Just recieved and e-mail from lloyds tsb stating that they have just reduced the savings rate from 5.5% to 5.25%
Dam where did i see them fixed for a year accounts..
Full Version: Lloyds Tsb Just Reduced Savings Rate By 0.25%
My online saver account has been reduced from 4.65% to 4.4%. Looks like they have cut the IR on all accounts across the board. I will not be banking with them any more.
Thats what i thought i was imagining myself drawing every ££££ out and spending it on beer and chocolate, then 5 minutes later i read the headline the bank of england has cut the rate by 0.25%
I am wondering what banks like sainsburys are going to do they have promised 6.25% until 2010..........
Post office 6% for a year......Are these banks risky because of this promise. How will they fund the difference..
I am wondering what banks like sainsburys are going to do they have promised 6.25% until 2010..........
Post office 6% for a year......Are these banks risky because of this promise. How will they fund the difference..
QUOTE (heinzbean @ Dec 6 2007, 05:38 PM) 
I am wondering what banks like sainsburys are going to do they have promised 6.25% until 2010..........
I've just had a look through Sainsbury's Terms and Conditions and their so-called 2010 'rate promise' seems to be in the rather loose sense (i.e. with a big feck-off asterisk):
http://www.sainsburysbank.co.uk/savings/sa...n_is_dive.shtml
QUOTE
13 When can we change these conditions and the interest rates?
13.1 If we give you at least 30 days' notice, we can change these conditions, or the ones which apply to our online service or any services or facilities on your account if it is reasonable to make the change [bla bla bla lots of excuses]
13.1 If we give you at least 30 days' notice, we can change these conditions, or the ones which apply to our online service or any services or facilities on your account if it is reasonable to make the change [bla bla bla lots of excuses]
Which leads onto:
QUOTE
13.6 We can change interest rates, if it is reasonable to make the change:
a to reflect a change or changes in the base rate (that is the rate set by the Bank of England in connection with its open money market operations);
...
a to reflect a change or changes in the base rate (that is the rate set by the Bank of England in connection with its open money market operations);
...
Bucking fankers.
Watch out theres risk in asteRISK
he he
i think wasting all your cash on beer and chocolate seems the best option.
he he
i think wasting all your cash on beer and chocolate seems the best option.
QUOTE (heinzbean @ Dec 6 2007, 05:38 PM)
I am wondering what banks like sainsburys are going to do they have promised 6.25% until 2010..........
Post office 6% for a year......Are these banks risky because of this promise. How will they fund the difference..
Post office 6% for a year......Are these banks risky because of this promise. How will they fund the difference..
Sainsburys Bank do not promise to hold 6.25% until 2010.
QUOTE
Our rate promise
Our rate promise guarantees that the annual interest rate on your Internet Saver account will be higher than the average rate. Based on our comparison basket of over 100 equivalent accounts right up until the end of December 2010.
Our rate promise guarantees that the annual interest rate on your Internet Saver account will be higher than the average rate. Based on our comparison basket of over 100 equivalent accounts right up until the end of December 2010.
QUOTE (heinzbean @ Dec 6 2007, 06:31 PM)
Watch out theres risk in asteRISK
he he
i think wasting all your cash on beer and chocolate seems the best option.
he he
i think wasting all your cash on beer and chocolate seems the best option.
Yeah! Been doing that tonight. Need some Christmas cheer with this rubbish weather and rubbish rate drop. Red wine and home-made chocolate pastries.
QUOTE (Tiggley @ Dec 6 2007, 03:29 PM)
My online saver account has been reduced from 4.65% to 4.4%. Looks like they have cut the IR on all accounts across the board. I will not be banking with them any more.
4.4% gross
, your being ripped off m8 and 4.4% is on balances over 100k ........http://www.lloydstsb.com/savings/guaranteed_tracker.asp
Plenty of accounts paying 6% + even after this IR cut , ever heard of compounding interest ?
Give me your money honey and i'll pay you 5% gross ........................ and i'll keep the extra
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