Savings interest rate thread
Discussion
Legacywr said:
Signed up to Metro, but can’t find this account…
Not 5.3%, but 5.22% AER on their Limited edition rate easy access saver:https://www.metrobankonline.co.uk/savings/products...
Thanks. I've put some in the 18 month fixed rate at 5.8% (AER). I chose the monthly option which works out about 5.65% instead of the headline rate. The interest gets paid into a funding account which still pays around 2%.
I figured that we have reached the peak interest rates now so will be lucky to see rates offered above 5% next year unless government gets into another cash flow constraint and offers another juicy income growth bond.
IntelligentMoney banks with Metro Bank and I would hope they know what they are doing so I'm happy to go with them.
I figured that we have reached the peak interest rates now so will be lucky to see rates offered above 5% next year unless government gets into another cash flow constraint and offers another juicy income growth bond.
IntelligentMoney banks with Metro Bank and I would hope they know what they are doing so I'm happy to go with them.
OldSkoolRS said:
Legacywr said:
Signed up to Metro, but can’t find this account…
Not 5.3%, but 5.22% AER on their Limited edition rate easy access saver:https://www.metrobankonline.co.uk/savings/products...
I tried to apply for a Metro Bank savings account, and it rejected me with no reason!
No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
Timothy Bucktu said:
I tried to apply for a Metro Bank savings account, and it rejected me with no reason!
No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
Do you regularly use a credit card and pay it off? Payment streaks are one of the most important ways to support your credit score. I get periodic emails from credit agencies congratulating me "your perfect payment streak is doing wonders". No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
Timothy Bucktu said:
I tried to apply for a Metro Bank savings account, and it rejected me with no reason!
No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
Apart from the SIM, same result for me too.No mortgage, homeowner, employed, decent wage, loads of savings accounts already, no loans?
I think I may have a bad credit rating becasue I've never had any debt to my name. It took a couple of attempts to get accepted for a SIM with O2.
gotoPzero said:
Funk said:
That's weird. It never occurred to me a bank would decline to offer someone a savings account.
I might be wrong but if a bank is trying to manage its finances regarding its liquidity and exposure to risk etc then it might actually not want more money.IYSWIM.
Turn interest rates up: deposits flow in. Turn them down: deposits flow out.
gotoPzero said:
Funk said:
That's weird. It never occurred to me a bank would decline to offer someone a savings account.
I might be wrong but if a bank is trying to manage its finances regarding its liquidity and exposure to risk etc then it might actually not want more money.IYSWIM.
I don’t see any advantage to the bank to be giving potential savers a rough time, there must be reasons why any applications are being declined.
Don’t know what they may be but they must exist even if it is just some kind of application vetting system error.
981Boxess said:
gotoPzero said:
Funk said:
That's weird. It never occurred to me a bank would decline to offer someone a savings account.
I might be wrong but if a bank is trying to manage its finances regarding its liquidity and exposure to risk etc then it might actually not want more money.IYSWIM.
I don’t see any advantage to the bank to be giving potential savers a rough time, there must be reasons why any applications are being declined.
Don’t know what they may be but they must exist even if it is just some kind of application vetting system error.
Probably a bit late to ask now, but is there any possible impact caused by opening a savings account, but then not funding in before the time limit and then the bank/Building society close it? I don't care about my credit rating particularly but just wondered if that or any other impact?
Only that I opened a couple with decreasing rates depending on how long I had to fund them, while waiting for a lump sum to come through. Turns out it came sooner, so I funded the best one that still was within the time limit, another one is still open until 27 December, but a lower rate, so I plan to let that lapse. I've done similar before, but in reverse as the rates went up, so I let one lapse and funded one with a better rate.
Only that I opened a couple with decreasing rates depending on how long I had to fund them, while waiting for a lump sum to come through. Turns out it came sooner, so I funded the best one that still was within the time limit, another one is still open until 27 December, but a lower rate, so I plan to let that lapse. I've done similar before, but in reverse as the rates went up, so I let one lapse and funded one with a better rate.
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