General Discussion and Whimsical Banter

ircE

Bridlington1 said:

Is anyone else having issues logging into Bath BS this morning? I keep getting this error message when I put my PIN and password in:

Funnily enough, I couldn't log into the app yesterday (didn't try online). Now, I can log into the app (albeit it's very slow), but can't log in online.

slinger2

Looking highly likely there'll be BOE base rate cut on 8 May. Lots of the savings providers have already cut their rates in anticipation, Oxbury today cutting some of their savings rates to take effect on 8 May. There's a coincidence.

TheBanker

slinger2 said:

Looking highly likely there'll be BOE base rate cut on 8 May. Lots of the savings providers have already cut their rates in anticipation, Oxbury today cutting some of their savings rates to take effect on 8 May. There's a coincidence.

True - there have been cuts to mortgage rates in recent days too. Good news for borrowers but not for savers. 

Ah well, it couldn't last for ever! 

slinger2

BOE base rate decision is announced at 12:02 today. It would be a big surprise if the rate wasn't reduced by 0.25% to 4.25%.

Bridlington1

slinger2 said:

BOE base rate decision is announced at 12:02 today. It would be a big surprise if the rate wasn't reduced by 0.25% to 4.25%.

Cut to 4.25% now confirmed.

ColdIron

Bridlington1 said:

slinger2 said:

BOE base rate decision is announced at 12:02 today. It would be a big surprise if the rate wasn't reduced by 0.25% to 4.25%.

Cut to 4.25% now confirmed.

Righty ho Bridlington1, I expect a full list of reduced savers, rates and dates in short order please

slinger2

Tracker savings rates will be down as per their T&Cs. That means today for Chip. Most others are a little longer.

Bridlington1

ColdIron said:

Bridlington1 said:

slinger2 said:

BOE base rate decision is announced at 12:02 today. It would be a big surprise if the rate wasn't reduced by 0.25% to 4.25%.

Cut to 4.25% now confirmed.

Righty ho Bridlington1, I expect a full list of reduced savers, rates and dates in short order please

I confirmed I shall be doing this for regular savers in the main regular savers thread.

I've no plans to do this for other types of savings accounts though, especially now the weather's getting warmer.

alfred64

I've closed my Credit Union account. I had it for 24 years  .At one time there was several thousand pounds deposited there paying a low 'dividend' each year. It was not held for financial purposes but for  reasons of morality and community.
 I became disillusioned with the direction and purpose to which it seemed to have changed.
 24 years ago the interest charged to borrowers was 12.68% and the main office was staffed by two lady volunteers.
Following two location changes the interest charged is now  35%  and staff have become paid employees.
Cash transactions have become a thing of the past and opening hours greatly reduced. Online and phone are now the preference. It is geared more like a business model than a community service.
 Although I had become increasingly disenchanted, the introduction of an annual  £10  membership  fee was the clincher. So I withdrew my savings by bank transfer. There was even a 50p  charge for that. Unbelievable.

mebu60

One in 10 Britons have no savings, UK financial regulator says - BBC News

And a further 21% have less than £1k saved. 

Am willing to bet significantly more than the 31% above also have inadequate pension provision too. Particularly scary if they're renting or won't finish paying mortgage until post planned retirement. 

Tinkering around with the symptoms isn't going to achieve a great deal but presumably identifying and addressing root causes is too hard. And solutions would be expensive.