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Where Next For Uk Savings Interest Rates? Saga and others cut their fixed rate bonds recently

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Posted 24 February 2012 - 10:44 PM

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.thisismon...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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Posted 08 March 2012 - 10:25 PM

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

#3 User is offline   righttoleech 

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Posted 09 March 2012 - 11:03 AM

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?

#4 User is online   thecrashingisles 

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Posted 10 March 2012 - 09:29 AM

View Postrighttoleech, on 09 March 2012 - 11:03 AM, said:

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?


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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Posted 13 March 2012 - 08:19 AM

View Postthecrashingisles, on 10 March 2012 - 09:29 AM, said:

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.


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...ACOM_TemplateW2

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Posted 25 March 2012 - 12:05 PM

Forecasters now saying MPC won't raise rates for 2 more years, this is slightly earlier than the former forecast http://www.thisismon...redictions.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

#7 User is offline   davidg 

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Posted 25 March 2012 - 07:49 PM

View Postinflating, on 25 March 2012 - 12:05 PM, said:


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


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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Posted 26 March 2012 - 08:40 AM

View Postdavidg, on 25 March 2012 - 07:49 PM, said:

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.


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

#9 User is offline   davidg 

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Posted 26 March 2012 - 11:53 AM

View Postinflating, on 26 March 2012 - 08:40 AM, said:

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



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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Posted 04 April 2012 - 01:08 PM

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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Posted 04 April 2012 - 02:24 PM

View Postinflating, on 04 April 2012 - 01:08 PM, said:

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


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

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