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Which translates to "we've now worked out how little we can get away with paying our savers" (in line with the amount the other BS and Banks are continuing the screwing of savers)dekkard said:Principality Building Society:On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.
We’ve now worked through what this means for our savings Members.
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Not with thr same consequences but HSBC blocked me transferring £3000 from my own current account the other week, despite me transferring the money to myself. They wouldn't release the funds until I'd rang the beneficiary bank and confirmed in person that the details on my bank card were correct.MiserlyMartin said:
I'll never forget when Santander blocked a withdrawal from my account some years ago, it was a crucial payment to complete on a house purchase. They nearly lost me the house. I had to beg and borrow money until I could get the money out of stupid Santanderrallycurve said:I withdrew my savings from Santander 2.75% eSaver after reading so many reports of blocks and pain to access the money. I had no problem with my transfers out (I did 2, and it was not a huge amount anyway) but I didn't want to risk having issues and stress when I needed the money... Glad there are more (better?) options now0 -
From the Principality BS website:Band7 said:
What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending yousoulsaver said:
Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me.Band7 said:soulsaver said:The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening?
Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.
For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false
On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%. We’ve now worked through what this means for our savings Members. We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022. Details of these savings accounts, including the rates, will be available after 17 November 2022.
No crystal ball needed.2 -
I'm not 100% sure, but wasn't their online double access saver paying 2.25% or something the other day? I know it increased to 2.5% in the past few days. Hopefully they increase the rate on that again too, but they do say 'majority' and they have just increased it. We'll see, hopefully they do do it though - that'd be good. Perhaps the new rates will even show on MoneyFacts tomorrow - I think the Christmas RS popped up a day early.SonOfPearl said:
From the Principality BS website:Band7 said:
What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending yousoulsaver said:
Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me.Band7 said:soulsaver said:The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening?
Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.
For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false
On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%. We’ve now worked through what this means for our savings Members. We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022. Details of these savings accounts, including the rates, will be available after 17 November 2022.
No crystal ball needed.If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
Band7 said:
What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending yousoulsaver said:
Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me.Band7 said:soulsaver said:The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening?
Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.
For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=falseNo "crystal ball" required - Soulsaver's suggestion was (I assume) based on this information a handful of posts earlier in the thread....1 -
Yes, it was 2.25% until very recently. As it's one of their more competitive rates currently, I'm not expecting it to be one of their accounts that increases its rates tomorrow (I have the account) but any increase would be welcome.ForumUser7 said:
I'm not 100% sure, but wasn't their online double access saver paying 2.25% or something the other day? I know it increased to 2.5% in the past few days. Hopefully they increase the rate on that again too, but they do say 'majority' and they have just increased it. We'll see, hopefully they do do it though - that'd be good. Perhaps the new rates will even show on MoneyFacts tomorrow - I think the Christmas RS popped up a day early.SonOfPearl said:
From the Principality BS website:Band7 said:
What is the uplift in the offing? Why wouldn’t you go straight for the better rates you cant get now? Please do share the messages your crystal ball is sending yousoulsaver said:
Opening a savings account that may attract an uplift in the offing doesn't mean 'settling for' to me.Band7 said:soulsaver said:The PBS Double access iss 2 is available and paying 2.5% currently - maybe worth opening?
Appreciate that some people have missed out on better accounts, but this really isn't any reason for settling for a 2.5% limited access account right now.
For easy access accounts, check https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false
On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%. We’ve now worked through what this means for our savings Members. We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022. Details of these savings accounts, including the rates, will be available after 17 November 2022.
No crystal ball needed.1 -
Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?
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They've been quick this time! Last increase they were "working it out" for about 5/6 weeks.dekkard said:Principality Building Society:On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.
We’ve now worked through what this means for our savings Members.
We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.
Details of these savings accounts, including the rates, will be available after 17 November 2022
BoE increase of 0.75% yet they only give savers 0.5%3 -
The 2 things don’t run in parallel unfortunately and with economics there are many more factors for businesses to consider. At the end of the day, they are there to profit I’m afraid. If you want more, take out a fixed (while you still can) and/or invest.rallycurve said:
They've been quick this time! Last increase they were "working it out" for about 5/6 weeks.dekkard said:Principality Building Society:On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.
We’ve now worked through what this means for our savings Members.
We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.
Details of these savings accounts, including the rates, will be available after 17 November 2022
BoE increase of 0.75% yet they only give savers 0.5%3 -
Malchester said:Why take out a double access account paying 2.5% when you can get full instant access at a higher rate then this. Why restrict yourself?Simply because if PBS add 0.5% to the rate paid on this account, the new rate from tomorrow would be 3%.What easy access accounts offer 3% or more at the present time? The double access restriction is not a practical issue (for a lump sum) if another 3%+ account comes along in the reasonably near future.The question is whether it is worth the effort of opening the account without knowing for sure it will get the 0.5% uplift. But waiting to find out may mean the account has already been pulled for new applications.2
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