The Top Fixed Interest Savings Discussion Area

auser99

Johnjdc said:

Johnjdc said:

jaypers said:

Glad I held off a bit longer on fixing again. With todays 0.5% Base Rate increase, 6% fixed deals surely aren’t far away. 

Not sure. There's no inherent correlation between the spot rate and the long-term curve.

Indeed since the announcement, gilts are surging and the 1 year benchmark rate has therefore actually fallen, from 5.17% to 4.99% (and the 2 year from 5.08 to 4.88%).

Presumably this is because investors are concluding that the Bank of England is finally getting serious, and this means that while rates are going higher in the short term, they will start falling sooner as inflation does get under control.

Replying to myself - the Bank of England Governor is speaking and rates are now up on the day again

Presumably a lot of the last couple of weeks increases were banks factoring in the expected 0.25% increase.
So now it's 0.5% instead, they'll start stretching up again?

Either way, usual conundrum of leaping in with a fix now, only to see it higher in a week/weeks/month etc.
Risk of losing out by delaying, versus risk of losing out by fixing too early.

jase.2

I hope Jeremy Hunt in his meeting with the big banks is going to tell them stop passing on increases to mortgages if your not going to pass on increases to savers

where as I’ve already got an email from
Coventry building society saying within two weeks they will pass the increase on to every variable savings account yet the big boys will say nothing or do it as new accounts to hopefully leave people on old accounts at lower rates 

ColdIron

jase.2 said:

I’ve already got an email from Coventry building society saying within two weeks they will pass the increase on

That would be an improvement on the last rate increase, it took them 3 weeks (11/05/23 - 01/06/23)

ForumUser7

jase.2 said:

I hope Jeremy Hunt in his meeting with the big banks is going to tell them stop passing on increases to mortgages if your not going to pass on increases to savers

where as I’ve already got an email from
Coventry building society saying within two weeks they will pass the increase on to every variable savings account yet the big boys will say nothing or do it as new accounts to hopefully leave people on old accounts at lower rates 

Can you share a copy of the email (covering any personal information) please? Their website seems to be lacking information, as they gave no timescale on there. Wondering if there is anything else useful in the email too. Thanks

sprouty76

I got the email from Coventry, they said they’ll increase their rates, they didn’t say they’d pass on the full increase.

The Bank of England Base Rate has gone up today – and we’re increasing the rates on all of our variable savings accounts

Dear Mr xxxxx

Today the Bank of England Base Rate went up to 5.00%.

We're increasing the rates on all of our variable savings accounts and we'll be in touch with you in the coming weeks. We’ll also be updating our website with more information soon.

Thank you for saving with us.

Yours sincerely,

(Removed by Forum Team)

Director of Customer Service

ForumUser7

sprouty76 said:

I got the email from Coventry, they said they’ll increase their rates, they didn’t say they’d pass on the full increase.

The Bank of England Base Rate has gone up today – and we’re increasing the rates on all of our variable savings accounts

Dear Mr xxxxx

Today the Bank of England Base Rate went up to 5.00%.

We're increasing the rates on all of our variable savings accounts and we'll be in touch with you in the coming weeks. We’ll also be updating our website with more information soon.

Thank you for saving with us.

Yours sincerely,

(Removed by Forum Team)

Director of Customer Service

Thank @sprouty76 - don't know why I didn't get this email.

Passing on the full increase within 2 weeks would be nice, but does not seem that was the information in their email.

jase.2

Now email from chase 3.3 to 3.8 from 3rd July

SJMALBA

Charter:
1 year - 5.67%
18 Month - 5.68%
2 Year - 5.69

https://www.chartersavingsbank.co.uk/Products/FixedRateBond

jaypers

New Charter rates……

1 Year - 5.67%
18 Months - 5.68%
2 Year - 5.69%

SJMALBA

Has this been mentioned yet?

Smart Save 1 Year - 5.71%

https://smartsavebank.co.uk/