Bank of England Reduce Interest Rates

Interest rates reduced to 0.25%

Where now for our savings?

No doubt banks will jump on this opportunity to reduce the already paltry interest rates for savers.

Not really much point saving with rates like that. Alternatives like investing make a lot more sense

The oak north rate in app is 0.45%

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Either pull it out as cash and keep it under the mattress to spite the banks (I know people that did this last time it went that low)

I have some of mine in fixed pots so as they run out I’ll either dump it into starling for 0.5% interest or keep it in a easy access pot until rates go up

I won’t let the bank of England stop me saving half my income no matter how much economic stagnation I cause

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Gold is doing a bit better now. R-

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Do we think that rate will remain now the BoE rate has dropped? If so, does that mean Starling are subsidising their interest payments?

Maxed out my ISA for this year last week. I think it’s time to start filling up my premium bonds.

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Yes it would.
But they are already, the 0.75% intrest paid by the bank of England does not cover their operating costs for the account + pay 0.5% intrest.

With the markets trending downwards, now is a great time to be drip feeding money into a stocks and shares ISA. The markets WILL recover eventually.

Yes, of course, paying 0.5% interest reduces the profit they can make on an account, but it’s pretty unusual for a bank to pay a rate higher than the BoE rate on a free current account. I will watch with interest. :popcorn:

Im happy with ~£40 off my mortgage each month, thats over half a grand in savings each year :sunglasses:

What will I do if I don’t get my 15p a month interest from my Starling account? :scream::man_shrugging::money_mouth_face::grin:

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Teach me to pay mine off :rofl::joy::rofl:

I’m a bit confused (as usual )

interest rate in my app is still 0.93% with Investec ( I know that’s not Oaknorth and I haven’t tried to open this offer :slight_smile: )

has Oaknorth given the agreed 30 day notice to anybody about a change in interest rates ?

  • I seem to remember you mentioning it was around 0.9% some time ago, maybe the 0.45% is for new customers ?

I think it’s just new customers as the rates haven’t changed for those I already have an interesting pot with

These are my options as of this morning. I only have paragon pots

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interesting I get a different rate from Paragon :man_shrugging:

Do you already have Paragon pots?

1.15% is the rate I’ve had since I first opened them

I do, and Monzo is still allowing me to put money in that pot at 1.15% (1.14% ) - as of yesterday at least - wonder how long that will last ?

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Probably a couple of days :joy::joy:

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I’m also seeing 0.9 for paragon with no existing pot.

Slightly different display on Android because why not, nothing else seems to match. Why does iOS get shouty titles EASY ACCESS. We also seem to need a lil extra help in knowing what an ISA is

Also shouldn’t it be the same with no interest compounding?

0.91/0.90

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