Metro Bank decreasing from 5.22% to 4.97%

ajo

The welcome email said - During the 12‑month period the rate can vary meaning it can go up or down, but it will not go below the Standard Variable rate that is available at that time.

Does this mean that it shouldn't go below 5.22% within the 12 months.... but now it is?

boingy

I think that the 5.22% included a bonus for 12 months. The underlying rate is variable so they can reduce it to pretty much whatever they want and still meet their "rules".

The good news is that the rate cut is two months away. The new rate might still be competitive by then. If it is not then there will other options out there. 

More generally speaking, we all will probably need to get used to interest rate cuts this year and beyond!

grumbler

Isn't it a SAVINGS account, not current that this board is about?