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  • FIRST POST
    • alandaniel132
    • By alandaniel132 11th Aug 18, 9:50 AM
    • 90Posts
    • 4Thanks
    alandaniel132
    interest rate increase, but bank did not
    • #1
    • 11th Aug 18, 9:50 AM
    interest rate increase, but bank did not 11th Aug 18 at 9:50 AM
    bank of england had already announced interest rate increase by 0.25%

    but waiting bank to announce, but none happened.
Page 1
    • surreysaver
    • By surreysaver 11th Aug 18, 9:52 AM
    • 2,519 Posts
    • 1,434 Thanks
    surreysaver
    • #2
    • 11th Aug 18, 9:52 AM
    • #2
    • 11th Aug 18, 9:52 AM
    If its not in the terms and conditions of the account you hold that the interest rate tracks the BoE rate, then there is no reason why it should.
    I consider myself to be a male feminist. Is that allowed?
    • alandaniel132
    • By alandaniel132 11th Aug 18, 11:42 AM
    • 90 Posts
    • 4 Thanks
    alandaniel132
    • #3
    • 11th Aug 18, 11:42 AM
    • #3
    • 11th Aug 18, 11:42 AM
    no term and condition.
    but no bank increase interest
    • Linton
    • By Linton 11th Aug 18, 11:45 AM
    • 9,572 Posts
    • 9,783 Thanks
    Linton
    • #4
    • 11th Aug 18, 11:45 AM
    • #4
    • 11th Aug 18, 11:45 AM
    Why do you believe that the BoE interest rate ahould directly affect interest rates paid by the commercial banks?
    • Thrugelmir
    • By Thrugelmir 11th Aug 18, 12:01 PM
    • 59,543 Posts
    • 52,847 Thanks
    Thrugelmir
    • #5
    • 11th Aug 18, 12:01 PM
    • #5
    • 11th Aug 18, 12:01 PM
    Correlation between BOE base and savings/borrowing rates ended some years ago.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • A_T
    • By A_T 11th Aug 18, 12:09 PM
    • 505 Posts
    • 332 Thanks
    A_T
    • #6
    • 11th Aug 18, 12:09 PM
    • #6
    • 11th Aug 18, 12:09 PM
    I'm shocked
    • coyrls
    • By coyrls 11th Aug 18, 4:06 PM
    • 1,013 Posts
    • 1,073 Thanks
    coyrls
    • #7
    • 11th Aug 18, 4:06 PM
    • #7
    • 11th Aug 18, 4:06 PM
    bank of england had already announced interest rate increase by 0.25%

    but waiting for posts about savings interest rates, and loads happened.
    • alandaniel132
    • By alandaniel132 13th Aug 18, 10:15 AM
    • 90 Posts
    • 4 Thanks
    alandaniel132
    • #8
    • 13th Aug 18, 10:15 AM
    • #8
    • 13th Aug 18, 10:15 AM
    bank of england had already announced interest rate increase by 0.25%

    but waiting for posts about savings interest rates, and loads happened.
    Originally posted by coyrls
    no increase in saving interest rate until today!
    • apt
    • By apt 13th Aug 18, 10:21 AM
    • 3,072 Posts
    • 1,739 Thanks
    apt
    • #9
    • 13th Aug 18, 10:21 AM
    • #9
    • 13th Aug 18, 10:21 AM
    Not on your side as they say at the Nationwide.
    • Terry Towelling
    • By Terry Towelling 13th Aug 18, 2:10 PM
    • 392 Posts
    • 295 Thanks
    Terry Towelling
    You need to remember that your bank sets its own interest rates for the savings accounts it offers. Just because the BoE has increased rates it doesn't mean that your bank will follow suit. You might ask, 'So what is the point in the BoE doing anything when banks can seemingly do what they want anyway?' Good question - answers on a postcard please.

    Banks will often adjust their rates after a BoE rate change but there will almost always be a time lag - presumably whilst they work out what is best for them and their profitability (as if they haven't already done that!). They will also usually increase their borrowing rates first just to increase their margin (albeit temporarily). I also get the feeling that some banks are waiting to see what the competition will do before making their own move.

    Anyway, from what OP says, their bank has now put its savings rates up.
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