hotblack42 Posted July 28, 2023 Share Posted July 28, 2023 21 hours ago, hotblack42 said: "Here's your Customer Number" email finally arrived from Gnatwest at 09:02 today. Activation code email awaited🙄 Seems that in addition to sluggish processing, I'm going to have to become a current account holder to finally get the ISA funded. So an unnecessary cyber risk introduced, presumably in the vain hope I'll switch my everyday banking to them from FD. Fat chance. Activation code arrived in a text this morning. Was a bit of a fiddle setting up the online account, but to be fair, it is only an ISA account, no current account as well as feared, and it funded easily and immediately from FD. NB the account is in your name, not NatWest. Its just like moving money to a personal bank account. You also have to order a card reader. Just go to the card reader part of online banking. Takes up to 10 working days but is only needed to get the money out again so no rush. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted July 30, 2023 Share Posted July 30, 2023 Have savings rates peaked? https://www.theguardian.com/business/2023/jul/30/mortgage-rates-ease-as-bank-of-englands-bitter-medicine-shows-signs-of-working Quote Link to comment Share on other sites More sharing options...
A.steve Posted July 30, 2023 Share Posted July 30, 2023 On 20/07/2023 at 08:48, wighty said: Don't see app security any better or worse than other operating systems. You are locking yourself out of a lot of facilities. Whatever makes you feel safe I don't allow suppliers to foist application software onto me when I visit their website using a web browser on a conventional platform. Apps are just software - so have similar risks as any other software. I don't download browser-toolbars or applications for desktop computers... I don't want to do it on mobile devices either. I'm prepared to trust far more companies to provide services through a website and a browser than I am prepared to trust to provide software to run on my native platform. I've hope that Webassembly (and its derivate technologies) may, in future, allow publishers, who feel the need to publish applications for general purpose platforms today, to provide rich computational features without requiring any trust from the recipient of the features. I'm well aware that one needs to pick a level of risk that one is prepared to accept - then get on. I can accept that some people think that installing any app from any app store is an acceptable risk. In some contexts, perhaps it is. For me, I see credible risks relating to identity theft... Perhaps they're not high probability - but they are potentially high impact. I find it exceptionally difficult to justify taking that risk for the features offered by an 'app'. The start of these comments was that I expressed that I didn't like apps as a prerequisite for banking services. I'd feel just as negatively about banking services that required that I run proprietary Windows or MacOS software. If I'm interested in banking services, I don't want the same company to supply me application software. If I'm trying to buy a burger, I don't want that company to supply me with application software as a prerequisite to buying a burger. If a company can't adequately expose the service over the web - then I don't want to even consider using that company's services. I don't consent to any company (with whom I'm engaging about anything other than acquiring satisfactory systems software) choosing to influence what software I run. I like it when companies provide services with standardised interfaces that integrate easily into the software I choose. I am inclined against companies who assume I'm prepared to run their software just because they ask me to. Can you imagine the reaction if, as a customer, I said to a company: Oh, go on... just run the executable file I've emailed to you - it'll be fine? If it's not good for the goose, it's not good for the gander. Quote Link to comment Share on other sites More sharing options...
henry the king Posted July 30, 2023 Share Posted July 30, 2023 9 hours ago, PeanutButter said: Have savings rates peaked? https://www.theguardian.com/business/2023/jul/30/mortgage-rates-ease-as-bank-of-englands-bitter-medicine-shows-signs-of-working Data on the 15th and 16th (inflation and employment data) will pretty much dictate this. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 31, 2023 Share Posted July 31, 2023 On 27/07/2023 at 10:57, MARTINX9 said: You can get 5.35 per cent with the Principality on a five year fixed isa. https://www.moneysavingexpert.com/savings/best-cash-isa/ https://www.principality.co.uk/en/savings-accounts/isas/5-Year-Fixed-Rate-Cash-ISA Now pulled, is this a pattern? Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted July 31, 2023 Share Posted July 31, 2023 I guess everyone is betting on a rates drop as soon as we will see two quarters of GDP contraction. Quote Link to comment Share on other sites More sharing options...
Up the spout Posted July 31, 2023 Share Posted July 31, 2023 Interest rate rises: FCA orders lenders to improve savings rates The City regulator has ordered the country’s biggest banks and building societies to improve the interest they pay to savers after a review of the £1.5 trillion market found that they were too slow to pass on rate rises. Analysis by the Financial Conduct Authority has found that on average the nine biggest savings providers had passed on only 28 per cent of the Bank of England’s base rate increases to their easy access deposits. It said that “much more [progress] is required to ensure savers consistently get a better deal” and it has given banks that are offering the worst rates a month to justify their treatment of customers. Five big retail banks had about £260 billion of deposits earning 1 per cent or less, according to the regulator. The watchdog released its review of the savings market on the same day that new rules came into force designed to force financial services firms to put their customers’ interests first. The imposition of the FCA’s consumer duty represents a significant overhaul of the way the industry is regulated. Sheldon Mills, the regulator’s executive director of consumer and competition, said that ensuring savings rates were passed on promptly would be a target of the new duty. https://www.thetimes.co.uk/article/fca-banks-action-interest-rate-rises-hr8k28735 Quote Link to comment Share on other sites More sharing options...
fellow Posted July 31, 2023 Share Posted July 31, 2023 4 hours ago, Up the spout said: Interest rate rises: FCA orders lenders to improve savings rates The City regulator has ordered the country’s biggest banks and building societies to improve the interest they pay to savers after a review of the £1.5 trillion market found that they were too slow to pass on rate rises. Analysis by the Financial Conduct Authority has found that on average the nine biggest savings providers had passed on only 28 per cent of the Bank of England’s base rate increases to their easy access deposits. It said that “much more [progress] is required to ensure savers consistently get a better deal” and it has given banks that are offering the worst rates a month to justify their treatment of customers. Five big retail banks had about £260 billion of deposits earning 1 per cent or less, according to the regulator. The watchdog released its review of the savings market on the same day that new rules came into force designed to force financial services firms to put their customers’ interests first. The imposition of the FCA’s consumer duty represents a significant overhaul of the way the industry is regulated. Sheldon Mills, the regulator’s executive director of consumer and competition, said that ensuring savings rates were passed on promptly would be a target of the new duty. https://www.thetimes.co.uk/article/fca-banks-action-interest-rate-rises-hr8k28735 They should start with NS&I. Quote Link to comment Share on other sites More sharing options...
Up the spout Posted July 31, 2023 Share Posted July 31, 2023 1 hour ago, fellow said: They should start with NS&I. Premium Bonds have definitely gone up on returns, much better than all of the shabby savings accounts paying 0.1% in the banks. Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted July 31, 2023 Share Posted July 31, 2023 (edited) I was just checking NS&I's rates. How come Direct Saver is 3.4% yet Direct ISA is only 2.4% ? It is almost as if they are charging you 41% tax for putting your money in an ISA. I have said many times and proven that in the past ISAs actually offered better rates because they knew you were less likely to withdraw your money. Edited July 31, 2023 by TenYearToGetMyMoneyBack clarification Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 31, 2023 Share Posted July 31, 2023 56 minutes ago, TenYearToGetMyMoneyBack said: I was just checking NS&I's rates. How come Direct Saver is 3.4% yet Direct ISA is only 2.4% ? It is almost as if they are charging you 41% tax for putting your money in an ISA. I have said many times and proven that in the past ISAs actually offered better rates because they knew you were less likely to withdraw your money. And it's limited to £20k, you can't transfer in existing ISAs. Quote Link to comment Share on other sites More sharing options...
cdd Posted July 31, 2023 Share Posted July 31, 2023 Opened the NatWest 5.9% 2 year fix isa about 10 days ago. Been waiting to see what happens with rates before I transfer in. Looks like this might be the best it's going to get, at least for now. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 31, 2023 Share Posted July 31, 2023 5 minutes ago, cdd said: Opened the NatWest 5.9% 2 year fix isa about 10 days ago. Been waiting to see what happens with rates before I transfer in. Looks like this might be the best it's going to get, at least for now. I nearly did today but backed out when I realised that I wouldn't gain much by taking the 180 day hit and transferring a 3 year 4.4% Isa (with 2 years and 5 months to run) into it, and certainly not a 5 year one if rates really are on the way down. Quote Link to comment Share on other sites More sharing options...
Maghull Mike Posted August 1, 2023 Share Posted August 1, 2023 19 hours ago, Up the spout said: Interest rate rises: FCA orders lenders to improve savings rates The City regulator has ordered the country’s biggest banks and building societies to improve the interest they pay to savers after a review of the £1.5 trillion market found that they were too slow to pass on rate rises. Analysis by the Financial Conduct Authority has found that on average the nine biggest savings providers had passed on only 28 per cent of the Bank of England’s base rate increases to their easy access deposits. It said that “much more [progress] is required to ensure savers consistently get a better deal” and it has given banks that are offering the worst rates a month to justify their treatment of customers. Five big retail banks had about £260 billion of deposits earning 1 per cent or less, according to the regulator. The watchdog released its review of the savings market on the same day that new rules came into force designed to force financial services firms to put their customers’ interests first. The imposition of the FCA’s consumer duty represents a significant overhaul of the way the industry is regulated. Sheldon Mills, the regulator’s executive director of consumer and competition, said that ensuring savings rates were passed on promptly would be a target of the new duty. https://www.thetimes.co.uk/article/fca-banks-action-interest-rate-rises-hr8k28735 So, does this mean rates on ALL accounts will go up? Mike Quote Link to comment Share on other sites More sharing options...
Up the spout Posted August 1, 2023 Share Posted August 1, 2023 9 minutes ago, Maghull Mike said: So, does this mean rates on ALL accounts will go up? Mike How I read it is a lot of old savings account have negligible rates, and those unable or unmotivated enough to open newer, better ones are being unfairly treated. Quote Its plan requires banks “offering the lowest rates to provide their fair value assessments under the consumer duty by August 31”. The regulator warned that it would “take robust action by the end of 2023 against those who cannot demonstrate fair value”. Starting later this year, it will also publish every six months an analysis of rates on easy access accounts and will rank them from best to worst. That's still a bit vague but hopefully will give savers better returns. Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 3, 2023 Share Posted August 3, 2023 Coventry Building Society on it within the hour yet again.. https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice-isa.pdf Quote Link to comment Share on other sites More sharing options...
JustAnotherProle Posted August 3, 2023 Share Posted August 3, 2023 7 minutes ago, Sackboii said: Coventry Building Society on it within the hour yet again.. https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/savings/rate-change-notice-isa.pdf Not bad, the fixed rates at Natwest are tempting too: Quote 1 year terms - earn 5.55% / 5.41% AER/Gross on balances between £1 - £99,999 or 5.80% / 5.65% AER/Gross on balances between £100,000 - £5,000,000 2 year terms - earn 5.65% / 5.51% AER/Gross on balances between £1 - £99,999 or 5.90% / 5.75% AER/Gross on balances between £100,000 - £5,000,000 Quote Link to comment Share on other sites More sharing options...
gerkin Posted August 3, 2023 Share Posted August 3, 2023 I stuck my 150k deposit in 6.05% savings account. Good to get some returns while in wait for the crash. Quote Link to comment Share on other sites More sharing options...
fellow Posted August 8, 2023 Share Posted August 8, 2023 Premium Bonds increased from 4% to 4.65%!!!!!! https://www.thisismoney.co.uk/money/saving/article-12384247/NS-announces-MASSIVE-rate-hike-Premium-Bonds-prize-fund.html Odds of winning increased to 21,000 to 1. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted August 8, 2023 Share Posted August 8, 2023 29 minutes ago, fellow said: Premium Bonds increased from 4% to 4.65%!!!!!! https://www.thisismoney.co.uk/money/saving/article-12384247/NS-announces-MASSIVE-rate-hike-Premium-Bonds-prize-fund.html Odds of winning increased to 21,000 to 1. Fewer £25 winners. Quote Link to comment Share on other sites More sharing options...
petetong Posted August 8, 2023 Share Posted August 8, 2023 (edited) On 03/08/2023 at 13:31, gerkin said: I stuck my 150k deposit in 6.05% savings account. Good to get some returns while in wait for the crash. How long for 1 year ? Are you worried you may miss bottom of price drop ? Edited August 8, 2023 by petetong Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted August 8, 2023 Share Posted August 8, 2023 2 hours ago, fellow said: Premium Bonds increased from 4% to 4.65%!!!!!! https://www.thisismoney.co.uk/money/saving/article-12384247/NS-announces-MASSIVE-rate-hike-Premium-Bonds-prize-fund.html Odds of winning increased to 21,000 to 1. If they want to sell more bonds they should increase the £50000 limit. It has been stuck there for the last eight years. https://nsandi-corporate.com/news-research/news/great-news-ernie-premium-bonds-maximum-investment-increased-ps50000# Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted August 8, 2023 Share Posted August 8, 2023 On 03/08/2023 at 13:31, gerkin said: I stuck my 150k deposit in 6.05% savings account. Good to get some returns while in wait for the crash. Be mindful of the £85k FSCS limit. Quote Link to comment Share on other sites More sharing options...
godnose Posted August 8, 2023 Share Posted August 8, 2023 2 hours ago, TenYearToGetMyMoneyBack said: If they want to sell more bonds they should increase the £50000 limit. It has been stuck there for the last eight years. https://nsandi-corporate.com/news-research/news/great-news-ernie-premium-bonds-maximum-investment-increased-ps50000# They have acted really quickly at NS&I to be fair. They seem to be aware of the competition. After my nil return last month I was beginning to wobble. But an increase from 4% to 4.65% from September, and the odds increase, is enough to keep me invested for now. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted August 9, 2023 Share Posted August 9, 2023 I expect they’ve been seeing significant outflows. Quote Link to comment Share on other sites More sharing options...
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