Bradford and Bingley, will the rate drop?

paulboy83

Bradford and Bingley seem to be pretty good at dropping their rates when the base rate goes down, so I am assuming that we will see some kind of drop, soonish. Does this mean that they are likely to launch yet another issue of the internet saver? It seems that when the rate drops that is their cue to launch something better than the previous version. :rolleyes:

tawse57

How safe is B&B? I hear that 40 to 50% of their mortgages are buy-to-let and 20% are self cert? Aren't they in danger of becoming another Northern Rock, especially if house prices crash?

CannyJock

paulboy83 wrote: »

Bradford and Bingley seem to be pretty good at dropping their rates when the base rate goes down, so I am assuming that we will see some kind of drop, soonish. Does this mean that they are likely to launch yet another issue of the internet saver? It seems that when the rate drops that is their cue to launch something better than the previous version. :rolleyes:

Yup, watch this space ..... luckily their CS dept are pretty good at telling you how to apply for a new account, tell them you'll send a cheque for £1 which you never do, then transfer your money from the lower interest account direct to the higher interest account

Is there a "rate drop" SMS service anywhere that can alert you when this is announced?

tawse57

What is the point of them reducing the IR on their saver account and then opening a new one with a slightly higher IR? Doesn't that just annoy customers and make them leave?

Beate

They are counting on the laziness of their customers who they a) alert 2 weeks late and who then b) can't be bothered to open another account, transfer the money and close the old one, for a difference of 0.25%. I will always do it though because it's easy enough to do, but yes, it is annoying. On the other hand, at least they are giving you the option - they could just drop the interest rates across the board.

tawse57

I was about to open their Internet Saver today - does it make sense to wait a few days then?