The Top Easy Access Savings Discussion Area

TiVo_Lad

There was market talk this morning that going for 0.5% was validation that the BoE had lost control. They could have gone for 0.25% now and strongly hinted that there was another 0.25% to come at the next meeting, but perhaps they felt that stamping harder would have a bigger effect. It's really going to hurt those coming off a fixed mortgage or are on a tracker or SVR.

jaypers

Just had email from Charter:-

The Bank of England Base Rate has increased

Good news! We’ll be increasing interest rates on all variable rate accounts that are no longer on-sale on our website, following today’s Bank of England Base Rate increase.

The increased rates will be effective from 7 July 2023 and will be applied automatically to eligible accounts.

There’s no need to call us, as we’ll contact you soon with further details if your account is due a rate increase.

Rheumatoid

TiVo_Lad said:

There was market talk this morning that going for 0.5% was validation that the BoE had lost control. They could have gone for 0.25% now and strongly hinted that there was another 0.25% to come at the next meeting, but perhaps they felt that stamping harder would have a bigger effect. It's really going to hurt those coming off a fixed mortgage or are on a tracker or SVR.

Makes you wonder if this dodgy govt got at members indirectly to try and meet their pledge to halve inflation in the stated timeframe - or am I just a cynic?

wiseonesomeofthetime

So my Skipton Tracker should be moving to 4.10% soon, but I already have my money in a 4.10% account, so no incentive to move anything to them still 🤷‍♂️

wiseonesomeofthetime

Sg28 said:

baldeagle09 said:

Half per cent base rate rise has shocked a few people

Well it was 50/50 so shouldnt really be a shock.

Apparently, seven out of the nine members voted for 0.50% rise, while two voted for 0%

MikeJXE

Rheumatoid said:

TiVo_Lad said:

There was market talk this morning that going for 0.5% was validation that the BoE had lost control. They could have gone for 0.25% now and strongly hinted that there was another 0.25% to come at the next meeting, but perhaps they felt that stamping harder would have a bigger effect. It's really going to hurt those coming off a fixed mortgage or are on a tracker or SVR.

Makes you wonder if this dodgy govt got at members indirectly to try and meet their pledge to halve inflation in the stated timeframe - or am I just a cynic?

I think you're spot on 

ForumUser7

https://www.esbs.co.uk/new-interest-rates-01-07-2023/

Effective 1st July
ESBS Heritage to 4%
ESBS Progress to 3.85%
ESBS Foundation to 4.15%

janusd

wiseonesomeofthetime said:

So my Skipton Tracker should be moving to 4.10% soon, but I already have my money in a 4.10% account, so no incentive to move anything to them still 🤷‍♂️

if there had been a 0.25% rise, i'd have moved money out of my SBS tracker today, but no need now... the only one I need serious reaction from now is Cynergy @ 3.71% - so over 0.4% behind the leaders, but I like them cos they're quick for withdrawals.

ForumUser7

Coventry increasing all their variable rates, so increases on 6 access and 4 access savers. Amount TBC



Similar message at YBS

Section62

km1500 said:

Don't forget Nationwide raising savings rates by 0.1% in anticipation.

Worse than that - the 0.1% increase on a handful of accounts was a response to the previous BoE increase which Nationwide hadn't yet passed on.

They've now updated the BoE increase news page to note the 22/06 increase, and revert back to the near permanent "We're currently working out what this means for our members. It may have an effect on some of our mortgages and savings accounts."

https://www.nationwide.co.uk/news-and-stories/bank-of-england-increases-base-rate/