Who will be first?

christhesparky_2

With the BOE dropping rates yesterday which bank will be first to drop their saving rates?

Why should saver be penalised when the likes of nationwide raise their mortgage rates a few days before the base rate is lowered?

bristolleedsfan

christhesparky wrote: »

With the BOE dropping rates yesterday which bank will be first to drop their saving rates?

Why should saver be penalised when the likes of nationwide raise their mortgage rates a few days before the base rate is lowered?

[EMAIL="NS@I"]NS&I[/EMAIL] already have, its direct ISA is down to 5.3%.

christhesparky_2

bristolleedsfan wrote: »

NS&I already have, its direct ISA is down to 5.3%.

Blimey they don't hang around!!!!!!!!!

Milarky

Some may have already cut rates this month before yesterday's announcement. They then tell you about this cut within 30 days of doing so (so you think: "That's not too bad, the rate's higher than I thought it would be" because of the coincident timing) and then at the start of next month they quietly slip out another change (when you're no longer looking out)

Lloyds did this in December - and then cut rates again the following month - this time in response to the BOE. I got their email on the very day of the BOE rate change - which is a physical impossibility if they are cutting in response.

Banks only have to update their website information within 3 days of any change - so as I suggest - they could have cut rates a day before the BOE and we still wouldn't be able to check this until Monday