Interest Rate Cut

hansi

Interest rate cut to 4.5%. Let's see how many banks drop their savings rates. Most of them I expect, and probably from today!

ReportInvestor

you cynic .

And how many by more than 0.25% :mad:?

lipidicman

I just hope the list doesnt include A&L and ING as they have only just made cuts!

Greycrow

lipidicman wrote:

I just hope the list doesnt include A&L and ING as they have only just made cuts!

I'm not optimistic. Their timing suggest othertwise.

Rikki

I bet the interest rate on my savings accounts will come down quicker the the interest rate on my mortgage.

hansi

Rikki wrote:

I bet the interest rate on my savings accounts will come down quicker the the interest rate on my mortgage.

that is a certainty!

Macce

wonder what Cahoot savings will drop to. I'm still receiving 5.65% !!

and Abbey I'm watching you to see if you drop my mortgage rate !!

deemy2004

Macce wrote:

wonder what Cahoot savings will drop to. I'm still receiving 5.65% !!

and Abbey I'm watching you to see if you drop my mortgage rate !!

Yeh, what's their cunning plan, that keeps paying us far above the competition...

Come on cahoot out with it ? Is it that the guy in charge of interest rates is on holiday ?

Perhaps ! Its to do with the take over of Abbey by the spanish bank, since the interest rates in Spain are higher than over here and thus the new management has not fully adjusted to the UK market ? teething problems, a case of trying to get to grips with all parts of the business, hence decisions are delayed whilst they work through the abbey systems and assets.

Kazza242

On Aug 5th 2005, Marks & Spencer Money reduced the rate on their mini cash isa (for existing customers only) from 5.00% to 4.75%. They promise to pay BOE base rate + 0.25% until April 5th 2006.

Kazza242

lipidicman wrote:

I just hope the list doesnt include A&L and ING as they have only just made cuts!

Doesn't look like ING Direct will be cutting their rate again this time:

Announcement today on the ING Direct website:

In response to the Bank of England's decision to reduce the Base Rate to 4.5% we will not be reducing the ING Direct savings rate from the current 4.75% AER*. As always, we remain committed to providing a consistently good rate to all our customers.

I think ING must have decided against cutting the rate again, as they would lose a lot of customers. It remains to be seen whether the other savings account providers will cut their rates again.

realaledrinker

smile ISA & co-op ISA reduced by 0.35%

co-op mortgage rate reduced by 0.20%

Brought to you by the "ethical bank".