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The Interest Rate On Savings Letters Are Coming Thick And Fast


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Friday Halifax told me their rates for the ISA I have is going down 0.5% and today Nationwide are lowing it 0.45%.

Looks like its time to move money again, I do wish I didn't give it all to these guys who multiply it out for mortgages and BTL.

Is there any bank that has stopped its BTL lending?

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Friday Halifax told me their rates for the ISA I have is going down 0.5% and today Nationwide are lowing it 0.45%.

Looks like its time to move money again, I do wish I didn't give it all to these guys who multiply it out for mortgages and BTL.

Is there any bank that has stopped its BTL lending?

Tell me about it, Nationwide just dropped my esavings to 0.25%, expect negative rates next and a ban on holding cash. The storm is coming.

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Premium bonds ...might as well gamble given the rates available

Not much of a gamble - you won't win big, obviously, but norrmal payouts are equivalent to 1.35% which is better than most places. Limited to £50k though. NS&I Income Bonds got a rate cut recently but are still (just) above 1% and have a much higher limit.

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  • 2 months later...

Just received a letter from Skipton saying that my rate was being cut from 1.5% to 1% from August 1st, in line with reducing interest and mortgage rates.

I wondered if this was in anticipation of a B of E base rate cut that didn't happen.

Anyway, it seems that in doing the right thing I have been quite wrong.

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Just received a letter from Skipton saying that my rate was being cut from 1.5% to 1% from August 1st, in line with reducing interest and mortgage rates.

I wondered if this was in anticipation of a B of E base rate cut that didn't happen.

Anyway, it seems that in doing the right thing I have been quite wrong.

YBS said today they are cutting their 1.25% to 1% from Aug 2nd.

Maybe they think Brexit might cause a few repos, so knock a few million off interest payments to evil savers, to cover their losses?

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