Martin Lewis: Urgent warning for savers as base rate held at 5.25%

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Comments

  • ccluedo
    ccluedo Posts: 440 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    molerat said:
    You can bung it into NS&I with 30 days to change your mind.
    I tried that but apparently u have to fund immediately. (I was moving from PB's so hoped to leave until after next draw).
  • refluxer said:
    Nova1307 said:
    molerat said:
    jaceyboy said:
    I dont think Raisin is 6.34, hgihest is 6.10%
    The new customer cash bonus takes the effective rate to 6.34%


    So if a new customer invests £85k their effective rate will be 6.34%? 
    No, I think 6.34% is based on the minimum qualifying contribution which is £10k (so £25 cashback added to the interest from £10k)

    I haven't done the calculation but, at £85k, the effective rate will only be a small amount over the offered 6.1% I suspect and almost certainly not as high as 6.2%.

    Update - I make it an effective rate of 6.13% for £85k @ 6.1% with £25 cashback.

    If you deposit anything over £25k the NS&I rate of 6.2% will give you a better return. The £25 Welcome bonus is only worth it for deposits below £25k !
  • friolento
    friolento Posts: 1,151 Forumite
    First Post Name Dropper Photogenic
    ccluedo said:
    molerat said:
    You can bung it into NS&I with 30 days to change your mind.
    I tried that but apparently u have to fund immediately. (I was moving from PB's so hoped to leave until after next draw).

    What you can do is deposit now, and then cancel within 30 days. You then get your money back with interest and without penalty
  • friolento
    friolento Posts: 1,151 Forumite
    First Post Name Dropper Photogenic
    refluxer said:
    Nova1307 said:
    molerat said:
    jaceyboy said:
    I dont think Raisin is 6.34, hgihest is 6.10%
    The new customer cash bonus takes the effective rate to 6.34%


    So if a new customer invests £85k their effective rate will be 6.34%? 
    No, I think 6.34% is based on the minimum qualifying contribution which is £10k (so £25 cashback added to the interest from £10k)

    I haven't done the calculation but, at £85k, the effective rate will only be a small amount over the offered 6.1% I suspect and almost certainly not as high as 6.2%.

    Update - I make it an effective rate of 6.13% for £85k @ 6.1% with £25 cashback.

    If you deposit anything over £25k the NS&I rate of 6.2% will give you a better return. The £25 Welcome bonus is only worth it for deposits below £25k !

    And only if you have never held a Raisin account before.
  • bristolleedsfan
    bristolleedsfan Posts: 12,089 Forumite
    First Post Name Dropper First Anniversary Photogenic
    edited 21 September 2023 at 3:54PM
    Sonia Swap rates give a better clue of current direction of travel for fixed rates than any particular base rate movement decision by BOE


  • Hi all,

    I think the raisin 6.1% 1-year fix account only allows one deposit? 
    Also I couldn’t see how to get the £25 welcome bonus-does anyone know how to get that please?
    Thanks in advance.
  • refluxer
    refluxer Posts: 2,689 Forumite
    First Anniversary First Post Photogenic Name Dropper
    edited 21 September 2023 at 4:15PM
    bongoali said:
    I couldn’t see how to get the £25 welcome bonus-does anyone know how to get that please?
    Click on the '£25 cashback for some' link in this MSE table. Before you do that though, you might want to have a look through the forum for threads on Raisin ;)


  • bongoali said:
    Hi all,

    I think the raisin 6.1% 1-year fix account only allows one deposit? 
    Also I couldn’t see how to get the £25 welcome bonus-does anyone know how to get that please?
    Thanks in advance.
    When opening the 6.1% account with Raisin you are asked how much you want to deposit. Once the account is open you transfer money to your Raisin holding account (can be multiple transfers), and once you reach the deposit figure the 6.1% account will be funded.
    'Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it' - Albert Einstein.
  • My flipping Atom fix doesn't end until November - I can see rates having dropped off a fair bit by the time that comes around, and it's too far off to be able to open something that gives a 30 day funding window. Annoying!  
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • Speculator
    Speculator Posts: 2,225 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    My Aldermore 1.40% 3 yr fix matures in 2 days. 

    Reinvested the money into their 3 yr fix paying 6.20%  (Only available to people with maturing bonds.)
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