The email that I have been dreading, yet waiting for, has arrived:
On 20 July 2020, Shawbrook (the bank that provides your Savings Pot) will be reducing the interest rate on your Easy Access Savings Pot to 0.30% AER/Gross.
Current Interest Rate 1.15% AER/1.14% Gross (variable)
New Interest Rate (applies from 20 July 2020) 0.30 AER/Gross (variable)
AER stands for Annual Equivalent Rate and tells you what the interest rate would be if interest was paid and compounded once each year. Gross is the interest rate before tax is deducted.
From time to time, Shawbrook moves their interest rates to reflect the savings market while ensuring they remain consistently competitive for customers.
They have the right to change the interest rate at any time for their own reasons, but we’ll always let you know before any change. You can read all of your terms by swiping across to your Savings Pot and scrolling down to “Your savings agreement” and “Summary of terms”.
You don’t need to do anything
We’ll adjust the interest rate of your Shawbrook Easy Access Savings Pot automatically. As of 20 July 2020 your Savings Pot will start earning interest at the new rate of 0.30% AER/Gross.
Oh, well. Another pot bites the dust. Not worth the delayed access for 0.30% when I can get instant in Marcus.