Savings rate drop

mebu60

liverbearofdeal said:

OK, so it's now May 20th and looking online it appears that the best easy access rate that doesn't need a mobile app to open it is Kent Reliance at 4.96%. Are they any good, or has anyone had problems with them?  And is the rate likely to drop any more so than with anyone else?  Thanks for all your advice.

KENT RELIANCE EXPERIENCES - Page 3 — MoneySavingExpert Forum

Albermarle

liverbearofdeal said:

OK, so it's now May 20th and looking online it appears that the best easy access rate that doesn't need a mobile app to open it is Kent Reliance at 4.96%. Are they any good, or has anyone had problems with them?  And is the rate likely to drop any more so than with anyone else?  Thanks for all your advice.

As we can not see into the future that question can not be answered with any degree of conviction.
If you want certainty, you need a fixed rate/fixed term savings account.

liverbearofdeal

Point taken Albermarle, I'm not expecting anyone to gaze into a crystal ball. Most of the big players seem to follow suit with each other anyway, once one of them blinks first; I suppose my question is has there been any recent indication that rates in general could go down soon - answer's probably no or can't tell but I wanted to check just in case.
With regard to Kent Reliance, thanks mebu60 for the link; I also looked at their Ts and Cs and according to them if you request a transfer of funds into a designated bank a/c before 3:30 they do it the same day, otherwise it's next working day, which is OK for me.

intalex

It's already a squeaky-bum time (exaggerated I know) for those with other decent no-longer-available rates waiting for the inevitable rate cut announcements, so your best bet is to make do with the best of what is available out there and stay active in the ditch and switch game on easyish access accounts.

masonic

liverbearofdeal said:

Point taken Albermarle, I'm not expecting anyone to gaze into a crystal ball. Most of the big players seem to follow suit with each other anyway, once one of them blinks first; I suppose my question is has there been any recent indication that rates in general could go down soon - answer's probably no or can't tell but I wanted to check just in case.
With regard to Kent Reliance, thanks mebu60 for the link; I also looked at their Ts and Cs and according to them if you request a transfer of funds into a designated bank a/c before 3:30 they do it the same day, otherwise it's next working day, which is OK for me.

The game is to set rates at a level to finance their lending and not attract a wall of cash they cannot efficiently deploy, so yes they will cut to avoid seeing excessive deposits flow in from their cutting competitors.

soulsaver

Ulster Bank still pays 5.20% and has been available for quite a long time in the current climate. DYOR.

ballyblack

Kent are fine
(owned by OneSavings OSB)

Very good call center in India

https://www.osb.co.uk/about-us/our-brands