The Top Easy Access Savings Discussion Area

chris_the_bee

CompulsiveSaver said:

allegro120 said:

jaypers said:

Marcus are annoying on their 3% rise. Think they can con people increasing their rate on the morning of the BOE decision. Too little, too late. Still leaving 1p in my account and the money is elsewhere earning more. 

It is unnecessary to keep 1p on the account.  My balance has been £0 for a couple of years now and the account is still alive.

Think my £1 can stay there for now, wonder how much people actually keep there given the rate is a bit low?

The beauty of Marcus is true instant access 24/7/365 and does not need an app.

I-LOV-MONEY

chris_the_bee said:

The beauty of Marcus is true instant access 24/7/365 and does not need an app.

Actually any withdrawal transactions you do between 23:00 and 00:00 are held over until the next day.    It can be useful if you want to make sure money will be in your current account by the next morning, but don't want to stay up till midnight to do it, you can do it at 23:00 !

S_uk

castle96 said:

1.5% reduction in Bof E rate coming?? Don't understand it myself but.......

This aged badly..

EssexHebridean

chris_the_bee said:

CompulsiveSaver said:

allegro120 said:

jaypers said:

Marcus are annoying on their 3% rise. Think they can con people increasing their rate on the morning of the BOE decision. Too little, too late. Still leaving 1p in my account and the money is elsewhere earning more. 

It is unnecessary to keep 1p on the account.  My balance has been £0 for a couple of years now and the account is still alive.

Think my £1 can stay there for now, wonder how much people actually keep there given the rate is a bit low?

The beauty of Marcus is true instant access 24/7/365 and does not need an app.

Also allows joint accounts which makes it a good option for someone like us who needs a true instant access location for emergency fund money. 

alternate

BoE has broadly been in lockstep with the Fed.  If Fed announce a small rate increase later today I would expect BoE to do the same.  BoE like to think they are a big deal but the Fed still moves markets.

pecunianonolet

alternate said:

BoE has broadly been in lockstep with the Fed.  If Fed announce a small rate increase later today I would expect BoE to do the same.  BoE like to think they are a big deal but the Fed still moves markets.

And the Fed not raising would be a signal of fear and not being in controll and could lead to interpretaion of the banking sector not being secure and stable so a rise, of a low figure of 0.25% is inevetiable. And pressure on the BOE is now even higher with inflation figures published today. I expect a 0.25% rate rise, although 0.5% would in my opinion be more appropriate. 

The increases of last week have had this anticipation priced in so we might see some small movements on e.g. Skipton BOE tracker, perhaps, if lucky, even some movement on ISA rates to atteact some extra cash short term. I also think we see higher rates again for longer fixes, at least maintain them. 

EssexHebridean

It's going to put the pressure on those institutions that have shied away from meaningful rate rises for the last few BoE reviews if we see a 0.5% increase! 

alternate

I think the only pressure for increases is if the competition does it first.  Family BS moving to 3.2% (and to a lesser extent chip at 3.4%) is what sparked the latest round of rises.

alternate

re :telegraph

Markets are confident the Bank of England will increase interest rates this week following an unexpected rise in inflation last month.

Traders this morning priced in about a 99pc probability that the Monetary Policy Committee will decide to increase rates by 0.25 percentage points tomorrow.

The markets had wagered that it was 50-50 between a rate increase or a pause on Tuesday following the turmoil in the banking industry.

GalacticaActual

According to the Coventry Building Society website this morning (8 am), the Bank of England has increased interest rates today 🤷🏻‍♂️