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Big banks hike mortgages but keep schtum on savings after base rate rise - MSE News
Former_MSE_Megan_F
Posts: 418 Forumite
Four major banks are hiking variable mortgage rates after yesterday's base rate rise but still deciding whether to increase interest rates for savers, MoneySavingExpert.com has found...
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'Big banks hike mortgages but keep schtum on savings after base rate rise'
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Big banks hike mortgages but keep schtum on savings after base rate rise 'Big banks hike mortgages but keep schtum on savings after base rate rise'
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Comments
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No surprise. If the interest rate was going the other way, the savings rates would be getting slashed straight away, but the mortgage rates would be "under review".0
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Looking at my accounts history, I cannot remember the last time I held a savings account with a major bank. Every savings account I hold and have held for years is with a challenger bank or similar (including sharia-compliant). All have full FSCS coverage, and all have behaved exactly as advertised and hoped.
I don't see any reason not to continue to simply ignore the poor rates from the major banks.0 -
Shame, you are missing out on some 5% regular savers.
Alex.
What 5% savers? I take it you mean the current 'so called' deal with Nationwide - 5% on £2500, until you read you have to pay in at least a £1,000 a month! So they get 'potentially' thousands of pounds of yours for months, for a £125 bonus at the end. The word 'swizz' comes to mind :mad:0 -
the £1000 need only be there for a fraction of a second, move it from wherever else you might be holding it into the Nationwide, once there move it straight back.
It doesn't need to stay there for any longer than it takes to update your "money in" balance.
of course you could leave £250 behind and stick that in their monthly 5% regular saver0 -
What 5% savers? I take it you mean the current 'so called' deal with Nationwide - 5% on £2500, until you read you have to pay in at least a £1,000 a month! So they get 'potentially' thousands of pounds of yours for months, for a £125 bonus at the end. The word 'swizz' comes to mind :mad:
No the £2500 offer is on the Flex Direct current account and the interest is paid monthly.
I was referring to the 5% regular saver where you can contribute £250 per month. Each month it takes a few minutes to cycle my salary through multiple bank accounts moving money into regular savers as appropriate until what's left ends up in our main current account.
Alex0 -
National savings direct ISA rate being reduced, I know you can get better rates elsewhere but will they put the rate up again to make you think you are getting a good deal?Direct ISA
Until 23 September 2018
Amount Interest rate Tax information £1+ 1.00% tax-free/AER Tax-free
From 24 September 2018
Amount Interest rate Tax information £1+ 0.75% tax-free/AER Tax-free0 -
It's nuts that a government body announces interest rate rises, building societies start to follow, banks consider following but the official government savings provider does the opposite!0
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What 5% savers? I take it you mean the current 'so called' deal with Nationwide - 5% on £2500, until you read you have to pay in at least a £1,000 a month! So they get 'potentially' thousands of pounds of yours for months, for a £125 bonus at the end. The word 'swizz' comes to mind :mad:
You have completely misunderstood how this account works. You only have to deposit £1,000 per month: it doesn't have to stay there. You deposit £1,000 and then move it out straightaway, maintaining a constant balance of £2,500. So, not a swizz at all! You get 5% on £2,500 for doing the tiniest amount of work setting up two standing orders: one from your other current account for £1,000 to Nationwide, and one back from Nationwide to your other current account for £1,000 a few days later to take account of weekends and bank holidays. You can even do it manually by faster payments so the money is in and out in seconds.
I actually think that Alex was referring to 5% regular savers, however. These would be:
Santander - 5% on £200 per month.
HSBC - 5% on £250 per month.
First Direct - 5% on £300 per month.
M&S Bank - 5% on £250 per month.
Nationwide - 5% on £250 per month,0
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