The Top Easy Access Savings Discussion Area

ColdIron

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.

They will for those with Skipton's Base Rate Tracker

pecunianonolet

ColdIron said:

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.

They will for those with Skipton's Base Rate Tracker

I noticed you're a fan of Skipton. It almost sounds like you work for them 

If BOE rate goes to 4.5% the ones with the 0.9% tracker would get 3.6%, which is only 0.05% below current Chip rate or 0.1% below Tandem. Those who got the 1.1% under BOE tracker would only get 3.4%, which is below current rates. That does not take into account any slight rises by Chip, Tandem and other challenger banks. 

Mr._H_2

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.
In the meantime you`re already getting 4.17%.

I'm expecting one more 0.25% raise (i.e. what everyone thinks), followed by a longer pause than the market is currently pricing in (one cut max by end of year), with possibly even one more hike (UK inflation appears more persistent and belligerent than in the US - another raise will help to strengthen the pound to make imports cheaper). I don't think long-term fixes will move much. But I could, of course, be wrong!

2010

ColdIron said:

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.

They will for those with Skipton's Base Rate Tracker

Base rate tracker is well below base rate.

VNX

Mr._H_2 said:

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.
In the meantime you`re already getting 4.17%.

I'm expecting one more 0.25% raise (i.e. what everyone thinks), followed by a longer pause than the market is currently pricing in (one cut max by end of year), with possibly even one more hike (UK inflation appears more persistent and belligerent than in the US - another raise will help to strengthen the pound to make imports cheaper). I don't think long-term fixes will move much. But I could, of course, be wrong!

It’s always a difficult balance too. 

Say you have fixes now around 4.5 / 4.6 you may get. 4.8 / 4.9 in the months to come but of course you may not and if you do all the whole you wait you’re losing potential interest but keeping the monies in an instant access account waiting for the rise so it’s all a big game.

and again depending how much money you have even. 0.5% increase May not be that big a deal 

jimexbox

VNX said:

Mr._H_2 said:

2010 said:

pecunianonolet said:

Prices are here to stay, if you not got a decent salary increase, you're screwed for a very long time unless you get a decent promotion or change jobs. 

Having subscribed to the 4.17% Shawbrook 1y ISA might have been a mistake if rates peak up further and further. Will we see 4% easy access by summer?

If the BoE raises rates by .25% on 11th May, don`t expect the banks to do the same amount.
In the meantime you`re already getting 4.17%.

I'm expecting one more 0.25% raise (i.e. what everyone thinks), followed by a longer pause than the market is currently pricing in (one cut max by end of year), with possibly even one more hike (UK inflation appears more persistent and belligerent than in the US - another raise will help to strengthen the pound to make imports cheaper). I don't think long-term fixes will move much. But I could, of course, be wrong!

It’s always a difficult balance too. 

Say you have fixes now around 4.5 / 4.6 you may get. 4.8 / 4.9 in the months to come but of course you may not and if you do all the whole you wait you’re losing potential interest but keeping the monies in an instant access account waiting for the rise so it’s all a big game.

and again depending how much money you have even. 0.5% increase May not be that big a deal 

I agree. I don't think anyone fixing now will have the pain of those who fixed at 1.5 - 2% as interest rates rapidly increased. 

Fixed bond rates may rise slightly over the coming months, although nothing like in 21/22. Rates could dip once the physiologically important downward 10% barrier is broken. 

patpalloon

When are Atom going to improve their easy access rates? Their 6 month fix at 4.15% but EA only 3.2

2010

patpalloon said:

When are Atom going to improve their easy access rates? Their 6 month fix at 4.15% but EA only 3.2

The same time as Marcus.

TiVo_Lad

patpalloon said:

When are Atom going to improve their easy access rates? Their 6 month fix at 4.15% but EA only 3.2

Atom seem to have shifted their business more towards fixed rate accounts rather than chasing the top of the table for easy access where money can be very flighty. Gives them much more certainty. They might use easy access to fulfill a short-term funding need but they seem to be more content to hold on to folk's money for longer.

ForumUser7

This may be of interest to some:

The Chief Executive of the FCA has apparently said they remain open to revisiting the idea of a single easy-access rate, among other interventions, if it continues to see savers being penalised for loyalty:

https://www.thisismoney.co.uk/money/saving/article-11994691/Banks-FORCED-pay-savers-new-rules.html

This seems really odd to me - maybe a minimum easy access rate, but a single easy-access rate feels unlikely to benefit us forumites if all of a sudden, everyone had to pay the same rate. I imagine it'd be lower than some of the top Easy Access Rates just now.

*This is a daily mail subsidiary article*

EDIT: https://www.fca.org.uk/publications/consultation-papers/cp20-1-introducing-single-easy-access-rate-cash-savings

https://www.fca.org.uk/publication/consultation/cp20-01.pdf

https://www.fca.org.uk/news/press-releases/fca-acts-help-customers-get-better-rates-cash-savings