The Top Easy Access Savings Discussion Area

soulsaver

Bridlington1 said:

According to moneyfacts, Principality BS will raise the interest rate on their online double access account (Issue 2) to 1.78%.

Thanks ToTP updated.

soulsaver

As an aside in the ToTP; I don't follow why the 'thanks @anyone' sometimes attaches itself to the link.
I put several spaces in between in an effort to separate them. But sometimes it works as it should.
Quirky.

2010

refluxer said:

Come on Atom - if a high-street building society can offer 1.78% on an easy(ish) access account, then you need to raise your game !

Same with Marcus, I`ve given up on them and have very little in there now.

mlc2009

Any reason why the big banks such as Barclays/HSBC haven't passed on the base rate increase to savers?

Is it as simple as they don't need the money?

dale_cotterill

mlc2009 said:

Any reason why the big banks such as Barclays/HSBC haven't passed on the base rate increase to savers?

Is it as simple as they don't need the money?

Pretty much

Freedommm

"Right now the market is pricing in a 12% chance of a 0.50% rise and 88% chance of a 0.75% advance next week."

mlc2009

Freedommm said:

"Right now the market is pricing in a 12% chance of a 0.50% rise and 88% chance of a 0.75% advance next week."

can't wait for banks to pass on the increase to mortgages instantly and then another 4 weeks for al rayan to increase rates to 2.5 percent

ranciduk

mlc2009 said:

Any reason why the big banks such as Barclays/HSBC haven't passed on the base rate increase to savers?

Is it as simple as they don't need the money?

I’m a long suffering Halifax customer and the other day they doubled their fixed rate bond to a mighty 1.6% and their easy access to a staggering 0.45%

Wowzers 

Bridlington1

mlc2009 said:

Any reason why the big banks such as Barclays/HSBC haven't passed on the base rate increase to savers?

Is it as simple as they don't need the money?

The simple fact is that banks/building societies will keep their savings rates low for as long as they think they can get away with it. There are a lot of people out there who like to do all of their banking with one bank and will not switch for love nor money and most of these people are with the main banks. The banks know this and are able to pay dismal savings rates to most of their customers without seeing a mass exodus of cash.

Most of the challenger banks on the other hand are relatively new to the market and so have had to entice customers with a higher interest rate, thus resulting in a far higher proportion of their customers being prepared to move their money to wherever offers the best savings rate. As a result of this these challenger banks must remain competitive in order to keep their new found customer base and thus increase their savings rates far more readily than the big banks.

ranciduk

Bridlington1 said:

mlc2009 said:

Any reason why the big banks such as Barclays/HSBC haven't passed on the base rate increase to savers?

Is it as simple as they don't need the money?

The simple fact is that banks/building societies will keep their savings rates low for as long as they think they can get away with it. There are a lot of people out there who like to do all of their banking with one bank and will not switch for love nor money and most of these people are with the main banks. The banks know this and are able to pay dismal savings rates to most of their customers without seeing a mass exodus of cash.

Most of the challenger banks on the other hand are relatively new to the market and so have had to entice customers with a higher interest rate, thus resulting in a far higher proportion of their customers being prepared to move their money to wherever offers the best savings rate. As a result of this these challenger banks must remain competitive in order to keep their new found customer base and thus increase their savings rates far more readily than the big banks.

I get that they offer poor rates to existing customers cos a lot of them are too lazy to move

but why don’t they crave new customers?? I thought the point of banks was to get as much money as possible!

the Halifax could easily put out a cash isa at say 4% - and people would come flooding in , in droves

so why don’t they do this? Why don’t they want all that extra cash ?!