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Base rate raised to 4%
Comments
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Each provider can set whatever interest rate they want. It depends a lot on how much they need the money to lend out again, and how much they want to maintain market share. If they already have enough, there would be no point increasing their savings rate.
That said a BoE increase will tend to increase savings rates overall, but some providers will not follow, and some will.
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Isn't their saver account a tracker, i.e. obliged to follow base rate changes?
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I don't think so to be honest I have no idea! Even if it is 3 hours is pretty good going
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Does the new rate apply immediately or from next week?
The annual equivalent rate (AER) tracks at 1.50% below the Bank of England’s base rate
[…]
The interest rate we’ll pay on this account will automatically change five business days after the Bank of England announces a change to its base rate. For example, if the Bank of England announces that they are decreasing the base rate by 1.00%, the AER on this account will decrease by 1.00% five business days later. We will contact you to let you know the new rate applicable to this account.
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Monument will be increasing by 0.25%
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From the 12th
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Kroo (on the current account, now 2.9) and Starling on the easy access saver both did yesterday too
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Monument increases from the 19th Nov.
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The base rate minus 1.5% margin, not so much. I never expect notification on tracker products since the change is provided for in the T&C. “Your savings will work even harder for you” was a bit embarrassing. At 2.anything or even 3.anything they’re not working hard at all.
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