You might find the rates with the product fee the same or very similar to the one without so do your numbers.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
You might find the rates with the product fee the same or very similar to the one without so do your numbers.
Maybe I'm missing something here - but I thought the idea of raising interest rates was supposed to be both a carrot and stick to help deal with inflation.
The banks seem very keen to whack up the interest on mortgages - however interest rates on savings accounts haven't budged at all.
If banks aren't going to pass on better interest rates for customers - it's not going to encourage people to save at all.
The banks seem very keen to whack up the interest on mortgages - however interest rates on savings accounts haven't budged at all.
If banks aren't going to pass on better interest rates for customers - it's not going to encourage people to save at all.
Soldato
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This has been discussed with the banks but obviously there is huge sums of money to be made by lagging any changes to savings rates and they basically said "sure, cool, cool, cool".
Ultimately some banks are giving decent savings rates. I am with Kroo and from the 1st of July the interest paid is 4.1%
Caporegime
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Atom bank is offering 5.6% locked for 12 months…..that’s more that BoE rate.
How much can you pay into it?
Caporegime
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Fixed Saver Accounts - Fixed Rate Savings | Atom bank
With up to 4.55% fixed rate interest, why wouldn't you open an Atom bank Fixed Saver? Find out more about our fixed rate savings account and open one today.
www.atombank.co.uk
Huh? They are knocking the 4% door for instant access atm.
On 'special products', with conditions. Not on general existing savings accounts.
Right now I'm getting
Savings Builder account is 2.32%
First saver accounts are 2.42%.
My ISA is 1.35 %
I've been able to open a 'Digital Saver' account last month at 6% - however that's limited to £150 a month max - so mostly just a gimmick.
Is utilisation of a "general savings account" boomer for laziness to change your provider?
Caporegime
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Chase is up to 3.8% with no conditions. Chip is at 4% with no conditions.
I mean, they are words... but I get your drift. Why should I have to change all my banking to get a decent interest rate.
The banks - especially majority tax payer owned banks - should be offering the BOE rate, or very close to it.
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Soldato
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i am with atom.... thought i was getting a good deal at 4.3%Fixed Saver Accounts - Fixed Rate Savings | Atom bank
With up to 4.55% fixed rate interest, why wouldn't you open an Atom bank Fixed Saver? Find out more about our fixed rate savings account and open one today.
If only we had fought wars to be a free market economy and receive choice
Same reason you have to switch providers for everything else. These companies make an absolute killing from lazy customers. They don't have any concept of customer loyalty in almost every case. I would wager that the vast majority of people don't move bank accounts ever. I was one of these up until I realised that I had a large sum of money in an account paying me....0%. I quickly moved that account to Kroo which will soon be giving me 4.1% but I had been with Barclays for over 20 years. I hadn't bothered to look around much because until recently interest rates on savings accounts were almost irrelevant but now everyone with any savings should be moving them around.
Associate
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What is the general consensus, in terms of people coming to an end in the few months. 2 year fixes, 3 years? Or even 5? I need to do mine tonight before they increase again.
I can choose for it to start from 1st Oct, does that mean i can cancel it before then, if they were to drop?
I can choose for it to start from 1st Oct, does that mean i can cancel it before then, if they were to drop?
Soldato
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Not really special no.
Plenty of opportunity for better rates around.
I linked elsewhere earlier a 2 year fixed rate cash isa at almost 6%
No, those rates are rubbish and much better is available on standard accounts.