rantnrave Posted July 23, 2021 Share Posted July 23, 2021 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) Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 29, 2021 Author Share Posted July 29, 2021 Another new entry today at the top of the Easy Access chart at 0.6%. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 29, 2021 Share Posted July 29, 2021 What accounts are these, IÂ know Marcus recently did a small hike? Quote Link to comment Share on other sites More sharing options...
Locke Posted July 29, 2021 Share Posted July 29, 2021 The numbers are small, so it is actually a 37.5% increase in interest! Quote Link to comment Share on other sites More sharing options...
BobbyZZZ Posted July 29, 2021 Share Posted July 29, 2021 NSI told me today they are launching a "green bond" in september with "much higher rates"! Quote Link to comment Share on other sites More sharing options...
simon99 Posted July 29, 2021 Share Posted July 29, 2021 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. Quote Link to comment Share on other sites More sharing options...
captainb Posted July 30, 2021 Share Posted July 30, 2021 (edited) 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 July 30, 2021 by captainb Quote Link to comment Share on other sites More sharing options...
Fretful Mother Posted July 30, 2021 Share Posted July 30, 2021 In summary: Near zero rates at NS&I (but your money's guaranteed to be eroded, rather than stolen) Near zero rates in "normal" banks (but your money's guaranteed to be eroded to a point, beyond which it will be stolen) Â Quote Link to comment Share on other sites More sharing options...
Data Dave Posted July 30, 2021 Share Posted July 30, 2021 Financial institutions happy to pay 'near zero' to savers but increased rates for overdraft lending by nearly around 80% since Covid! Source: B.o.E Quote Link to comment Share on other sites More sharing options...
MarkD Posted July 30, 2021 Share Posted July 30, 2021 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😀 Quote Link to comment Share on other sites More sharing options...
simon99 Posted July 30, 2021 Share Posted July 30, 2021 (edited) 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 July 30, 2021 by simon99 Quote Link to comment Share on other sites More sharing options...
MarkD Posted July 30, 2021 Share Posted July 30, 2021 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😄 Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 30, 2021 Author Share Posted July 30, 2021 Another bank today joining the 0.6% club at the top of the Easy Access league. Definite momentum with interest rates on the up (albeit from a very low base). Quote Link to comment Share on other sites More sharing options...
simon99 Posted July 30, 2021 Share Posted July 30, 2021 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. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted August 12, 2021 Author Share Posted August 12, 2021 0.65% now leading the Easy Access chart - although that's a new name for me and being app only may deter many. Should spur competition though and rates are well off recent lows. https://savingschampion.co.uk/best-buys/personal/easy-access-accounts Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 12, 2021 Share Posted August 12, 2021 On 29/07/2021 at 20:21, BobbyZZZ said: NSI told me today they are launching a "green bond" in september with "much higher rates"! You'd need to be some kind of a loon to buy any bond that's not 10% Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 12, 2021 Share Posted August 12, 2021 I'd imagine a lot of banks have seem money withdrawn due to the low rates. Quote Link to comment Share on other sites More sharing options...
simon99 Posted August 12, 2021 Share Posted August 12, 2021 Still pitiful, and no sign of base rate rise in sight. Savers basically paying for the mortgages of the overborrowed. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 12, 2021 Share Posted August 12, 2021 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..... Quote Link to comment Share on other sites More sharing options...
msi Posted August 12, 2021 Share Posted August 12, 2021 Why pay savers more when the BoE will give you as much as you can sp*nk through via QE? Quote Link to comment Share on other sites More sharing options...
simon99 Posted August 12, 2021 Share Posted August 12, 2021 13 minutes ago, winkie said: Savers are subsidising the borrowers, they are doing that purely by saving, reducing spending and/or not borrowing..... Yep. Even more so now. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 12, 2021 Share Posted August 12, 2021 18 minutes ago, msi said: Why pay savers more when the BoE will give you as much as you can sp*nk through via QE? Surprised there's been any rise. There's definitely something afoot. Quote Link to comment Share on other sites More sharing options...
msi Posted August 12, 2021 Share Posted August 12, 2021 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. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 12, 2021 Share Posted August 12, 2021 7 minutes ago, msi said: Nothing more than posturing for HaRd WoRkInG sAvErS I'm afraid, you'd need an earthquake in RIGGED bond makets before they'd tap savers with higher rates.  Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted August 12, 2021 Share Posted August 12, 2021 Enjoy your crumbs, because that's all the bankster cartels will ever throw the plebs. Or opt out of the system and get some real longterm returns. Quote Link to comment Share on other sites More sharing options...
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