Everyone seems to be cutting rates already

Fella

Having just missed what feels like every bond deal going I've just checked on my ISA (which is with Skipton) & they've kindly cut the IR from 5.95% earlier in the week to 5.70%.

This is crap.

rebeccaj

everyone? Who else has cut rates today then

bristolleedsfan

Fella wrote: »

Having just missed what feels like every bond deal going I've just checked on my ISA (which is with Skipton) & they've kindly cut the IR from 5.95% earlier in the week to 5.70%.

This is crap.

My belief ( which may not be correct) is that Skiptons rate changes are in response to Decembers base rate decrease.

Fixed Rate changes ( both up and down) have been in relation to market rate conditions, NOT Base Rate Changes.

Mikeyorks

rebeccaj wrote: »

everyone? Who else has cut rates today then

Halifax have chopped over 1% from aspects of their fixed rate Webs tonight .... to add to other of their reductions / revisions in the past week.

reehsetin

lloyds have just emailed, .35% off their online saver,

Milarky

reehsetin wrote: »

lloyds have just emailed, .35% off their online saver,

They are just bringing it into line with their new Internet Saver account I imagine (they cut that from '4%' on £1 to '3%' last month alone)

Skipton's rate hadn't moved following the January rate cut so this cut - 0.25% it looks to me - was to be expected

Geoffo_M

Milarky wrote: »

They are just bringing it into line with their new Internet Saver account I imagine (they cut that from '4%' on £1 to '3%' last month alone)

Skipton's rate hadn't moved following the January rate cut so this cut - 0.25% it looks to me - was to be expected

Lloyds internet and online savers are a joke. I opened an online saver last year when the rate was 5.75%. It is now 4.9% and that includes a bonus of 0.6%. How can they seriously expect savers to deposit their savings in these accounts?

Primrose

I've decided I will not put my savings in any account which offers a temporary bonus. I lead a busy life and whilst I regularly check around for good interest rates, I'm not going to tie myself into having to remember to move accounts around every time a bonus expires. I'd rather save with consistent payers and those who keep it simple.

StevieJ

Does this mean the 'Credit Crunch' is no more, i.e. they don't need our money?

Rafter

As Skipton are currently offering a 2 year fixed mortgage at 5.69% they can't exactly offer you 6% plus as make any margin.

The accounts currently offering 6% plus either have silly bonus' on in the hope you will stick around when it drops off or are lending the money at such high rates they are taking risks with your savings.

If a savings rate looks too good to be true it probably is. Any account currently offering more than 6% is either backed by a bank that can't get funding anywhere else or has nasty tricks and terms that mean you won't end up receiving 6% for long.

5.7% tax free (0.2% higher than the bank of England Rate is good!) It just doesn't look good when compared to some dodgy overseas bank that has somehow managed to get UK registration but will probably not get the kind of support Northern Rock did if things go wrong.

I'd rather keep my savings save in large uk institutions than chase rates and end up waiting 2 years for the government guarantee to pay out and then lose 10% of my savings anyway.

R.

wombat42_2

ICICI still have 6.85% I year bonds