The Top Easy Access Savings Discussion Area

mlc2009

It took quite a few weeks after the last Boe announcement for banks to increase the rates if I recall 

RG2015

mlc2009 said:

It took quite a few weeks after the last Boe announcement for banks to increase the rates if I recall 

Some announced increases to their mortgage rates much quicker  .

Malchester

Olinda99 said:

Let me get this right Nationwide - you are allowing us to pay in £50 a month so £600pa You can get 1.5% anyway but here you get 2.5% so that's an extra 1% ie £6 a year on £600 but because you pay in monthly the average is only about £300 so an extra £3 a year? 

You can repeat the second year with the £600 still there so second year you get £6 pus £3 again ie £9 (by which time interest rates everywhere will be 2.5% at least)

Where's the catch?

Total waste of time. It's a definite NO from me 

Consumerist

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

Zerforax

Interest rates just starting to climb when we've finally found a house and will be withdrawing from all the savings accounts soon. FML

Molehusband

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. When I had a similar message from them last month about increases from 1 June, the new rates topped most of the rates across the market. So I'm optimistic for 1 July.

One advantage they offer over many other providers is that when rates change I do not have to go through the hassle of closing old and opening a new account.

SJMALBA

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

Also (limited) info.here:

https://www.coventrybuildingsociety.co.uk/member/help/member-support/bank-of-england-base-rate.html

Consumerist

Molehusband said:

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. . .

I stand corrected.

Daliah

Malchester said:

Olinda99 said:

Let me get this right Nationwide - you are allowing us to pay in £50 a month so £600pa You can get 1.5% anyway but here you get 2.5% so that's an extra 1% ie £6 a year on £600 but because you pay in monthly the average is only about £300 so an extra £3 a year? 

You can repeat the second year with the £600 still there so second year you get £6 pus £3 again ie £9 (by which time interest rates everywhere will be 2.5% at least)

Where's the catch?

Total waste of time. It's a definite NO from me 

It’s a bit of entirely risk-free gambling. You have 3 chances to win £250, so if you are extremely lucky, you could win £750. If you win nothing, you have lost nothing. If a better account comes along, you can just stop putting money into the STS account, and withdraw your balance. A no brainer, really.

SJMALBA

Molehusband said:

Consumerist said:

Just received an email from Coventry BS advising they will be increasing the rates on "some" of their variables from 1st July in response to BoE rate rise today. No indication, however, of the amount of the increase(s).

I got a similar email except that mine had a small difference saying that the rate increases will be on most of their variables. When I had a similar message from them last month about increases from 1 June, the new rates topped most of the rates across the market. So I'm optimistic for 1 July.

One advantage they offer over many other providers is that when rates change I do not have to go through the hassle of closing old and opening a new account.

I was surprised by some of the rises last time, so assumed that they had factored in a rise in base rate this month, therefore little/no chance of another rise so soon, so I'm surprised once again! 😀