INTEREST RATES BY JANUARY?

jjlothin

Does anyone (with or without a crystal ball!) have any feel for what interest rates might be doing by January?!

I need to make a decision very soon as to whether to close my 95-day interest account with Investec and invest the funds (just over £50k) elsewhere, as the rate is dropping on 18th January from 1.10% to 0.7%. It would obviously be rather annoying to close the account now, and find that I couldn't get a 0.7% interest rate elsewhere for love nor money by the time the funds arrived with me!

I don't want to tie up the funds for much longer than 95 days, as it's possible I may need to access them for house-buying purposes.

colsten

Sorry, I'd have to shoot you if I told you.

RetSol

I'd bank the 0.7%, if I were you.  

eskbanker

RetSol said:

I'd bank the 0.7%, if I were you.  

It's not really bankable as such though, is it, it's still a variable rate - that reduced rate is currently beaten by a number of easy access products, but if rates continue to tumble then who's to say that the Investec one won't fall further too?

jjlothin

colsten said:

Sorry, I'd have to shoot you if I told you.

Thrugelmir

Savings rates may drop closer and closer to 0%. 

jjlothin

eskbanker said:

RetSol said:

I'd bank the 0.7%, if I were you.  

It's not really bankable as such though, is it, it's still a variable rate - that reduced rate is currently beaten by a number of easy access products, but if rates continue to tumble then who's to say that the Investec one won't fall further too?

Thanks, both, for your thoughts on this. I guess that if the Investec rate IS going to tumble further (aaaargh!), they will at least have to give me written notice in advance? Leastways, they emailed me on 28 September to warn that rates would be dropping as of 18 January ...

cloud_dog

jjlothin said:

Does anyone (with or without a crystal ball!) have any feel for what interest rates might be doing by January?!

I need to make a decision very soon as to whether to close my 95-day interest account with Investec and invest the funds (just over £50k) elsewhere, as the rate is dropping on 18th January from 1.10% to 0.7%. It would obviously be rather annoying to close the account now, and find that I couldn't get a 0.7% interest rate elsewhere for love nor money by the time the funds arrived with me!

I don't want to tie up the funds for much longer than 95 days, as it's possible I may need to access them for house-buying purposes.

Hi, we have monies with Investec (95 day notice) but haven't seen any communications to that effect.  Can you confirm where you read that information?  No joy with Google.

eskbanker

https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/savings/rate-change.pdf documents the rate reductions.

jjlothin

cloud_dog said:

jjlothin said:

Does anyone (with or without a crystal ball!) have any feel for what interest rates might be doing by January?!

I need to make a decision very soon as to whether to close my 95-day interest account with Investec and invest the funds (just over £50k) elsewhere, as the rate is dropping on 18th January from 1.10% to 0.7%. It would obviously be rather annoying to close the account now, and find that I couldn't get a 0.7% interest rate elsewhere for love nor money by the time the funds arrived with me!

I don't want to tie up the funds for much longer than 95 days, as it's possible I may need to access them for house-buying purposes.

Hi, we have monies with Investec (95 day notice) but haven't seen any communications to that effect.  Can you confirm where you read that information?  No joy with Google.

How strange! They emailed me the attached on 28th September ...

petelondon

I'm in exactly the same situation and was mulling over the same thing ! 
I was just going to action the withdrawal and take a chance. Especially as the Investec notice is still variable they could reduce it further.
Hopefully there is an easy access at the time , even at around 0.5% ,and then in the very small hope that something better appears, i can move it easily.