Interest Rate increase

inflationbuster · 2 August 2018 at 2:26PM

I'm crying in sympathy for this 0.25% rise how will people survive and pay for their mortgages, sky tv, iphone, netflix, gym, dog insurance, booze, etc?

veryintrigued · 2 August 2018 at 2:48PM

veryintrigued wrote: »

These are the accounts that I had that raised their rates around the last rate increase in December 2017. Fingers crossed they replicate this if it increases again.

N&P regular saver (now a YBS RS)
Lloyds RS
Holmes dale RS
YBS RS
Leeds RS issue 4 (we've already received instructions on what happens next with this one)

From YBS:

I'm a savings account holder
What does this mean for me?
As a result of the base rate change, we are currently considering our position on how these changes will affect our savings customers, balancing the needs of our customers and the Society.

We'll give an update here as soon as we've made a decision.

JezR · 2 August 2018 at 3:17PM

typistretired wrote: »

At least Coventry BS are providing dates when we will be informed of increases:-

"Bank of England raises Base Rate to 0.75%

Following the increase to the Bank of England Base Rate, we are reviewing our saving and mortgage rates. We’ll announce our decision no later than the 23 August, with the intention of applying changes from 1 September."

It was only last month that Coventry put their rates DOWN 0.25% on some accounts, reversing the response to the last increase.

Zanderman · 2 August 2018 at 3:31PM

harz99 wrote: »

So cue another round of building societies and banks increasing mortgage rates by the full .5% and only giving savers .25%...

Er, the rise IS only 0.25% What is this 'full 0.5%' of which you speak???

Ed-1 · 2 August 2018 at 3:36PM

Zanderman wrote: »

Er, the rise IS only 0.25% What is this 'full 0.5%' of which you speak???

Skipton passing on the rise in full on savings (including LISA):

https://www.skipton.co.uk/base-rate-change

binaryuniverse · 2 August 2018 at 3:37PM

Hopefully Skipton will raise the LISA to a whopping 1%.

Edit: Seems that they decided that quickly enough. They were 'considering options' a couple of hours ago. Fair play.

Zanderman · 2 August 2018 at 3:40PM

Zanderman wrote: »

Er, the rise IS only 0.25% What is this 'full 0.5%' of which you speak???

Ed-1 wrote: »

Skipton passing on the rise in full on savings (including LISA):

https://www.skipton.co.uk/base-rate-change

Good for them, but your reply would be better addressed to harz99, as they were the one querying whether the full rise would be honoured. I was merely pointing out they (harz99) didn't seem to understand what the rise was:

harz99 wrote: »

So cue another round of building societies and banks increasing mortgage rates by the full .5% and only giving savers .25%...

veryintrigued · 2 August 2018 at 3:52PM

Ed-1 wrote: »

Skipton passing on the rise in full on savings (including LISA):

https://www.skipton.co.uk/base-rate-change

You’d suspect that Holmesdale (who they’ve recently merged with) would, once again, follow this move.

Noble_Savage · 2 August 2018 at 4:09PM

Ed-1 wrote: »

Skipton passing on the rise in full on savings (including LISA):

https://www.skipton.co.uk/base-rate-change

Not on everything, though. From that link:

"The increase will be passed on in full to all Skipton on-sale variable rate savings and mortgage products."

So increased rates for new customers. I wonder how they'll treat their existing savers on back-book products?

kidmugsy · 2 August 2018 at 4:20PM

How odd of YBS to issue a new Regular Saver on the very day when an announcement was expected.

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Interest Rate increase

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