Chase Savings Rate To Change AGAIN! (3.75% from Oct)

eskbanker

propunter99 said:

eskbanker said:

propunter99 said:

eskbanker said:

Not sure it's really valid to classify it as a double whammy when one of the whammies is a fundamental feature of the tracker product!  An unexpected reduction of 0.1% isn't welcome but seems unlikely to be a game-changer, but if you feel that it makes the product uncompetitive then vote with your feet and move your savings elsewhere....

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Well they were one of the first tracker products to adjust the rate, so that in istself does feel like a sting despite it being variable. I mean they dropped their rate in 7 days!

Other banks give 30 days notice of rate changes, some even 60.

I have other tracker savings accs that haven't even announced a cut to the rate yet. 

OK, I hadn't realised that it was the speed of their reduction that was agitating you - out of interest, which are the other tracker products that haven't announced their changes?

Barclays rainy day saver at 5.1% hasn't announced any reductions yet, although I assume it will be coming soon. They'll need to recoup some of the cash they've paid out in switch bonus' this month!

Is that a tracker product though?  I couldn't see any reference to this from a quick look at the product info.

slinger2

eskbanker said:

propunter99 said:

eskbanker said:

Not sure it's really valid to classify it as a double whammy when one of the whammies is a fundamental feature of the tracker product!  An unexpected reduction of 0.1% isn't welcome but seems unlikely to be a game-changer, but if you feel that it makes the product uncompetitive then vote with your feet and move your savings elsewhere....

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Well they were one of the first tracker products to adjust the rate, so that in istself does feel like a sting despite it being variable. I mean they dropped their rate in 7 days!

Other banks give 30 days notice of rate changes, some even 60.

I have other tracker savings accs that haven't even announced a cut to the rate yet. 

OK, I hadn't realised that it was the speed of their reduction that was agitating you - out of interest, which are the other tracker products that haven't announced their changes?

Surely the whole point of a "tracker" is that they don't announce changes related to base rate changes. They simply do what it says in the T&Cs. Chip do it immediately. I've seen another that does it on the 1st of the following month.

paparossco

slinger2 said:

eskbanker said:

propunter99 said:

eskbanker said:

Not sure it's really valid to classify it as a double whammy when one of the whammies is a fundamental feature of the tracker product!  An unexpected reduction of 0.1% isn't welcome but seems unlikely to be a game-changer, but if you feel that it makes the product uncompetitive then vote with your feet and move your savings elsewhere....

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Well they were one of the first tracker products to adjust the rate, so that in istself does feel like a sting despite it being variable. I mean they dropped their rate in 7 days!

Other banks give 30 days notice of rate changes, some even 60.

I have other tracker savings accs that haven't even announced a cut to the rate yet. 

OK, I hadn't realised that it was the speed of their reduction that was agitating you - out of interest, which are the other tracker products that haven't announced their changes?

Surely the whole point of a "tracker" is that they don't announce changes related to base rate changes. They simply do what it says in the T&Cs. Chip do it immediately. I've seen another that does it on the 1st of the following month.

Perhaps because they are changing the percentage of the tracker from 1.15% to 1.25%?

eskbanker

paparossco said:

slinger2 said:

eskbanker said:

propunter99 said:

eskbanker said:

Not sure it's really valid to classify it as a double whammy when one of the whammies is a fundamental feature of the tracker product!  An unexpected reduction of 0.1% isn't welcome but seems unlikely to be a game-changer, but if you feel that it makes the product uncompetitive then vote with your feet and move your savings elsewhere....

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Well they were one of the first tracker products to adjust the rate, so that in istself does feel like a sting despite it being variable. I mean they dropped their rate in 7 days!

Other banks give 30 days notice of rate changes, some even 60.

I have other tracker savings accs that haven't even announced a cut to the rate yet. 

OK, I hadn't realised that it was the speed of their reduction that was agitating you - out of interest, which are the other tracker products that haven't announced their changes?

Surely the whole point of a "tracker" is that they don't announce changes related to base rate changes. They simply do what it says in the T&Cs. Chip do it immediately. I've seen another that does it on the 1st of the following month.

Perhaps because they are changing the percentage of the tracker from 1.15% to 1.25%?

That's a separate change, for which they're giving two months' notice, whereas the tracking of the base rate change followed quickly after last week's BoE meeting.

MSE_Petar

Hi everyone,

Thanks for the discussion.

We've just published the following story about Chase cutting its rates (including the change mentioned in the original post):

Chase cuts rate on popular 5.1% boosted saver – should you ditch and switch?

Thanks,

MSE Petar

ColdIron

propunter99 said:

eskbanker said:

propunter99 said:

eskbanker said:

Not sure it's really valid to classify it as a double whammy when one of the whammies is a fundamental feature of the tracker product!  An unexpected reduction of 0.1% isn't welcome but seems unlikely to be a game-changer, but if you feel that it makes the product uncompetitive then vote with your feet and move your savings elsewhere....

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Well they were one of the first tracker products to adjust the rate, so that in istself does feel like a sting despite it being variable. I mean they dropped their rate in 7 days!

Other banks give 30 days notice of rate changes, some even 60.

I have other tracker savings accs that haven't even announced a cut to the rate yet. 

OK, I hadn't realised that it was the speed of their reduction that was agitating you - out of interest, which are the other tracker products that haven't announced their changes?

Barclays rainy day saver at 5.1% hasn't announced any reductions yet, although I assume it will be coming soon. They'll need to recoup some of the cash they've paid out in switch bonus' this month!

The Barclays RDS isn't a tracker. It's been 5.12% AER for me since October 2022, well before last year's significant rate increases. It may continue for some time to come

cloud_dog

@MSE_Petar, your link gives a 400 Bad Request error.

Is the article actually up yet?

Catplan

cloud_dog said:

@MSE_Petar, your link gives a 400 Bad Request error.

Is the article actually up yet?

It’s working now, it does however have Ulster as an alternative at 5.2 who have also announced and upcoming rate reduction today.

steven141

I closed my Chase savings account now. I will keep for the 1% cashback and then once that goes, I will probably close the account. 

ThePirates

steven141 said:

I closed my Chase savings account now. I will keep for the 1% cashback and then once that goes, I will probably close the account. 

I recommend leaving it open but dormant. It's one of the best ways to generate new accounts for switch bonuses.