The Top Easy Access Savings Discussion Area

dekkard

bemused77 said:

soulsaver said:

soulsaver said:

bemused77 said:

oz0707 said:

Coventry limited access going upto 2.85 on 1.12

The only bank/building society we are with to have increased their interest rate since last week's BofE base rate increase. The rest seem to be simply screwing us.

Well if the others are screwing you, vote with your feet.

PS Call me cynical, but Coventry BS launched a not-very-competitive 2.25% limited access (6) account (28/10) less than a week before the BoE expected rise - thus attracting minimal interest.

They then made it no longer available on the morning of BoE meeting day (03/11).

Then they increased the rate to a market leader when you can no longer apply for it.

Doesn't score any points with me.

We'll be ready for them next time...:)

soulsaver said:

bemused77 said:

oz0707 said:

Coventry limited access going upto 2.85 on 1.12

The only bank/building society we are with to have increased their interest rate since last week's BofE base rate increase. The rest seem to be simply screwing us.

Well if the others are screwing you, vote with your feet.

That's my point. There are currently no better rates available than the ones we have now despite the uplift in base rate. Obviously we shall "vote with our feet" as soon as better rates are available but the banks/BS are dragging their feet.

Presumably with rising base rates there are fewer people borrowing money from banks, and therefore banks have less of a need to attract new deposits to, in turn, lend out. (assuming that's how it all works).

bemused77

southone said:

soulsaver said:

soulsaver said:

bemused77 said:

oz0707 said:

Coventry limited access going upto 2.85 on 1.12

The only bank/building society we are with to have increased their interest rate since last week's BofE base rate increase. The rest seem to be simply screwing us.

Well if the others are screwing you, vote with your feet.

PS Call me cynical, but Coventry BS launched a not-very-competitive 2.25% limited access (6) account (28/10) less than a week before the BoE expected rise - thus attracting minimal interest.

They then made it no longer available on the morning of BoE meeting day (03/11).

Then they increased the rate to a market leader when you can no longer apply for it.

Doesn't score any points with me.

We'll be ready for them next time...:)

it was made very clear on coventry's website that account was only available for a limited time. Obviously they made their numbers and took it off, That's the savings account not the limited isa one which was available before access saver

Exactly. As with all promotions of new accounts you have to be quick.

soulsaver

southone said:

soulsaver said:

soulsaver said:

bemused77 said:

oz0707 said:

Coventry limited access going upto 2.85 on 1.12

The only bank/building society we are with to have increased their interest rate since last week's BofE base rate increase. The rest seem to be simply screwing us.

Well if the others are screwing you, vote with your feet.

PS Call me cynical, but Coventry BS launched a not-very-competitive 2.25% limited access (6) account (28/10) less than a week before the BoE expected rise - thus attracting minimal interest.

They then made it no longer available on the morning of BoE meeting day (03/11).

Then they increased the rate to a market leader when you can no longer apply for it.

Doesn't score any points with me.

We'll be ready for them next time...:)

it was made very clear on coventry's website that account was only available for a limited time. Obviously they made their numbers and took it off, That's the savings account not the limited isa one which was available before access saver

Only reinforces my cynicism. 
The issue is closing it and then putting the rate up on the same day - not the closing itself.

Nick_C

It's important to note that lenders have to give notice to borrowers when they increase interest rates. 

So it is not reasonable to expect them to increase the rate they pay depositors immediately. 

Santander, for example, are not increasing mortgage rates until the start of December. 

Zaul22

Rates seemed to have stalled now because the banks have realised it's a race for 2nd place. There is no point beating Al Rayan as they will immediately beat you back again, so all the 2-2.5% banks are going up to 2.6-2.7 and still staying under Al Rayan. 

t1redmonkey

Zaul22 said:

Rates seemed to have stalled now because the banks have realised it's a race for 2nd place. There is no point beating Al Rayan as they will immediately beat you back again, so all the 2-2.5% banks are going up to 2.6-2.7 and still staying under Al Rayan. 

Usually need one bank to offer something really impressive, that shakes up the market, then a bunch of others should follow.  E.g. Santander did the 2.75% account last month which was much higher than the rest, then we saw a lot of similar accounts soon after (Cynergy, Sainsbury's, Gatehouse, Al Rayan).

happybagger

... and not getting "overwhelmed" by being at the top of the pile

callum9999

Zaul22 said:

Rates seemed to have stalled now because the banks have realised it's a race for 2nd place. There is no point beating Al Rayan as they will immediately beat you back again, so all the 2-2.5% banks are going up to 2.6-2.7 and still staying under Al Rayan. 

I can't imagine that the major banks remotely care what Al Rayan, a bank that the vast majority of the country have never heard of, is doing.

Rates are stalling because they are already receiving sufficient funding. If they need more money then they'll increase the rates.

[Deleted User]

Zaul22 said:

Rates seemed to have stalled now because the banks have realised it's a race for 2nd place. There is no point beating Al Rayan as they will immediately beat you back again, so all the 2-2.5% banks are going up to 2.6-2.7 and still staying under Al Rayan. 

They are a minnow and don't even pay standard interest. 

Band7

Deleted_User said:

Zaul22 said:

Rates seemed to have stalled now because the banks have realised it's a race for 2nd place. There is no point beating Al Rayan as they will immediately beat you back again, so all the 2-2.5% banks are going up to 2.6-2.7 and still staying under Al Rayan. 

They are a minnow and don't even pay standard interest. 

Minnow or not, interest or profit, they have for years almost always paid more than other banks for borrowing instant access money from me