Fixed term savings rates being pulled or falling

Briskly

Maybe like a few here I've been waiting for better rates to come out after the latest BoE rate increase. But if anything, rates are going down, Most of the best 1 yr rates have been pulled. It seems more than just the usual wait and see game before rates adjust. The cynic in me wonders if the banks and building societies have been secretly instructed to keep savings rates down to protect mortgages from going up any more?

Albermarle

Fixed rate saver maturing soon! — MoneySavingExpert Forum

Still a few one year fixes available at 4.6% 
Best 1 Year Fixed Rate Bonds Up To 4.60% Fixed | moneyfacts.co.uk

t1redmonkey

https://forums.moneysavingexpert.com/discussion/6401057/further-interest-rate-rises-wait-for-better-fixed-rate-offer

Johnjdc

The Bank of England said that the peak in rates would be significantly lower than the market thought. Therefore of course long-term fixes will fall!

jimjames

Briskly said:

 The cynic in me wonders if the banks and building societies have been secretly instructed to keep savings rates down to protect mortgages from going up any more?

Nothing to do with that, purely that predictions for long term rates have reduced over the last few weeks. BoE base rate doesn't determine the rate paid on savings accounts in isolation.