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Savings rates nudging up


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1 hour ago, TheCountOfNowhere said:

Surprised there's been any rise.

There's definitely something afoot.

This.

As someone who receives weekly updates on the normally placid savings market, these developments are significant.

Knew I would have to restate this, but it is this momentum and pace of change I am trying to highlight rather than the paltry levels on offer.

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  • 1 month later...

Has the Term Funding ended ?

I thought it has been extended into 2022, but I am reading June 2021 now

People are looking at IRs going up as the mechanism for collapsing the bubble but in reality Term Funding causes the reinflation of prices, not IRs, they were at 0.5% and savings rates were 3-5%.

If Term Funding has ended/is ending and the banks/mutuals need cash, savings rates have to go up....and so do mortgage rates...and down comes house prices.

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On 22/09/2021 at 14:39, dances with sheeple said:

Interesting, thanks. When instant access hits 1% we have a disturbance in the Force, not until then though IMO.

Best rates I could find was 3.5%, but > 1% if you want to save a bit more.

Not so bad for people saving a little each month for a rainy day. Nice to see.

 

Image

 

so, it savings rates are going up...are any other rates going up ?

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2 hours ago, TheCountOfNowhere said:

Best rates I could find was 3.5%, but > 1% if you want to save a bit more.

Not so bad for people saving a little each month for a rainy day. Nice to see.

 

Image

 

so, it savings rates are going up...are any other rates going up ?

@spyguy how solvent do you think skipton is? You often say that building societies are up to their neck in "investment properties"

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38 minutes ago, Locke said:

@spyguy how solvent do you think skipton is? You often say that building societies are up to their neck in "investment properties"

The Skipton is a good one to look at.

 

https://www.business-live.co.uk/professional-services/yorkshire-based-building-societies-see-19907240

 

https://www.fitchratings.com/research/structured-finance/covered-bonds/fitch-affirms-skipton-building-society-at-a-outlook-negative-27-11-2020

 

They own several chains of EAs, a lot of the top brands, the ones I see ramping prices to extreme. 

 

They seem to have amalgamated under the connels brand now:

     https://www.connellsgroup.co.uk/our-group/our-brands/

I make that 97 EA chains.

I'd wager a lot of the people buying at these extreme from those helpful EAs would be getting a LARGE mortgage from Skipton.

They also bought the "countrywide PLC" dog last year !!!

To say this is obscene is an understatement.
 

Could they be in  trouble, I bloody hope so.  ****s of the highest order.

 

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17 hours ago, TheCountOfNowhere said:

Not so bad for people saving a little each month for a rainy day. Nice to see.

 

14 hours ago, TheCountOfNowhere said:

Could they be in  trouble, I bloody hope so.  ****s of the highest order.

So when they go belly up, it's not so nice for a rainy day eh

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So yesterday Marcus informed me the interest on the bank account I have with them was increasing (I think I only had about a pound in it as I’d cleared it out in disgust after they dropped  them) and today BLME (Bank of London and the Middle East) have just sent an email stating  they are increasing profits  (interest rates) from 0.70% to 0.80% for the 90 day notice account . Am I spotting a trend !

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  • 2 weeks later...
On 01/10/2021 at 16:16, Gemma Rose said:

So yesterday Marcus informed me the interest on the bank account I have with them was increasing (I think I only had about a pound in it as I’d cleared it out in disgust after they dropped  them) and today BLME (Bank of London and the Middle East) have just sent an email stating  they are increasing profits  (interest rates) from 0.70% to 0.80% for the 90 day notice account . Am I spotting a trend !

You're confirming a trend, rantrave should get the credit for spotting a trend 🙂

Look at UK bond yields creeping up too.

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  • 1 month later...
1 hour ago, rantnrave said:

See multiple earlier posts from me highlighting the direction of travel rather than the paltry rates

B)

If savings rates are going up then so are mortgage rates.


All to be expected if Term Funding has ended.

Now if only the bankers could have another excuse not to raise IRs and do some more money printing theft

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1 hour ago, TheCountOfNowhere said:

B)

If savings rates are going up then so are mortgage rates.


All to be expected if Term Funding has ended.

Now if only the bankers could have another excuse not to raise IRs and do some more money printing theft

I would be interested to learn what term funding actually involved, what effect this had on the savings / mortgage rates, at what point this ended, what effect this is likely to have on rates going forward and how long this this will take to feed through?

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1 hour ago, fellow said:

I would be interested to learn what term funding actually involved, what effect this had on the savings / mortgage rates, at what point this ended, what effect this is likely to have on rates going forward and how long this this will take to feed through?

Have a look at the BoE reports, they are quite clear on it's intended effect, lower mortgage rates and higher asset prices.


We are either being ruled by idiots or criminals.

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