Saga savings account - rate drop

brewerdave

Transferred money from NS & I Direct Saver yesterday to a Saga account , nominally @ 0.7%. Got an email this morning - rate dropping to 0.55% !!

refluxer

Yep - the rates are dropping so quickly and so regularly that the MSE league tables are often out of date, too.

GBA43

Transferred to Saga on Thursday. Got the same email this morning. Feel like the dog chasing it’s tail.

1882

That's better than the related account from Marcus which is going down from 0.7%to 0.5%

mwf862

Feel like I’m playing schoolboy football; all the players chasing the ball around the field with the hope of getting to kick it.

suenrach

Just put funds in this evening and learned that the underlying rate has dropped from you guys, went to check and yes, from 0.55 to 0.4 from Dec 11, 2020, so with 0.15% bonus fixed for 12 months, the effective rate for my newly opened account will drop from 0.7% to 0.55 from Dec 11! Has it to do with the budget?

sairy.gamp

They have gulled people into opening an account with them with an attractive (for these days!) headline rate of 0.7% and then, having got in as much migrating NS&I money as they could, have cynically timed a rate reduction shortly after the NS&I rates drop came into effect. Remember, remember.