The Top Easy Access Savings Discussion Area

Section62

eskbanker said:

Unless I've missed some sort of notification, Tesco Bank, like most institutions, makes no commitment to adjust (non-tracker) variable rates upwards or downwards following base rate changes, so they're under no obligation to do so, but obviously retain the right to.  The above removal of current account interest, while citing a base rate change, can be seen with hindsight as an early signal of Tesco's departure from that market.

True. But my comment/reaction is to the idea that Tesco Bank being in Scotland has any relevance to the commercial decisions they make with regard to interest rates (relative to the BoE base rate).

The initial part of the response "no notification of such a rise" is quite likely correct - the rest appears to be an example of someone trying to be helpful, but making it up on the hoof.

pearl123

Deleted_User said:

pearl123 said:

Tesco Bank Twitter "The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, and Round Up on Clubcard Pay+. Our standard underlying rate will increase from 0.10% to 0.25% (Gross/AER, Variable) on 11 January 2022."

Tesco Bank can Twatter as much as they like but, just as all other social media sites such as Facebonk, Instagrump WhatsUp, etc, they are simply platforms for gossip which I don't always take seriously. A bank will place formal announcements on their official website and not through unreliable social media channels. Until Tesco Bank place a notice on their official website, I'll take this gossip with a pinch of salt.

My quote came direct from "Tesco Bank Official Twitter site". https://twitter.com/tescobankhelp?lang=en
It certainly won't be inaccurate. 

Shedman

it shows how bad and sad things are for savers when we have pages of argument and counter argument over a measly 0.15% p.a. 😅

RG2015

Shedman said:

it shows how bad and sad things are for savers when we have pages of argument and counter argument over a measly 0.15% p.a. 😅

It’s not so much the rate, but rather the principle.

When someone claims that a post by Tesco Bank, on their official Twitter site is unreliable, this needs to be called out.

djpailo

Disappointing that we have seen barely any rises. If the base rate had decreased they all would have reduced the rates across the board. 

Primrose

As always savers.seem to be the last to benefit in this equation even though we,re probably the bedrock of the economy.     Right now though I suppose the government would prefer us to spend all our surplus miney rather than save it to get the Covid economy moving again. 

where_are_we

BOE base rate is likely to rise in 2022. There will be opportunities for better savers rates in the coming year. Act quickly when one of these occurs. Patience is a virtue.

Primrose

The dilemma of course is for anybody with a 1 year notice account, maturing imminently, rather than an easy access account, wondering when better deals might be available. Possibly better to move it into an easy access account temporarily and hover patiently? 

dc_scotland

Ford Money has increased its Flexible Saver rate for new and existing customers from 0.50% to 0.60% effective from today.

UncleK

Excellent! Applied and got sorted within minutes.
Gives me another chance to whinge about Charter Savings Bank - they are now 3 months and counting since we applied!