The Top Easy Access Savings Discussion Area

typistretired

I have one account that was paying 1.44% so usually tipped all the other direct debits into there when you could withdraw them into it and that had over £100 in it but no notification of rate reduction.

d63

tg99 said:

typistretired said:

Logged into Post Office savings and noticed they have reduced all their savings rates by the BOE rate. Never received any notification by email or post

I have several PO savings accounts and received an email notification about one of them but not the rest. I recall a while back that some banks’/BS’ terms and conditions said they only have to notify you of a rate cut if you had more than £100 in the account but not sure if this is still the case and / or if regulations have changed since. All my PO accounts have less than £100 though so this wouldn’t explain why I’ve only received selective notification.

well i had more than £100 in one account and they didn't notify me either, tho they did give notice about a reduction of the online saver.
and the account they didn't serve notice on? --- ta-da, fanfare please! yes! the online loyalty saver!!! you couldnt make it up! first its the nationwide and their loyalty saver account rate cuts, and now the postoffice loyalty account. who next i wonder?

Bobblehat

d63 said: …………...

and the account they didn't serve notice on? --- ta-da, fanfare please! yes! the online loyalty saver!!! you couldnt make it up! first its the nationwide and their loyalty saver account rate cuts, and now the postoffice loyalty account. who next i wonder?

As d63 says..... PO Loyalty 8 Ha! ….. I'd swear my interest rate dropped more on that one than my other PO online savers, but I could be wrong. I'm not going to rush around to find the paperwork to see if that is right or not, they still serve a purpose (you know what that is). I'll just claw back the money more frequently and put it into the best interest payer I have at the time.

typistretired

Thank you for saving with Principality Building Society We hope you and your families are keeping well at this difficult time. As a Member owned society, we’re committed to keeping your money safe and doing all we can to protect your savings rates. On 19/03/2020, the Bank of England reduced the Bank Rate to 0.10%, which we’ve passed onto our mortgage borrowers. As we pay our savers using the income we receive from our mortgage lending, when mortgage rates go down it naturally reduces the income we have available to pay our savers. This means we’ve made the difficult decision to reduce interest rates on some of our savings accounts

 

Current interest rate New interest rate Effective date e-Saver (all issues) 0.70% Gross* pa/AER† 0.10% Gross* pa/AER† 11th May 2020 Web Saver 1.18% Gross* pa/AER† 0.53% Gross* pa/AER† 11th May 2020 Web Saver (Issue 2) 0.90% Gross* pa/AER† 0.65% Gross* pa/AER† 11th May 2020 e-ISA (all issues) 0.70% Tax-Free^ pa/AER† 0.10% Tax-Free^ pa/AER† 11th May 2020 Web ISA 1.20% Tax-Free^ pa/AER† 0.55% Tax-Free^ pa/AER† 11th May 2020 Web ISA (Issue 2) 0.85% Tax-Free^ pa/AER† 0.55% Tax-Free^ pa/AER† 11th May 2020

Online Saver	1.18% Gross* pa/AER†	1.43% Gross* pa/AER†	0.53% Gross* pa/AER†	0.78% Gross* pa/AER†	11th May 2020
Online Saver (Issue 2)	1.18% Gross* pa/AER†	1.38% Gross* pa/AER†	0.53% Gross* pa/AER†	0.73% Gross* pa/AER†	11th May 2020
Online Saver (Issue 3)	1.18% Gross* pa/AER†	1.28% Gross* pa/AER†	0.53% Gross* pa/AER†	0.63% Gross* pa/AER†	11th May 2020

moi

Could anyone who has the RCI 'Freedom Savings Account' Easy-access ac tell me if the current 1.2% rate is after any recent reduction(s) due to the BoE base rate, please? 

RG2015

My Ford Money Flexible Saver is currently paying 1.34%, reducing to 1.24% on 16/06/20 and then to 1.07% on 03/07/20.

My Virgin Money Double Take e-Saver is paying 1.50% at least until early July as they need to give me 2 months notice of any reductions.

My Marcus account is paying 1.45% until to bonus drops off at the end of July leaving a rate of 1.20%

My NS&I income bond is paying 1.16% following the decision not to implement the proposed reduction to 0.70% from 01/05/2020.

I don't expect any of these rates to last but how low will rates go in this race to the bottom?
 

ask66

moi said:

Could anyone who has the RCI 'Freedom Savings Account' Easy-access ac tell me if the current 1.2% rate is after any recent reduction(s) due to the BoE base rate, please? 

Hi, I just opened one this morning... the 1.2% rate is effective from 25th October 2019 (taken from Product Information pdf downloaded during the application).  I wonder how long it'll stay at that rate?

ask66

RG2015 said:

how low will rates go in this race to the bottom?
 

Surely they can't go much lower?  It really makes me wonder what is the point of saving?  What are we supposed to do to get a reasonable return on the savings we were encouraged to put aside?

RG2015

ask66 said:

RG2015 said:

how low will rates go in this race to the bottom?
 

Surely they can't go much lower?  It really makes me wonder what is the point of saving?  What are we supposed to do to get a reasonable return on the savings we were encouraged to put aside?

The NS&I rate is political so that aside rates will be down to at least 0.50% by the autumn.

The main point now about saving is so people do not run out of money. It is no longer about the returns.

Mr._H_2

ask66 said:

RG2015 said:

how low will rates go in this race to the bottom?
 

Surely they can't go much lower?

I think we all thought that when they hit 2%!!