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  • slinger2
    slinger2 Posts: 999 Forumite
    500 Posts First Anniversary Name Dropper
    Zaul22 said:
    We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.
    What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

    Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?
    Yes, today's news stories are all about an increased chance of rate cuts this year.

    Only a few days ago I read an article which included: "Analysts at Deutsche Bank have predicted the Monetary Policy Committee will cut rates nine times within two years, one of the longest lowering cycles in recent history." Obviously this is all crystal ball stuff but more cuts do seem the most likely scenario going forward.
  • Beehive Money limited edition easy access (nla I believe) drops to 4.95% on 28 August 2024

    Source: email
  • CuparLad
    CuparLad Posts: 146 Forumite
    100 Posts First Anniversary Name Dropper
    edited 14 August 2024 at 4:37PM
    Beehive Limited Issue Easy Access Account rate reduction. Down 0.25% to 4.95% from 28th August 2024. Source: eMail


  • Bridlington1
    Bridlington1 Posts: 3,755 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 14 August 2024 at 4:39PM
  • slinger2
    slinger2 Posts: 999 Forumite
    500 Posts First Anniversary Name Dropper
    edited 14 August 2024 at 5:41PM
    RCI Bank Freedom Savings Account down to 4.60% AER from 4.75%. I've not been notified and my existing account still seems to be paying the old rate. I think they've got to give me 14 days notice.
  • Zaul22
    Zaul22 Posts: 383 Forumite
    Third Anniversary 100 Posts Name Dropper
    edited 14 August 2024 at 5:53PM
    Zaul22 said:
    We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.
    What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

    Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?
    Well actually there was a discussion on UKPF about misleading headlines as actually no, inflation has gone up today not down, but apparently it has gone up by less than expected. 
  • slinger2 said:
    RCI Bank Freedom Savings Account down to 4.60% AER from 4.75%. I've not been notified and my existing account still seems to be paying the old rate. I think they've got to give me 14 days notice.
    Can RCI Bank change the interest rate?
    • Yes. The interest rate is variable, and we can change the rate of interest on existing accounts by giving you at least 14 days’ notice, usually by email. We can change the rate for new account applications at any time.
    I have not been informed either. Based on the above I assume that the 4.60% is for new applicants only at present. However as you said they will need to give 14 days notice to existing customers.

  • ranciduk
    ranciduk Posts: 729 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Zaul22 said:
    We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.
    What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

    Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?
    The next set of inflation figures are announced one day before the next BOE meeting

    if inflation has gone up again then - that would definitely kill off any September rate cut imo 
  • Zaul22 said:
    We might see some of the more harshly cut rates going back up again now. If they have priced in the next cut, which now isn't going to happen.
    What makes you so sure? Seems to be about 50/50 for a cut in September. 0.25% cut before Christmas seems pretty nailed on. Decent chance of 2 cuts by then.

    Inflation figures today were lower than expected I think, so if anything the chances of a cut in the next round have increased haven't they?
    The amount of times economists have got things wrong with their predictions I'd suggest little is nailed on
  • Bridlington1
    Bridlington1 Posts: 3,755 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Not great rates but may be of interest to those who have these accounts with the minimum balance from when they were once competitive:

    Newbury BS Interest Rate Reductions From 12/9/24:
    Welcome to Newbury from 4.25% to 4%
    Existing Member Account from 4.35% to 4.1%
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