The Top Easy Access Savings Discussion Area

StevenGude

I've got 5000 in the barclays rainy day saver 

I assume there is no penalties for transferring the interest out of the account, as I won't be earning interest on this?

kaMelo

You will be earning interest on anything over £5000, albeit only 0.15% if I remember correctly, but no there are no penalties for withdrawing money out of the Barclays rainy day saver.

Freebird53

harrys66 said:

The snipping tool works at the "desktop level", one you press new and then draw a window with your mouse it captures *anything* inside the window

its a hidden gem.... i didn't know about it until a few weeks ago, i use it all the time now, so powerful

  I use the Windows snip tool all the time, it's brilliant! Like you said, a hidden gem!

Nick_C

StevenGude said:

I've got 5000 in the barclays rainy day saver 

I assume there is no penalties for transferring the interest out of the account, as I won't be earning interest on this?

Also, move the £5 from your Blue Rewards wallet, as that doesn't earn any interest.  (I moved mine back to the current account to offset the fee.) 

MiserlyMartin

clowning said:

I thought I read yesterday that the BoE thought rates would peak at 4.5% next year.

The BoE think lots of things. They thought for a long time that inflation was 'transitory' and would never go this high

MiserlyMartin

callum9999 said:

MiserlyMartin said:

So here we go again. Who will be the first out of the blocks to raise their accounts by the full 0.75%. I suspect most will wait 3-4 weeks before doing anything. Let's face it, we are now only getting the rises 2 months after last rise to be properly passed on. Al Ryan is now at 2.81%  - Just doing a small increase before they are forced to do more after the big boys raise later.

These Banks and BS really are taking UK savers for mugs

No, a disturbingly high number of UK savers just don't understand how banks and the BOE rate works.

If a bank already has enough deposits to cover their needs then they'd be pretty stupid to voluntarily decide to pay more than they need to to borrow it from you. There's absolutely no rational reason whatsoever for savings accounts to increase their rates by 0.75% simply because the BOE rate increased by 0.75%.

What, like there is no rational reason for them to put mortgage rates up immediately?

phillw

MiserlyMartin said:
What, like there is no rational reason for them to put mortgage rates up immediately?

Trackers go up because you entered a contract.

callum9999

MiserlyMartin said:

callum9999 said:

MiserlyMartin said:

So here we go again. Who will be the first out of the blocks to raise their accounts by the full 0.75%. I suspect most will wait 3-4 weeks before doing anything. Let's face it, we are now only getting the rises 2 months after last rise to be properly passed on. Al Ryan is now at 2.81%  - Just doing a small increase before they are forced to do more after the big boys raise later.

These Banks and BS really are taking UK savers for mugs

No, a disturbingly high number of UK savers just don't understand how banks and the BOE rate works.

If a bank already has enough deposits to cover their needs then they'd be pretty stupid to voluntarily decide to pay more than they need to to borrow it from you. There's absolutely no rational reason whatsoever for savings accounts to increase their rates by 0.75% simply because the BOE rate increased by 0.75%.

What, like there is no rational reason for them to put mortgage rates up immediately?

Phillw answers this perfectly by pointing out that's exactly how tracker mortgages work, but even if they didn't, in what way is it irrational for them to increase their profit margins? Is the idea that banks try to make profit new to you?

Millyonare

Mortgage rates always soar like a rocket, while saving rates float up like a feather.

thor

The problem for savers is that the BOE decided a decade and a half ago that they had to give banks virtually interest free money which meant they have plenty of cash hoarded to satisfy the regulators. Andrew Bailey's remit is to keep inflation at 2% but in reality he really wants to protect house prices so savers will continue to pay the price. Because of this and the fact the banks have no obligation to follow the BOE rate, I don't expect saving rates to peak much more than 4% no matter how high inflation goes.