Savings interest rate thread

[paulguitar]

Okay, thanks.

I messed up there, put the money into one of them too late.

[Whistle]

Just opened 2 of the nationwide accounts in mine and my wife’s name and filled them.

At least that’s 5.5% fixed for 18 months.

[Rufus Stone]

Whistle said:

Just opened 2 of the nationwide accounts in mine and my wife’s name and filled them.

At least that’s 5.5% fixed for 18 months.

Good isn't it. Even if you have to pay a little tax on it, it's beating inflation easily.

[981Boxess]

Rufus Stone said:

Whistle said:

Just opened 2 of the nationwide accounts in mine and my wife’s name and filled them.

At least that’s 5.5% fixed for 18 months.

Good isn't it. Even if you have to pay a little tax on it, it's beating inflation easily.

Lucky you - even if we forget the last few years, I cannot think of a single item I buy or bill that I pay today that has gone up by only 5.5% (let's forget the tax).

By the time the election campaign gets going inflation will be down to 0.1% or even less

[markiii]

Rufus Stone said:

Whistle said:

Just opened 2 of the nationwide accounts in mine and my wife’s name and filled them.

At least that’s 5.5% fixed for 18 months.

Good isn't it. Even if you have to pay a little tax on it, it's beating inflation easily.

how do you work that out?

[Rufus Stone]

markiii said:

how do you work that out?

I do not think inflation will exceed 4.4% pa over the next 18 months.

[ferret50]

Rufus Stone said:

markiii said:

how do you work that out?

I do not think inflation will exceed 4.4% pa over the next 18 months.

Is that a quarranty or a guess?

[McGee_22]

You have to have had an existing Nationwide account on 22/5/2024 to start one of the 5.5% 18 month £10k max bonds. They have a 4.25% 12 month £5 million max bond available to new customers.

[ThingsBehindTheSun]

Just had an email to say my Marcus interest is going down from 4.75% to 4.55% on the 15/06.

Sure sign rates will fall at the June interest rate meeting?

[C69]

ThingsBehindTheSun said:

Just had an email to say my Marcus interest is going down from 4.75% to 4.55% on the 15/06.

Sure sign rates will fall at the June interest rate meeting?

With the upcoming general election, there seems to be a growing consensus that the MPC wouldn't announce a rate change in June (because the BoE wants to be seen as totally apolitical). Nothing's been confirmed yet, though.

[Tim Cognito]

Rufus Stone said:

If you bank/save with Nationwide, you can now get 5.5% pa fixed for 18 months. Sadly, maximum £10,000 though.

Thanks for the heads up I missed this one.

Even though it's a small consolation considering inflation but I take great joy at still being on a 1.4% mortgage fix whilst being able to get 5.5% on savings.

[rossub]

Tim Cognito said:

Even though it's a small consolation considering inflation but I take great joy at still being on a 1.4% mortgage fix whilst being able to get 5.5% on savings.

+1

I’m fixed on a no fee 1.23% until Feb 2027… meanwhile various savings accounts are sitting on 5.1 - 5.66%.

Probably a unique situation in history to have such circumstances and I’m making the most of it while it lasts.

Sure there are potentially greater returns elsewhere, but I’ll settle for the risk free 5%+

[gotoPzero]

Virgin cutting rates again. Cant remember the exact rate we were getting but IIRC it was nearly 4%. Now it will be 1% in August.
Bit of a p*ss take really. I am sure they are lending my money out at 5%+ still..

[Teatowell]

C69 said:

With the upcoming general election, there seems to be a growing consensus that the MPC wouldn't announce a rate change in June (because the BoE wants to be seen as totally apolitical). Nothing's been confirmed yet, though.

Market view has gone out to September now. We’ve just gone through a forecasting cycle to update our Bank internal assumption to August.

[Rufus Stone]

C69 said:

With the upcoming general election, there seems to be a growing consensus that the MPC wouldn't announce a rate change in June (because the BoE wants to be seen as totally apolitical). Nothing's been confirmed yet, though.

Surely if they want to be seen as apolitical they would continue as normal and just to their supposedly independent job.

[ferret50]

Opened an instant access acount with Wealthify this morning. Currently offering 4.91% but this will track bank rate.

I came across Wealthify about 18 months back via a MSE article where for a £50 deposit Wealhify would add £50 12 months later....they did....and I also introduced my mate Fat Derek to them and won a further £100!

[Somebody]

ferret50 said:

Opened an instant access acount with Wealthify this morning. Currently offering 4.91% but this will track bank rate.

I came across Wealthify about 18 months back via a MSE article where for a £50 deposit Wealhify would add £50 12 months later....they did....and I also introduced my mate Fat Derek to them and won a further £100!

£75 cashback due next month for a £75 investment for me:

[981Boxess]

Teatowell said:

Market view has gone out to September now. We’ve just gone through a forecasting cycle to update our Bank internal assumption to August.

Out of interest (see what I did there) what assumption are you working to BOE rate wise?

[Pit Pony]

ThingsBehindTheSun said:

Just had an email to say my Marcus interest is going down from 4.75% to 4.55% on the 15/06.

Sure sign rates will fall at the June interest rate meeting?

Yes wife is not happy.

[Teatowell]

981Boxess said:

Out of interest (see what I did there) what assumption are you working to BOE rate wise?

1st cut to happen in August and then two further 25bps cuts in 2024 to take rate to 4.50% by the end of the year.

We use a particular economics/data provider that in my view is far too dovish. I would tend to agree with the market and see September as the first potential cut, maybe even later depending on what happens with election and so on.

Always like looking at the below type graph to be in no doubt that we’ll always be wrong!