Savings rate drop
Options
liverbearofdeal
Posts: 6 Forumite
Hi, my Santander easy access savings account has just dropped its interest rate by 1% to 4.2%. I've just checked MSE and currently Cynergy are offering 5.1%, Charter SB 5.08%, Kent Reliance 5.07% and Virgin 5.06%. But are any of them likely to follow suit and drop their rates in the next few days? (I don't know if they are variable like the Santander one was.) Should I switch, or should I wait a week or two to see how the market settles? Please advise. Thanks!
0
Comments
-
liverbearofdeal said:Hi, my Santander easy access savings account has just dropped its interest rate by 1% to 4.2%. I've just checked MSE and currently Cynergy are offering 5.1%, Charter SB 5.08%, Kent Reliance 5.07% and Virgin 5.06%. But are any of them likely to follow suit and drop their rates in the next few days? (I don't know if they are variable like the Santander one was.) Should I switch, or should I wait a week or two to see how the market settles? Please advise. Thanks!
0 -
Unless you are wanting to fix a rate for a specified duration I would start by not doing anything much until 20th May when the Santander rate actually drops. You can start checking out potential alternatives a week or so beforehand.1
-
Thanks for the comments I've had so far. I've just looked and all the others I mentioned say they are variable rates, so I'm thinking that unless any of them have already gone down in the last few days, chances are they could do soon. Is that a fair assumption?0
-
It drops down in May doesnt it? (I have the same 5.2% account)0
-
liverbearofdeal said:Thanks for the comments I've had so far. I've just looked and all the others I mentioned say they are variable rates, so I'm thinking that unless any of them have already gone down in the last few days, chances are they could do soon. Is that a fair assumption?
0 -
liverbearofdeal said:Hi, my Santander easy access savings account has just dropped its interest rate by 1% to 4.2%. I've just checked MSE and currently Cynergy are offering 5.1%, Charter SB 5.08%, Kent Reliance 5.07% and Virgin 5.06%. But are any of them likely to follow suit and drop their rates in the next few days? (I don't know if they are variable like the Santander one was.) Should I switch, or should I wait a week or two to see how the market settles? Please advise. Thanks!0
-
FWIW, I opened a Cynergy easy access account around October 2023, paying 5.15%, and although the terms allow them to decrease the rate (up to a point - part of it is a "bonus" lasting up to a year, which they can't cut), they haven't done so, despite changing the rate for new accounts to 5.10%. That's no guarantee that will continue to be their policy, of course - I suspect that when the Bank of England does cut its rate, Cynergy and others will cut the rates on their accounts by a similar amount.0
-
liverbearofdeal said:Hi, my Santander easy access savings account has just dropped its interest rate by 1% to 4.2%. I've just checked MSE and currently Cynergy are offering 5.1%, Charter SB 5.08%, Kent Reliance 5.07% and Virgin 5.06%. But are any of them likely to follow suit and drop their rates in the next few days? (I don't know if they are variable like the Santander one was.) Should I switch, or should I wait a week or two to see how the market settles? Please advise. Thanks!I consider myself to be a male feminist. Is that allowed?0
-
liverbearofdeal said:Thanks for the comments I've had so far. I've just looked and all the others I mentioned say they are variable rates, so I'm thinking that unless any of them have already gone down in the last few days, chances are they could do soon. Is that a fair assumption?
At the macro level. In the twelve months to the end of January 2024 mortgage borrowers repaid more to lenders than was advanced. This is the first time that has occured on record since March 1994 when the measure was introduced. Falling demand for deposits currently is in some ways is therefore no great surprise. As banks will only borrow what they need to fund their own activities.2
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards