plus 0.75% bonus. (although the bonus has expired now. but still showing at 0.5%
Nationwide loyalty isa. BOE 0.5% plus 0.9% bonus. Though nationwide has said its going to up some savings rates. but hasn't said which ones yet. but was quick on hiking the mortgage rates though!

eskbanker

minislim wrote: »

Post office easy saver. BOE 0.5% plus 0.75% bonus. (although the bonus has expired now. but still showing at 0.5%
Nationwide loyalty isa. BOE 0.5% plus 0.9% bonus.

Neither product makes any mention of alignment to base rates on their websites:

https://www.postoffice.co.uk/savings-accounts/interest-rates says both Easy Saver and Online Easy Saver are 0.05% since July 2017, although their historic rates page shows previous issues at 0.1%.

https://www.nationwide.co.uk/products/savings/loyalty-isa/features-and-benefits also makes no reference to base rate tracking but has a scale of rates from 0.7% to 1.0% depending on length of time with them.

Edit: they did briefly offer a Loyalty Single Access ISA for a couple of months earlier this year, paying 1.4% but reducing to 0.5% if more than one withdrawal made, but again no indication of any link to BoE base rate.

minislim wrote: »

Though nationwide has said its going to up some savings rates. but hasn't said which ones yet. but was quick on hiking the mortgage rates though!

On the contrary, https://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2018/8/06-bank-rate-increase makes it clear that it'll be increasing the Loyalty ISA rate from 31 August and that mortgage rate changes will be applied from the following day.

Shedman

Whoopee.. Just had an email that Ford Money are offering an extremely generous (not...) 0.07% extra on the Flexible Saver from today (1.29% up from 1.22%). Crack open the bubbly :rotfl:

OldMusicGuy

Shedman wrote: »

Whoopee.. Just had an email that Ford Money are offering an extremely generous (not...) 0.07% extra on the Flexible Saver from today (1.29% up from 1.22%). Crack open the bubbly :rotfl:

Me too, just got the same email. Too much excitement!

Thrugelmir

minislim wrote: »

quite a few on here bashing MSE for poor reporting.

You'd expect financial journalists to be well informed.

Sapphire

18cc wrote: »

NS&I are keeping very quiet....

Yes, I was just thinking the other day that they actually dropped their cash ISA rates from one per cent to half a per cent a couple of weeks (or so) before the BoE rise was announced. Needless to say, the ISA savings rate has not gone up since the BoE rise. :cool:

ValiantSon

minislim wrote: »

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.

Really? Please provide documentary evidence that you have savings accounts that track the base rate, and that the banks are not honouring those terms. I bet you can't!