The Top Easy Access Savings Discussion Area

ForumUser7

jaypers said:

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.

Similar message on the Kent Reliance website now - although the increase will be applied later. No details present as of yet when 'find out more' is clicked, and no indication of the percentage increase either

Pompeydave1967

I think charter / Kent giving themselves time to monitor the markets over the next 2 weeks , need a bank now to pass on the increase.

Stan_1000

Chase saving to 3.8% as per the message in the app, at least they passed on the full base rate increase this time.

ForumUser7

Skipton BS increases effective 3rd July

https://www.skipton.co.uk/base-rate-change?utm_source=twitter&utm_medium=organicsocial&utm_term=&utm_content=&utm_campaign=baseratesocial

scottishstu

Section62 said:

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.

As a long term member of Nationwide, I know not to expect them to top savings league tables, but they really do continue to underwhelm.

You're absolutely correct that their 1st April increase to 3.2% on some accounts followed the BoE committee meeting in March.

NW then did nothing until their notification yesterday of 0.1% increases on the same accounts starting 1st July.

Rather poor, I only keep a small amount in a Triple Access Saver, which I'll be moving out when it matures in a couple of weeks.

They must've blown the budget on the Fairer Share payments.

Mr_blibby

ForumUser7 said:

jaypers said:

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.

Similar message on the Kent Reliance website now - although the increase will be applied later. No details present as of yet when 'find out more' is clicked, and no indication of the percentage increase either

KR not moving for another 2.5 weeks ?... so that's my funds moving this afternoon

flobbalobbalob

janusdesign said:

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.

Keep your eye on Investec. They usually update on the 1st of the month I think. No issue nonsense and very quick withdrawals 

Sg28

Ive still got 2 zopa pots left to mature, wonder if they will get back up near the top before I withdraw?

Its going to need +0.75% min so looking unlikely.

Mr_blibby

scottishstu said:

Section62 said:

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.

As a long term member of Nationwide, I know not to expect them to top savings league tables, but they really do continue to underwhelm.

You're absolutely correct that their 1st April increase to 3.2% on some accounts followed the BoE committee meeting in March.

NW then did nothing until their notification yesterday of 0.1% increases on the same accounts starting 1st July.

Rather poor, I only keep a small amount in a Triple Access Saver, which I'll be moving out when it matures in a couple of weeks.

They must've blown the budget on the Fairer Share payments.

I dont think you need to wait till it matures... I've closed Trip Access accounts recently and they get paid up to the closure date - just double check with them that is the case, but cant see a reason to give them another 2 weeks when they are taking the proverbial 

pecunianonolet

MikeJXE said:

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 

Let's not forget two points:

1. BOE is independent in rate setting and it is done by a vote. BOE is responsible for monetary policy and their strongest instrument is to set interest rates.

2. The government is responsible for fiscal policy. That includes many elements such as tax

Now, we have the BOE, who, imho, raised too little too late and now they need to catch up. Monetary decisions such as interest rates usually filter through to the economy long term, it can take up to 18 months for the effects to be really seen. Of course, mortgages and such are nearly instant but across the whole population, it does actually only affect a small group. For monetary policies to work, they need good fiscal policy makers.

Both, monetary and fiscal policy work hand in hand. Allow me the analogy, washing hands without soap, is much less effective. 

The huge problem is failed, or almost non existent fiscal policy for years, a lot of the measures are just plain stupid or just to please a small clientele of voters. And, as usual, the poorest of society have to pick up most of the bill through tax increases (spend is proportionally higher compared on income) Somebody has to pay for the debt of 101% of GDP....

Anyhow, time to update the Excel tracker with all the shiny new interest rates