Interest Rate Cuts

[Sarah]

Marcus will be decreasing their Online Savings Account underlying variable interest rate on 23 August 2024.

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                                           Current       From 23/08/24
Underlying interest rate                   4.04% AER     3.79% AER
Bonus rate                                 0.49% Gross   0.49% Gross
Total interest rate including bonus rate   4.55% AER     4.30% AER

[Sarah]

Chase UK

On 1 August 2024, the Bank of England base rate was reduced from 5.25% to 5%. As the Chase saver rate is tied to the Bank of England base rate, the new Chase saver variable rate is now 3.85% AER (3.78% gross).

That reduces the rate with 1% bonus to 4.85% AER.

This additional change also applies from 8 October 2024:

The AER of the Chase saver account is currently 1.15% below the Bank of England base rate. We're changing this percentage difference from 1.15% to 1.25%. This means if the Bank of England rate is 5%, the AER of our saver will be 3.75%. You can find the Bank of England base rate on their website at any time.

[Sarah]

BoE cut base rate by 0.25% yesterday.

The Bank cut interest rates to 4.75% from 5% in a move that had been widely expected.

But it indicated that while the extra spending outlined in the Budget would initially boost growth, measures such as raising the cap on bus fares and VAT on private school fees would push prices up at a faster rate.

Bank governor Andrew Bailey said rates were likely to "continue to fall gradually from here”, but cautioned they could not be cut "too quickly or by too much”.

https://www.bbc.co.uk/news/articles/c789n4l2xpgo

[Sarah]

Chase UK

The standard saver rate will change from 3.75% AER (3.69% gross) variable to 3.50% AER (3.45% gross) variable on 14 November 2024.

NS&I Direct Saver

This is to let you know in advance that we’re reducing the interest rates on some of our savings accounts on 20th November 2024.

Here are the changes:

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Current rate (gross/AER) until 19th November 2024       4.00%	
New rate (gross/AER) from 20th November 2024            3.75%

Shawbrook

We will be reducing the interest rate on your Easy Access Account on 26 November 2024.

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Current rate (variable)	4.36% Gross (monthly) / 4.45% AER
New Rate (variable)	4.07% Gross (monthly) / 4.15% AER

[Sarah]

Chase saver 1% boost ends soon... rate drops to 3.5% AER, which is lower than several other easy access saver accounts such as Marcus (4.30%) and Shawbrook (4.15%).

We wanted to remind you that this limited offer will come to an end on 16 January 2025.

What happens next?

After this date, the interest rate on your account will automatically change to the standard variable interest rate for the Chase saver account – which is currently 3.5% AER (3.45% gross) variable.