Has everyone dropped their savings rates now?

eskbanker

alypen said:

Obviously a second wave of reductions is beginning: have already had notifications from The Coventry and RCI Bank, the latter being particularly painful. I suppose we should be grateful that they didn't pull the rugs out from under our feet immediately, unlike Nationwide.

How many more to follow, I wonder?

No particular reason to see it as an organised series of reductions arranged in waves, as far as I can see rates have been changing on a fairly ad hoc basis and should be expected to continue to do so....

Thrugelmir

alypen said:

Obviously a second wave of reductions is beginning: have already had notifications from The Coventry and RCI Bank, the latter being particularly painful. I suppose we should be grateful that they didn't pull the rugs out from under our feet immediately, unlike Nationwide.

How many more to follow, I wonder?

Finance organisations will set their rates according to how much money they need to attract. As lending contracts and the economy is awash with cash, there's no difficulty in raising what's required. Might be some time before the BOE reserves it's QE policy. 

EthicsGradient

alypen said:

Obviously a second wave of reductions is beginning: have already had notifications from The Coventry and RCI Bank, the latter being particularly painful.

What is the Coventry reduction? There's nothing obvious on their website; their Regular Saver (which I suspect is the most popular here) seems to be still the same rate they reduced to in early May - 1.85%.

1882

EthicsGradient said:

What is the Coventry reduction? There's nothing obvious on their website; their Regular Saver (which I suspect is the most popular here) seems to be still the same rate they reduced to in early May - 1.85%.

Indeedy, I haven't heard of any further reduction either.

d63

1882 said:

EthicsGradient said:

What is the Coventry reduction? There's nothing obvious on their website; their Regular Saver (which I suspect is the most popular here) seems to be still the same rate they reduced to in early May - 1.85%.

Indeedy, I haven't heard of any further reduction either.

the latest cuts of 0.25% coventry have emailed me about have been to two more of my accounts:

1. limited access saver down from 0.65% to 040%

and 

2. telephone saver down from 0.55% to 0.30%

both to take effect from july 8th

these are both fairly old accounts, my telephone saver in particular being opened way back in 2012. guess they forgot to include them in the previous rate cutting rounds in april and may. 

harsh_but_fair

No everybody hasn't dropped their savings rates now - there are more to come.