Northern Rock decrease Silver Savings Interest

hansi

E Mail just received. Sign of things to come?


Our Savings Pledge states that we will always keep you informed of any changes to your Silver Savings Online account. In line with this, I would like to inform you that the interest rate on your account will decrease by 0.25% with effect from 4 April 2008. The new annual rate will be 6.00% gross p.a./AER3, and the new monthly rate will be 5.85% gross p.a./6.00% AER3.
Your new interest rates are shown below:

Silver Savings Online

Current Rates

New Rates Effective from 4 April 2008

% Gross p.a.

% Gross p.a.

% Net2 p.a.

% AER3

Annual £1+
Monthly £1+

6.25%
6.08%

6.00%
5.85%

4.80%
4.68%

6.00%
6.00%

Interest rate guarantee

The Annual Equivalent Rate (AER) on your Silver Savings Online account is guaranteed to be at least equal to the UK Bank Base Rate1 until 31 January 2010. The interest rate will be reviewed and adjusted, if necessary, to comply with the interest rate guarantee within one month of a UK Bank Base Rate1 change.

hansi

Oops, sorry it came out like that, trouble with cut and paste:mad:

bristolleedsfan

hansi wrote: »

E Mail just received. Sign of things to come?


Our Savings Pledge states that we will always keep you informed of any changes to your Silver Savings Online account. In line with this, I would like to inform you that the interest rate on your account will decrease by 0.25% with effect from 4 April 2008. The new annual rate will be 6.00% gross p.a./AER3, and the new monthly rate will be 5.85% gross p.a./6.00% AER3.
Your new interest rates are shown below:

Silver Savings Online
Current Rates
New Rates Effective from 4 April 2008
% Gross p.a.
% Gross p.a.
% Net2 p.a.
% AER3

Annual £1+
Monthly £1+
6.25%
6.08%
6.00%
5.85%
4.80%
4.68%
6.00%
6.00%

Interest rate guarantee

The Annual Equivalent Rate (AER) on your Silver Savings Online account is guaranteed to be at least equal to the UK Bank Base Rate1 until 31 January 2010. The interest rate will be reviewed and adjusted, if necessary, to comply with the interest rate guarantee within one month of a UK Bank Base Rate1 change.

http://forums.moneysavingexpert.com/showthread.html?t=830825

Froglet

Just logged on to Northern Rock and they have announced that the Silver Savings account has been withdrawn for new customers.They certainly are having a major shake up,makes you wonder what is going to happen next as their rates are fast dropping,hope they don't drop again after Thursday if the base rate goes down again.

1echidna

Froglet wrote: »

Just logged on to Northern Rock and they have announced that the Silver Savings account has been withdrawn for new customers.They certainly are having a major shake up,makes you wonder what is going to happen next as their rates are fast dropping,hope they don't drop again after Thursday if the base rate goes down again.

I fear they might drop, along with others. I have applied for Coventry BS 50 plus eSave (3), 6.4 %AER fixed for one year from date of opening http://forums.moneysavingexpert.com/showthread.html?t=841429 . Seems a good deal.