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Savings rates nudging up


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Drawing attention to the rate of direction, rather than the amount on offer, the leading Easy Access Account savings rate has today hit 0.55% (yes, I know). At the trough about a year ago this was 0.4%. So, savings rates have nudged up 0.15% without any corresponding rise from the BoE. Still woefully below inflation, but competition is gathering momentum with the number of accounts offering 0.5% noticeably up in recent weeks. Having that round figure broken today is significant too. (data from the excellent Savings Champion site)

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1 hour ago, BobbyZZZ said:

NSI told me today they are launching a "green bond" in september with "much higher rates"!

Had a look at NSI rates today, pathetic rates. Income Bond 0.01%, I don't know how they can even market that as income. £100 interest on £1m. Absolutely pitiful. 

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10 hours ago, simon99 said:

Had a look at NSI rates today, pathetic rates. Income Bond 0.01%, I don't know how they can even market that as income. £100 interest on £1m. Absolutely pitiful. 

They have set aims to get x % of total market. They don't want to be best buy and take away too much from banking sector as that could cause major issues. They do that on limits on rates and the amount of each product one individual can buy.

When times get tough and people want more guarantees they tend to dump into NS&I therefore they slash rates to nothing to encourage others to switch out into normal banking and balance.

Edited by captainb
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Took money out of NS&i and put it into a wealthiy.com account via TSB. Looks interesting, but obviously an investment rather than savings account.

How NS&i can describe their accounts as ‘savings’ accounts is beyond me. They should be prosecuted under the trades description act😀

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8 minutes ago, MarkD said:

Took money out of NS&i and put it into a wealthiy.com account via TSB. Looks interesting, but obviously an investment rather than savings account.

How NS&i can describe their accounts as ‘savings’ accounts is beyond me. They should be prosecuted under the trades description act😀

The only selling point is 100% guarantee of deposits, but then if the banks get bailed out when there's any problem what advantage is that? I can't even remember if anyone lost deposits in the banking crash, I don't remember them doing.

Edited by simon99
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16 minutes ago, simon99 said:

The only selling point is 100% guarantee of deposits, but then if the banks get bailed out when there's any problem what advantage is that? I can't even remember if anyone lost deposits in the banking crash, I don't remember them doing.

Agreed. I’ve kept the premium bonds, but without taking some risk money presently ‘saved’ will evaporate due to inflation.

Guess what………your money’s safe in bricks and mortar!

i’ll get me coat😄

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6 minutes ago, MarkD said:

Agreed. I’ve kept the premium bonds, but without taking some risk money presently ‘saved’ will evaporate due to inflation.

Guess what………your money’s safe in bricks and mortar!

i’ll get me coat😄

Pitiful returns on my PBs in the last couple of years. Had average luck for the the first 2.

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  • 2 weeks later...
1 minute ago, simon99 said:

Still pitiful, and no sign of base rate rise in sight. Savers basically paying for the mortgages of the overborrowed.

Savers are subsidising the borrowers, they are doing that purely by saving, reducing spending and/or  not borrowing.....;)

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1 minute ago, TheCountOfNowhere said:

Surprised there's been any rise.

There's definitely something afoot.

Nothing more than posturing for HaRd WoRkInG sAvErS I'm afraid, you'd need an earthquake in bond makets before they'd tap savers with higher rates. 

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