Base rates down 0.25% to 5.5%

ctdctd

And I wanted to be first to post:-)

Kazza242

ctdctd wrote: »

And I wanted to be first to post:-)

Cue the savings providers who will be cutting their rates with immediate effect.:(

I bet some of them will cut rates by more than 0.25%

baby_boomer

All part of the "game", Kazza. No need for major players to get worked up about it since you beat the banks out of sight and would suffer if the "game" was more constrained by regulations.

Nice for those locked into 6.7% - 7% Fixed rate bonds and 7.5% Fixed Rate Regular Savers .

purch

And the effect of this 1/4 % on the 'credit crunch' and your mortgage rate will be..........................................:eek: ???

purch

I bet some of them will cut rates by more than 0.25%

Why ?? .................they need your money, they can't get it anywhere else !!!

Milarky

I wonder if the voting was 9-0 (can't imagine them taking this sensitive decision unless they are all going along with it)?

[Just got an email from LTSB saying they are cutting the rate on the Online Saver by 0.25%. I thought "that was quick!" but it was actually cut on Monday......]

nilrem_2

Damn, Just when things were getting better for savers they do this! :mad:

All they seem to worry about is the people with mortgages and house prices going down by a few %, consider how much house prices have increased over the last few years!

As has been illustrated by the NR issue IMHO they need us savers.

free4440273

Nationwide e-bond at 6.70%: Just activated. Thanks Mervyn for 'punishing' savers (yet again). Long may the housing boom continue...I'm off on a spending spree in a minute...Once again, thanks Mervyn, you the Man:rolleyes:

baby_boomer

nilrem wrote: »

Damn, Just when things were getting better for savers they do this! :mad:

There are more savers than borrowers but borrowers will continue to decide elections until the baby_boomers hit retirement.

Kazza242

baby_boomer wrote: »

All part of the "game", Kazza. No need for major players to get worked up about it since you beat the banks out of sight and would suffer if the "game" was more constrained by regulations.

It was good while it lasted. If providers cut rates by 0.25% then fair enough, but it's disappointing when they use the opportunity to cut savings rates by more.

baby_boomer wrote: »

Nice for those locked into 6.7% - 7% Fixed rate bonds and 7.5% Fixed Rate Regular Savers .

Yes, those like me.;):)

This continually updated article is worth a look: Has your savings rate fallen?

NS&I reduce their Direct ISA rate from 6.30% to 6.05% w.e.f. today.

baby_boomer

Kazza242 wrote: »

Yes, those like me.;):)

We have so much in common :T

Kazza242 wrote: »

It was good while it lasted..

The "game" will never end.

There are alternative investments to cash, even if you don't want to take risks.

For instance, if you believe the Bank has acted to cut risks in the housing market, but neglected the inflation issue, then Index Linked Savings Certificates could produce a healthy return. [I got some of these a month or two ago.]