7-Feb '08 0.25% Rate cut to cost savers £525!!!

meester

I have over £100k in savings accounts. I'm not impressed.... It's only £250 though, even at that level...

nilrem_2

BenL wrote: »

NS&I were fast out of the blocks.

Yep, But in fairness they were just as quick to raise their rates when BOE increased them.

Primrose

Thank goodness that in recent months we've locked most of our spare non-emergency savings into a One or Two Year Fixed Rate Bonds.
Will be intrigued to see what ING will do, not that their actions will make much difference to the £8 I have left with them. More interested to see what Icesave will do and how quickly all these institutions will act.

cloud_dog

I know the BoE have just lowered the BR but it does look as though they are keeping a more responsible eye on inflation rather than the 'lets keep our eyes shut and lower IR rates' FED.

Its going to be interesting to see where rates go and how much further they may drop. Keep a strong pound and inflation is less of a worry but exports are more expensive meaning the economy may take a tumble - glad I'm not in their position tbh.

cloud_dog

tradetime

cloud_dog wrote: »

I know the BoE have just lowered the BR but it does look as though they are keeping a more responsible eye on inflation rather than the 'lets keep our eyes shut and lower IR rates' FED.


cloud_dog

That may be true, but it is worth bearing in mind that the FED operates to a different mandate than the BOE and the ECB, the FED's primary role is to maintain a stable economy, whereas the other twos primary role is price stability aka inflation, ergo the FED will react much more quickly to changes in the countries economic position with less emphasis on inflation

Mikeyorks

meester wrote: »

It's only £250 though, even at that level...

It's considerably more .. with inflation eroding it. If your £100k is mainly at / just above BR rates you should at least have been looking at some fixed rate products .. as this cut was fairly well signalled?