Chase are tracking the base rate but on top of that they announced that they’ll be tracking a further 0.1% below the base rate – so while you could argue that the two are technically not connected, the fact is that the timing of the announcement makes it seem that it’s connected, and it is just screwing customers more.
And Ulster have to give a few months’ notice under their own T&Cs but it doesn’t change the fact that they’re dropping almost half a percent on a 0.25% cut. Almost double.
Banks have always been quick to cut interest when the BoE rate drops (and by more than the rate drop) but then small to increase interest rates when things go in the other direction.
It’s unlikely that I’ll use it, as I already have Starling, but it does help to highlight the question of why you don’t get offered it when you have a Child’s or Drummonds account.
I’ve closed my Drummonds account and debating whether to CASS the C&Co one at some point as wonder what else we might be missing by having a silly sort code