Fixed rate saver maturing soon!

SPE57

We have a 1 year fixed rate saver maturing in a week! Our provider sent us some maturity options a couple of weeks back including another 1 year fixed saver at 4.3% which is the  timescale we would be interested in. Whilst this is not a bad rate, I can't help thinking that since the BOE rate increase last week there could be some better offers from other providers coming along soon but I only have a week in which to make a decission and if we stick with what our current provider is offering we are then commited for a year! Keeping a close eye on MSE savings pages and other saving sites but have not seen anything new that would be of interest to us since the base rate increase.

trickydicky14

Well, I have noticed since BOE rate increase some savings rates are starting to drop. HL active savings have reduced rates on one- and two-year savings accounts twice over the past few days. You may well be lucky and find something, but my feelings are pickings will be thin. 

Frequentlyhere

The reality is that despite the recent BOE increase, the interest rate picture has softened of late basically because of the reversal of Trussonomics. 

Think of it the same as the stockmarket. The price only changes with 'new' news - the BoE doing what they've said they'll do for weeks is not new. What is newer is a more sensible set of economic  policies from Govt, which is a downward pressure on rates.

There are other factors, nothing is certain, but I'd personally probably get what rates you can whilst they're there.

Albermarle

The reality is that despite the recent BOE increase, the interest rate picture has softened of late basically because of the reversal of Trussonomics. 

Plus maybe a growing realisation how tough 2023 will be for the economy, with tax rises, spending cuts, high inflation and house prices dropping. All this will suppress demand significantly, and make the BoE reluctant to keep pushing up rates.