UK base interest rate cut to 0.25%

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Sarah
Posts: 209
Joined: Tue Jan 05, 2016 1:38 am

UK base interest rate cut to 0.25%

Postby Sarah » Thu Aug 04, 2016 12:29 pm

More bad news for savers...

UK interest rates have been cut from 0.5% to 0.25% - a record low and the first cut since 2009.


http://www.bbc.co.uk/news/business-36976528

cashback
Posts: 80
Joined: Tue Jan 05, 2016 5:59 pm

Re: UK base interest rate cut to 0.25%

Postby cashback » Thu Aug 04, 2016 4:02 pm

I'm not a fan of this meddling. Least of all because it affects my stoozing fun.

I wish the Keynsian rulebook was thrown out. The alternative of longer, harder recessions is less attractive but at least it breeds stronger companies.

I truly hope we aren't heading towards a negative interest rate policy future, so wrong.

planteria
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Re: UK base interest rate cut to 0.25%

Postby planteria » Thu Aug 04, 2016 7:23 pm

i don't thing we will be.. interest rates paid to savers do not necessarily follow base rate, of course.

Sarah
Posts: 209
Joined: Tue Jan 05, 2016 1:38 am

Re: UK base interest rate cut to 0.25%

Postby Sarah » Fri Aug 05, 2016 4:56 pm

First Direct cash ISA interest rate is being cut by 0.40% to 0.90% effective from 18 October 2016. This mirrors similar cuts already announced for HSBC loyalty cash ISA interest rates effective from 29 September 2016.

tightbloke
Posts: 1
Joined: Fri Aug 05, 2016 2:13 pm

Re: UK base interest rate cut to 0.25%

Postby tightbloke » Sat Aug 06, 2016 11:49 pm

I can't complain, my First Direct offset life time tracker linked to BOE rate is now 0.74%, Happy days.

Sarah
Posts: 209
Joined: Tue Jan 05, 2016 1:38 am

Re: UK base interest rate cut to 0.25%

Postby Sarah » Tue Aug 16, 2016 3:36 pm

Pretty much all easy access accounts with bonus rates (and more, including Nationwide Loyalty Saver 15-Year tier) have now announced cuts to below 1%. That leaves basically nothing worthwhile; if you don't have a decent fixed rate, regular saver or current account to use, it seems to be game over for savings.

planteria
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Re: UK base interest rate cut to 0.25%

Postby planteria » Wed Aug 17, 2016 5:10 pm

what will the NLS15Y rate be then?
i'm getting 1.2% with YBS, which was the same with the Nationwide account but allowed a higher balance..
YBS rate drops next month..

Sarah
Posts: 209
Joined: Tue Jan 05, 2016 1:38 am

Re: UK base interest rate cut to 0.25%

Postby Sarah » Wed Aug 17, 2016 11:29 pm

planteria wrote:what will the NLS15Y rate be then?


0.95% from 1 September 2016

planteria
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Re: UK base interest rate cut to 0.25%

Postby planteria » Fri Aug 19, 2016 12:20 am

that's a shame, i think that is the rate YBS is going to be paying, and Skipton's IA rate is dropping from 1% to 0.75%

mike_p
Posts: 14
Joined: Wed Jan 06, 2016 9:38 am

Re: UK base interest rate cut to 0.25%

Postby mike_p » Wed Sep 07, 2016 10:08 am

There goes TSB's 5%


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