The New Top Easy Access Savings Discussion Area

wiseonesomeofthetime

Beehive Money limited edition easy access (nla I believe) drops to 4.95% on 28 August 2024

Source: email

CuparLad

@soulsaver

Beehive Limited Issue Easy Access Account rate reduction. Down 0.25% to 4.95% from 28th August 2024. Source: eMail

Bridlington1

@soulsaver

Secure Trust Access Account (Issue 16) 4.81%

slinger2

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

What_time_is_it said:

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. 

FishInGlass

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

What_time_is_it said:

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 

simonsmithsays

What_time_is_it said:

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

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%

EthicsGradient

simonsmithsays said:

What_time_is_it said:

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

Well, it's not "economists", but the markets:

Money markets now indicate that there’s a 45% chance that Bank will cut rates to 4.75% next month, from its current level of 5%. Before the inflation data came out, a September rate cut was only a 36% probability, according to City pricing.

Possibility of multiple Bank of England interest rate cuts rises on jobs and inflation data (yahoo.com)

Yes, they can still be wrong, but it's a collective view, with people putting money on it, rather than just quick "can we have a quote on this, please" stuff.