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UK base interest rate cut to 0.25%

Posted: Thu Aug 04, 2016 12:29 pm
by Sarah
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

Re: UK base interest rate cut to 0.25%

Posted: Thu Aug 04, 2016 4:02 pm
by cashback
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.

Re: UK base interest rate cut to 0.25%

Posted: Thu Aug 04, 2016 7:23 pm
by planteria
i don't thing we will be.. interest rates paid to savers do not necessarily follow base rate, of course.

Re: UK base interest rate cut to 0.25%

Posted: Fri Aug 05, 2016 4:56 pm
by Sarah
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.

Re: UK base interest rate cut to 0.25%

Posted: Sat Aug 06, 2016 11:49 pm
by tightbloke
I can't complain, my First Direct offset life time tracker linked to BOE rate is now 0.74%, Happy days.

Re: UK base interest rate cut to 0.25%

Posted: Tue Aug 16, 2016 3:36 pm
by Sarah
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.

Re: UK base interest rate cut to 0.25%

Posted: Wed Aug 17, 2016 5:10 pm
by planteria
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..

Re: UK base interest rate cut to 0.25%

Posted: Wed Aug 17, 2016 11:29 pm
by Sarah
planteria wrote:what will the NLS15Y rate be then?


0.95% from 1 September 2016

Re: UK base interest rate cut to 0.25%

Posted: Fri Aug 19, 2016 12:20 am
by planteria
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%

Re: UK base interest rate cut to 0.25%

Posted: Wed Sep 07, 2016 10:08 am
by mike_p
There goes TSB's 5%