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

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!

ValiantSon

18cc wrote: »

NS&I are keeping very quiet....

And?

When will people get that there is no intrinsic link between the base rate and retail savings rates (unless a bank specifically offers a tracker account)?

MSE's tawdry tabloid journalism is part of the problem.

ValiantSon

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. 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!

Please link to the terms and conditions, as it doesn't seem any of us can find reference to a base rate link.

ValiantSon

Sapphire wrote: »

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:

The MPC don't run NS&I.

jimjames

ValiantSon wrote: »

And?

When will people get that there is no intrinsic link between the base rate and retail savings rates (unless a bank specifically offers a tracker account)?

I'm glad there isn't a link. If there was then I doubt I'd be getting 3-5% on my savings when base rate is 0.75%

18cc

NS&I are keeping very quiet AND nothing - not a boolean operation

18cc

I would respectfully disagree that there is an intrinsic link between bank base rate and retail saving rates

I can pretty much guarantee that when the bank base rate goes down retail saving rates go down by the same amount

ValiantSon

18cc wrote: »

NS&I are keeping very quiet AND nothing - not a boolean operation

So your comment was completely pointless then. Glad we've established that.

18cc wrote: »

I would respectfully disagree that there is an intrinsic link between bank base rate and retail saving rates

I can pretty much guarantee that when the bank base rate goes down retail saving rates go down by the same amount

That isn't evidence of an intrinsic link, even if it were to happen (rather than simply be your conjecture).

Retail savings rates are the result of what the market will tolerate.

Alexland

ValiantSon wrote: »

The MPC don't run NS&I.

No but they are both ultimately controlled by government so it's not unreasonable for the taxpayer to judge the lack of consistently in their operational decisions.

Alex

18cc

OK if it helps you get closure: NS&I are keeping very quiet AND they are not saying anything