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inflating

Where Next For Uk Savings Interest Rates?

11 posts in this topic

Wednesday's Daily Mail reported fixed bonds interest rates had fallen at Saga and some others, and this article seems to suggest rates will not rise much or at all due to the low base rate set by the central bank, the BofE and Mervyn King and his gang

http://www.thisismoney.co.uk/money/saving/article-1678233/What-rates-savings-Isas-fixed-rate-bonds.html

Is there any real chance of this smug lot laughing the other side of their face and having to put interest rates up soon, instead of watching as savers get mugged?

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As the mortgage rates for SVRs are increasing, fingers are crossed savings rates may rise. But won't hold our breath just yet

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Santander 2 year fixed rate ISA paying 4%.....(accepts transfers in). Looks good to me, though the terrible customer service reputation this bank had worries me a bit. Views anyone?

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[quote name='righttoleech' timestamp='1331290992' post='3281049']
Santander 2 year fixed rate ISA paying 4%.....(accepts transfers in). Looks good to me, though the terrible customer service reputation this bank had worries me a bit. Views anyone?
[/quote]

There hasn't been anything as attractive as that for a long time. I like to think it's a sign that normal savings rates will be above 4% well before this ISA matures.

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[quote name='thecrashingisles' timestamp='1331371749' post='3281799']
There hasn't been anything as attractive as that for a long time. I like to think it's a sign that normal savings rates will be above 4% well before this ISA matures.
[/quote]

As Santander has just issued Esaver 5 and the rates are lower than Issue 4, I think my pessimism has been correct
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&cid=1237848019094&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

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Forecasters now saying MPC won't raise rates for 2 more years, this is slightly earlier than the former forecast http://www.thisismoney.co.uk/money/news/article-1607881/Interest-rates-News-predictions.html

This of course is not good news for savers, seems little or no progress on any improved rates for us

It's grim grim grim and inflation is still high, just climbing at a slower rate (officially). With petrol at a record price, we're being shafted

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[quote name='inflating' timestamp='1332677119' post='908999607']

It's grim grim grim and inflation is still high, just climbing at a slower rate (officially). With petrol at a record price, we're being shafted
[/quote]

Just got a nationwide eBond to renew, the interest rate for 12 months has dropped from 3% to 2.7%. Grim indeed. This despite them hiking mortgage rates. It is enough to make you buy a BTL, or a Porche.

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[quote name='davidg' timestamp='1332704971' post='908999856']
Just got a nationwide eBond to renew, the interest rate for 12 months has dropped from 3% to 2.7%. Grim indeed. This despite them hiking mortgage rates. It is enough to make you buy a BTL, or a Porche.
[/quote]

Yes, the excitement on HPC a few weeks ago when the SVR loans went up was premature, as I feared it would be

Going to need another trigger - King has recently told the banks to raise capital IIRC, we'll see if this makes them increase IRs to savers. So far, all I see are drops, even Santander dropped their newest issue Esaver rate

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[quote name='inflating' timestamp='1332751213' post='909000111']
Yes, the excitement on HPC a few weeks ago when the SVR loans went up was premature, as I feared it would be

[/quote]

To use the kind of language used by journalists Nationwide have decreased savings rates by a whopping 10%. For every pound of interest you earned last year, you'll only get 90 pence in your pocket today.

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I'm just waiting to see if the savings accounts start to increase their interest rates next week after the new tax year commences

What do I think of the savings rates so far? Rubbish

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[quote name='inflating' timestamp='1333544937' post='909006678']
I'm just waiting to see if the savings accounts start to increase their interest rates next week after the new tax year commences

What do I think of the savings rates so far? Rubbish
[/quote]

The current situation currently amounts to a wealth tax on any UK savers of around 2-3%.

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