Now Yorkshire BS e-saver rate cut

isasmurf

According to Moneyfacts, the interest rate on Yorkshire Building Society's e-saver will be cut to 5.00% Gross/AER from Monday.

It's not good news for us savers at the moment. :mad:

margaretclare

Is this the e-ISA?

If so I'll switch to a better payer.

Aunty Margaret

Kazza242

margaretclare wrote:

Is this the e-ISA?

If so I'll switch to a better payer.

Aunty Margaret

No, it's their online e-saver savings account that is having it's rate cut to 5%.

alared

All these rate cuts that are going on at the moment are just plain greed.
They may say they are anticipating a cut by the BOE but they then will not hesitate to cut again if this happens.

alared

e-Saver Rate Change

Dear Mr ********

In recent weeks a number of our major competitors have reduced the interest rates payable on their savings accounts, meaning that the Yorkshire's e-Saver account has become even more attractive and many more customers have invested with us.

As a result, e-Saver has now become over-subscribed. Therefore, it is necessary for us to reduce the interest rate payable on this account. The new e-Saver rate, with effect from the 27th June 2005, will be 5.00% gross pa/AER* variable. Despite the change in rate, e-Saver will continue to be one of the most competitive internet accounts in the market.


The lastest excuse for cutting rates "over-subscribed"
I n other words they`ve got tooo much money.
A bank with too much money!!!!!!!!!!!!!!!

Hobo_2

alared wrote:

e-Saver Rate Change

Dear Mr ********

In recent weeks a number of our major competitors have reduced the interest rates payable on their savings accounts, meaning that the Yorkshire's e-Saver account has become even more attractive and many more customers have invested with us.

As a result, e-Saver has now become over-subscribed. Therefore, it is necessary for us to reduce the interest rate payable on this account. The new e-Saver rate, with effect from the 27th June 2005, will be 5.00% gross pa/AER* variable. Despite the change in rate, e-Saver will continue to be one of the most competitive internet accounts in the market.


The lastest excuse for cutting rates "over-subscribed"
I n other words they`ve got tooo much money.
A bank with too much money!!!!!!!!!!!!!!!

What a bunch of Jokers, if it`s still good value now it will still become "over-subscribed" at least closing it to new custom (keep the rate) would have been more plausable!
Mutual benefits Eh!

YorkshireBoy

alared wrote:

e-Saver Rate Change

Dear Mr ********

In recent weeks a number of our major competitors have reduced the interest rates payable on their savings accounts, meaning that the Yorkshire's e-Saver account has become even more attractive and many more customers have invested with us.

As a result, e-Saver has now become over-subscribed. Therefore, it is necessary for us to reduce the interest rate payable on this account. The new e-Saver rate, with effect from the 27th June 2005, will be 5.00% gross pa/AER* variable. Despite the change in rate, e-Saver will continue to be one of the most competitive internet accounts in the market.

There's a word for this....

"CARTEL"....

and I believe the petrol companies were investigated for operating one a few years ago.

muddyfox470

This was quite lucky actually it came when it did.

I was just about to signup to YBS, had forms through the post etc and the rate fell, so i have instead opted to use my isa allowance and go for the national counties building society guaranteed isa which is paying 5.5% atm (tax-free remember )

Ian

Its not really a cartel, it is just in anticipation of the rate drop that everyone is anticipating. I would be annoyed however if when the BoE does drop their rates YBS and other companies drop theirs further!

alared

Its not really a cartel, it is just in anticipation of the rate drop that everyone is anticipating. I would be annoyed however if when the BoE does drop their rates YBS and other companies drop theirs further!

This is exactly what`s going to happen,not just YBS,they`re all like sheep,one does it the rest follow.

Baaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

deemy2004

The banks follow the money market rates... short-terms as per the interbank rates and long-term as per the long dated gilt edged securities ... so they are following market forces rather than operating in a cartel.

YOu all should have taken the opportunity to fix the rates !

thor

alared is completely correct. The money market is used as the scapegoat but when the boe does lower it's rate, just watch all those banks & building societies who have just lowered their own rates recently stick their noses in the trough and reduce even further. Then they always cite that they are still competitive but that is only because so many others have given in to their greed and lowered their own rates. Having said that, there is no law saying that they have to pay out fairly to savers but at least they could have the decency to admit that they are screwing us royally!