Interest Rate on Savings account is going down

J1S

Hi, I have had a letter saying the interest rate on my savings accounts are going down.

I obviously don't want to do this.

Before I call do you know my options I can take.

Also is there any other saving accounts away from banks (Secure) That I can use.

Thanks

bigadaj

Let us know how you get on.

El_Torro

I'm not really clear on what you're asking but if you want options of where to save your money then articles like this one would help: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Spoiler alert: Interest rates are pretty dire everywhere at the moment. Especially if you want your deposit to be safe.

In my personal opinion Premium Bonds aren't a bad place for your savings at the moment, at least until banks start increasing their interest rates.

polymaff

Click Banking & Savings

J1S

What I am saying is I have various different savings accounts with a bank they have sent me a letter saying the interest rates on my saving accounts are going down.

I don't want them to go down. I want the same interest rate I got when I opened the savings accounts.
Do I have the option to keep the same interest rate? 
Do you know of any other options that I may have?
Can I take my money out and use a different savings account that's not with a bank?

Thanks

Zanderman

J1S said:

Hi, I have had a letter saying the interest rate on my savings accounts are going down.
Join the club! Nearly all interest rates have gone down or are going down.
I obviously don't want to do this.
Who does? But you have no say in this - if the interest rate goes down it goes down. All you can do is move your money - but there aren't any great interest rates out there because they're all going down...
Before I call do you know my options I can take.
Call whom? The bank or whoever your money is with? Unless they have an account with a higher rate there are no options. Except moving the money elsewhere, but there aren't any great interest rates anywhere...
Also is there any other saving accounts away from banks (Secure) That I can use.
Yes, but only banks and building societies with FSCS protection are 'safe'.
There are scams out there that claim to offer good rates with FSCS protection but they are scams. 
Anything claiming 3% or more - just ignore, anything over 2% be a bit suspicious, anything up to 1.5% is probably ok!  Look at  https://www.moneysavingexpert.com/savings/ for ideas

J1S said:

What I am saying is I have various different savings accounts with a bank they have sent me a letter saying the interest rates on my saving accounts are going down.

I don't want them to go down. I want the same interest rate I got when I opened the savings accounts. Sorry, not an option
Do I have the option to keep the same interest rate? No
Do you know of any other options that I may have? See suggestions above
Can I take my money out and use a different savings account that's not with a bank?  Yes, but see comments above

Thanks

Hope this helps.

blue_max_3

J1S said:

What I am saying is I have various different savings accounts with a bank they have sent me a letter saying the interest rates on my saving accounts are going down.

I don't want them to go down. I want the same interest rate I got when I opened the savings accounts.

That made me smile. I don't know if you have been under a rock or something, but this has been happening for months, if not years. You should have got a fixed rate to get the same rate as you took the savings plans out with. Though they finish at some point.
It's a problem anyone with any cash faces and there are no easy answers unfortunately.

Sea_Shell

"I don't want them to go down. I want the same interest rate I got when I opened the savings accounts."

Don't we all mate, don't we all.

wiseonesomeofthetime

I cannot work out if this is a serious OP or not!

Can only assume that the accounts were on a fixed rate and have now "matured", hence the sudden reduction in rates, and accompanying shock to the saver.

Hopefully, there will be something available out there at a greater rate than the new levels being offered to them, though sadly, not by a great margin, I'd imagine.

My spare savings are topping up my Premium Bonds, until rates recover or I hit the maximum, though I do have a decent chunk in there already and thus encouraged by a few prizes every other month.

ChesterDog

Sea_Shell said:

"I don't want them to go down. I want the same interest rate I got when I opened the savings accounts."

Don't we all mate, don't we all.

I'd accept an increase.

polymaff

wiseonesomeofthetime said:

I cannot work out if this is a serious OP or not!

Given that this thread has continued beyond the third response - I'm having the same thoughts, and not just about the OP. ...