Leeds BS reducing interest rates

retiree

http://www.leedsbuildingsociety.co.uk/savings/rate-change/

typistretired

I was keeping the account open with the minimum amount for any future offers but after receiving their email I have now closed. Do the banks know something we don't know.

djpailo

typistretired wrote: »

I was keeping the account open with the minimum amount for any future offers but after receiving their email I have now closed. Do the banks know something we don't know.

It is because the pound continues to suffer because of the uncertainty with Brexit. No doubt we will see another reduction around the time when Brexit actually occurs.

Thrugelmir

djpailo wrote: »

It is because the pound continues to suffer because of the uncertainty with Brexit. No doubt we will see another reduction around the time when Brexit actually occurs.

Lenders have no requirement for deposits. They'll attract savings when they have a requirement, i.e. to fund mortgages.

Blame the BOE for pumping billions into the financial system.

polymaff

Same reason NS&I reduced rates on their major products to 0% a few days ago.


Supply and Demand, distorted by interference.

bristolleedsfan

typistretired wrote: »

Do the banks know something we don't know.

Had a letter today from Skipton, old 40 day account I have with 100.00 in it reducing the rate by 0.25%.from 23rd September