The Top Easy Access Savings Discussion Area

UncleK

cheesemason said:

Ford Money up to 4.5% from tomorrow. Source - Twitter

Good to hear - a tad below Shawbrook but far easier and quicker to deal with so I'll leave our lump in Ford - was considering moving it to Shawbrook

fotow

Have to give Ford Money credit they are always quick to update their rates. Just a shame they have such slow transfer speeds. Think will skip switching back for now and see what happens.

sheslookinhot

Well done to Ford Money. A true easy access account with none of the hoops you need to jump through to get the increase as you do with other savings providers.

Zaul22

Daily Express just said 5.5% is still forecast. I thought we were expecting 5.25 now that they have actually had their first success against inflation. 

boingy

Zaul22 said:

Daily Express just said 5.5% is still forecast. I thought we were expecting 5.25 now that they have actually had their first success against inflation. 

It's more of a glimmer of success than a full blown success. And grain prices are scooting upwards again, which affects many other things. However, I think they will go for a 0.25% rise this time, simply because if they go for 0.0% or 0.5% they will get slated for under or over reacting. So I'm not expecting any great movement in savings rates because a 0.25% rise is already dialled in.

Sg28

Zaul22 said:

Daily Express just said 5.5% is still forecast. I thought we were expecting 5.25 now that they have actually had their first success against inflation. 

Not sure why any reads the daily express. 

Markets are suggesting 0.25% with a small chance of 0.5% 

Section62

Emails now arriving from Ford Money confirming the Flexible Saver rate increases to 4.5% (gross, annual) effective today.

Zopa_Trooper

boingy said:

Zaul22 said:

Daily Express just said 5.5% is still forecast. I thought we were expecting 5.25 now that they have actually had their first success against inflation. 

It's more of a glimmer of success than a full blown success. And grain prices are scooting upwards again, which affects many other things. However, I think they will go for a 0.25% rise this time, simply because if they go for 0.0% or 0.5% they will get slated for under or over reacting. So I'm not expecting any great movement in savings rates because a 0.25% rise is already dialled in.

I thought the whole advantage of the NBS account was its tracking the base rate so a 0.25% rise will be immediate, putting it top of the shop again. I therefore believe that if the bank rate does go up we will see yet another round of increases. Surely not the time (yet) to fix?

Mr._H_2

Zopa_Trooper said:

boingy said:

Zaul22 said:

Daily Express just said 5.5% is still forecast. I thought we were expecting 5.25 now that they have actually had their first success against inflation. 

It's more of a glimmer of success than a full blown success. And grain prices are scooting upwards again, which affects many other things. However, I think they will go for a 0.25% rise this time, simply because if they go for 0.0% or 0.5% they will get slated for under or over reacting. So I'm not expecting any great movement in savings rates because a 0.25% rise is already dialled in.

I thought the whole advantage of the NBS account was its tracking the base rate so a 0.25% rise will be immediate, putting it top of the shop again. I therefore believe that if the bank rate does go up we will see yet another round of increases. Surely not the time (yet) to fix?

Interest rate on easy access is driven by different factors compared to fixed accounts. Remember the best easy access interest rate (~4.5%) is significantly below the best 1 year fix (~6%). In the near term, it seems likely that easy-access rates will continue to creep up, while fixed will stabilise or creep down.

Interest rates on fixed accounts is dependent on the longer-term outlook for interest rates, and this has recently come down, which is why mortgage fixed rates have come down, and the best 1-year fixed saving accounts are now paying 6% rather than 6.2%. It seems likely that we are near the peak for fixed-rate interest, but of course things can change quickly.

fabsaver

Is anyone else seeing an out of date MSE News article on the right of the screen when viewing this forum today?

MSE News

Hanley Economic launches top easy-access savings rate in 14 years at 4.25%

When I first saw it this morning I was very confused. Then I realised the article is dated 22 May!