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  • wmb194
    wmb194 Posts: 4,941 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I opened the HSBC on line bonus savings account last week, and have just received an email saying the interest rate is 1.30 up to £10K?  Can I find out when the interest rate was dropped from 3%?  


    Don't worry it hasn't, that's a mistake. There's another thread covering this.

    https://forums.moneysavingexpert.com/discussion/6404444/hsbc-obs-welcome-pack-error#latest


  • Qyburn
    Qyburn Posts: 3,622 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    TSB had a 5% account a few years back, albeit on a limited amount of money.  I remember opening an account with them to use it :)

    Aye, wasn't that on up to 2500 in your current account? Used to pay my monthly broadband did that.
    If I remember correctly it was 5% and you only had to pay in £500 per month, plus cashback of £5 a month if you had so many DDs taken from it. Similar deal at the time with Nationwide.
  • mlc2009
    mlc2009 Posts: 117 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    This feels like a never ending cycle. BOE hikes rate. Banks don't match it until a week before next rate hike and then cycle repeats

  • Thank you very much for letting me know HSBC have made a mistake - and for the link.  I had used search,  but put HSBC on line bonus saving in full. 
    £216 saved 24 October 2014
  • mebu60
    mebu60 Posts: 1,638 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Thank you very much for letting me know HSBC have made a mistake - and for the link.  I had used search,  but put HSBC on line bonus saving in full. 
    My bad for just calling it OBS in the title :smile:
  • thor
    thor Posts: 5,505 Forumite
    Part of the Furniture 1,000 Posts
    mlc2009 said:
    This feels like a never ending cycle. BOE hikes rate. Banks don't match it until a week before next rate hike and then cycle repeats


    Also more often than not, the banks don't even match the increase, e.g. this month hardly any of them passed on the full 0.75%. Of course they have no such problems immediately raising mortgage rates.
  • mlc2009 said:
    This feels like a never ending cycle. BOE hikes rate. Banks don't match it until a week before next rate hike and then cycle repeats


    I suspect the timing is because just the closer we get to BOE annoncements, the more confident the banks are of what is coming. So they are factoring this in and their rate changes, which are based more on the rates they expect after annoncment than the actual rates at the time.
  • Eco_Miser
    Eco_Miser Posts: 4,857 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    mlc2009 said:
    This feels like a never ending cycle. BOE hikes rate. Banks don't match it until a week before next rate hike and then cycle repeats

    Or is it: Banks guess what next week's BOE rate rise will be and match it in advance, with adjustment for error in previous guess. Repeat until rates flatline.

    Eco Miser
    Saving money for well over half a century
  • It would appear Skipton Building Society have just pulled their 2.65% easy access saver account. Snooze you loose these days!
  • n3ophyte said:
    It would appear Skipton Building Society have just pulled their 2.65% easy access saver account. Snooze you loose these days!
    It's a concern isn't it. I really thought we'd be looking at several 3% accounts by now, not losing the former highest ones. I guess they've collected enough money.
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