Any more providers ?

steveksullivan

Are  people aware of (m)any providers who have still to announce their fixed rates for 2024/5? (Oaknorth?) ..... or is it time to jump with Shawbrook while it's available, particularly since I noticed lastyear that the leapfrogging to reach the 'top of the table'  was only in increments of 0.0001 which is worth £1.65 per month on £20,000......

eskbanker

I don't think there's a concept of 'announcing fixed rates for 2024/25' as such, rates just continue to evolve based on factors other than the date.

steveksullivan

eskbanker said:

I don't think there's a concept of 'announcing fixed rates for 2024/25' as such, rates just continue to evolve based on factors other than the date.

I fully understand that - e.g. an institutions requirement for new funding etc. - however there does still tend to be a bit of an ISA 'season' e.g. Shawbrook announcing their new rates this morning - first working day of the new tax year and Oaknorth pulling theirs at the end of last.

I was just looking for pointers to any providers I might have missed having just returned from abroad after an extended period away ....

eskbanker

steveksullivan said:

eskbanker said:

I don't think there's a concept of 'announcing fixed rates for 2024/25' as such, rates just continue to evolve based on factors other than the date.

I fully understand that - e.g. an institutions requirement for new funding etc. - however there does still tend to be a bit of an ISA 'season' e.g. Shawbrook announcing their new rates this morning - first working day of the new tax year and Oaknorth pulling theirs at the end of last.

I was just looking for pointers to any providers I might have missed having just returned from abroad after an extended period away ....

But that's still more likely to be correlation than causation, i.e. there's nothing that I'm aware of to suggest that they're changing rates because of the change in tax year, and it's plausible that these are just routine adjustments that happen all the time.  Even if a couple of providers chose to amend rates around now, that doesn't signify a 'season' with an expectation that all, or even most, providers will do likewise.

I wasn't thinking about institution-specific requirements for new funding but macro issues such as long term gilt yields, etc, that drive rates across the market.

slinger2

The other issue is that time is passing. As an example: if the market it expecting interest rates to drop by 1%/year for the next year or two then (other things being equal) you'd expect 1 year fixed rate deals to drop by 0.02% every week (1%/52).