Rate drop: Nottingham (,The) BS - Lifetime ISA Issue 2

someone

Just had notification of change of rate 1% -> 0.8%

The interest rate payable on your account will change on 28th January 2021.Your new interest rate will be 0.80% p.a. tax free*.

Alexland

someone said:

Just had notification of change of rate 1% -> 0.8%

Moneybox are still offering 1.1% inc bonus for new customers if you can be bothered transfering.

Albermarle

0.8% is not so bad in the current interest rate climate .

Ed-1

someone said:

Just had notification of change of rate 1% -> 0.8%

The interest rate payable on your account will change on 28th January 2021.Your new interest rate will be 0.80% p.a. tax free*.

Same reduction to issue 1 (1.25% to 0.8%).

someone

Alexland said:

Moneybox are still offering 1.1% inc bonus for new customers if you can be bothered transfering.

Underlying rate for the MoneyBox is 0.6%. I'm ex-moneybox customer. Left when the rate dropped to 0.6% for existing customers not eligible for the bonus (you cant transfer back to MoneyBox unless that has changed in the last few months)   https://forums.moneysavingexpert.com/discussion/comment/77675655#Comment_77675655

Looks like 0.8% is still best on offer for my circumstances.

shamin

Any idea why Moneybox won't let previous customers reopen LISA accounts?  I asked them what the term of this policy was and they didn't have an answer.  Aren't they the ones losing out by doing this?

Alexland

shamin said:

Any idea why Moneybox won't let previous customers reopen LISA accounts?

Because they don't really want to pay that rate but are willing to for customers who might stay and fall onto the lower rate. The type of customer who shops around and switches frequently are often unprofitable after all the admin.