The Top Easy Access Savings Discussion Area

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

soulsaver

ForumUser7 said:

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

The only non isa, now available, online EA(ish) account I can see qualifying* for the ToTP is the Dbl Acess iss2 at 4.00%? (£10k min, 4.00% wef 03/07)

* Needs to be above 3.90% ATM

vernon

Chuckle! Some savings providers got caught out by the BOE surprise announcement of an increase to 5%. Marcus springs to mind of a pre-prepared statement of an increase the day before BOE met. Other providers, eg Coventry's alleged, proposed statement, had their increased rates based on 0.25%. Now they had to have a rushed meeting to re-think. Hence the use of the bandied about word 'soon'. Disgusting that most are raising their rates in JULY!  

Zopa_Trooper

Kroo current account up to 4.1% from 1st July.

EssexHebridean

vernon said:

Chuckle! Some savings providers got caught out by the BOE surprise announcement of an increase to 5%. Marcus springs to mind of a pre-prepared statement of an increase the day before BOE met. Other providers, eg Coventry's alleged, proposed statement, had their increased rates based on 0.25%. Now they had to have a rushed meeting to re-think. Hence the use of the bandied about word 'soon'. Disgusting that most are raising their rates in JULY!  

Marcus's "Standard" over the past little while has been to announce an increase the day before the B of E meeting - seeing the message from them yesterday didn't come as a huge surprise to me at least. 

as for "JULY!" it is only 8 days away...

KTF

YBS will be increasing the rates on their variable accounts 'soon'.

https://www.ybs.co.uk/boe-rate-change

Rheumatoid

pecunianonolet said:

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.

I would say notionally independent. Doesn't stop members being got at in a variety of ways. Strange non voted for 0.25

jimroy

I noticed in app just now that Chase are increasing the interest rate on their Saver Account to 3.8% AER (3.74% Gross) on 3rd July.

ColdIron

You've gotta be quicker than that around here

https://forums.moneysavingexpert.com/discussion/comment/80127277/#Comment_80127277

jimroy

ColdIron said:

You've gotta be quicker than that around here

https://forums.moneysavingexpert.com/discussion/comment/80127277/#Comment_80127277

Haha. I missed that. Thanks.