We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Will easy access saving rates increase again 2023?

gc747
Posts: 81 Forumite

Just wondered what everyone’s thoughts were, there seemed to be an exciting couple of week late last year where main banks started fighting for savers by offering the best interest rate… something I don’t think has happened for at least 3 years..
so my question is do you think rates will increase anytime soon?
so my question is do you think rates will increase anytime soon?
Cheers!
1
Comments
-
gc747 said:Just wondered what everyone’s thoughts were, there seemed to be an exciting couple of week late last year where main banks started fighting for savers by offering the best interest rate… something I don’t think has happened for at least 3 years..
so my question is do you think rates will increase anytime soon?Cheers!
If you mean whether accounts with no limits will return to pre covid rates, I think that might take a little while.
0 -
Markets are expecting a 0.5% rise in base rate next month, so they might go up a bit more1
-
The BOE base rate looks as though it will keep rising for the early part of this year, 4.5% is a figure I've seen mentioned a few times, so I would expect easy access rates to keep rising. Maybe not quite as dramatic a rise as we saw in 2022 though, but a rise nonetheless.
Fixes are a different matter though, they seem to have leveled off and have started to slip slightly. I would expect little movement on that front for now, but only time will tell.1 -
Yes, rises for at least first half of 2023.0
-
<cynic mode>on</cynic mode>I get the feeling that quite a few financial institutions have quietly brushed the last BoE increase under the carpet, hoping that people wouldn't notice during the festive period. As a result, we have a lot of accounts that are paying 0.75% and more under the base rate. If/when the BoE does increase rates again, they will merely pass some of the new rate onto savers either maintaining or limiting the gap between the base rate and average savings rates on easy access.As a lender of last resort, the BoE should charge a premium for their cash, so we shouldn't expect rates above the base rate for a while, even ever in this "new normal".<cynic mode>off</cynic mode>1
-
Suspect so but the discussion on here will be turning towards if/when to fix before rates start dropping again…….my prediction is that we will be discussing this towards the end of the year.0
-
Bridlington1 said:The BOE base rate looks as though it will keep rising for the early part of this year, 4.5% is a figure I've seen mentioned a few times, so I would expect easy access rates to keep rising. Maybe not quite as dramatic a rise as we saw in 2022 though, but a rise nonetheless.
Fixes are a different matter though, they seem to have leveled off and have started to slip slightly. I would expect little movement on that front for now, but only time will tell.
So the slippage seems to be around 0.25% to 0. 5% for fixed rate savings.0 -
Since the last 2 boe base rate rises, savings rates have gone down. Not up.1
-
Bigwheels1111 said:Since the last 2 boe base rate rises, savings rates have gone down. Not up.Exactly. As said elsewhere expectation is B of E going up through 2023, and possibly by another 0.5% on Feb 2nd, but that in itself won't necessarily result in a noticeable rise in savings rates. I've hung fire on taking 1 year fixes, and regret it now. I could certainly have re-invested maturing ones with Bank of India at much higher rates than on offer now.I'll be pleasantly surprised if we see rises in fixed interest bonds, maybe more choice in easy access but no real increase. Many will be taking a look at ISA rates in March for a change, me included.0
-
db3745 said:Bigwheels1111 said:Since the last 2 boe base rate rises, savings rates have gone down. Not up.Exactly. As said elsewhere expectation is B of E going up through 2023, and possibly by another 0.5% on Feb 2nd, but that in itself won't necessarily result in a noticeable rise in savings rates. I've hung fire on taking 1 year fixes, and regret it now. I could certainly have re-invested maturing ones with Bank of India at much higher rates than on offer now.I'll be pleasantly surprised if we see rises in fixed interest bonds, maybe more choice in easy access but no real increase. Many will be taking a look at ISA rates in March for a change, me included.
Also 3 year isa at 4.4% with YBS.
Would love a 7 year deal but Blme and Shawbrook have dropped their rates.
At least for the next 5 year I will have a nice income.
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 349.8K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.7K Work, Benefits & Business
- 619.5K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards