Interest Rate Rises

Money, investing, mutuals etc
Sarah
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Re: Interest Rate Rises

Post by Sarah » Thu Jun 01 2023 11:11am

Ford Money
In line with Our Best Rate Guarantee we’re increasing the interest rate on our Flexible Saver effective 1st June 2023 as follows:

Current rate New higher rate
3.54% Gross 3.69% Gross
https://www.fordmoney.co.uk/savings-pro ... ible-saver
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Sarah
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Re: Interest Rate Rises

Post by Sarah » Thu Jun 01 2023 8:49pm

Chase UK
Good news – we're increasing the Chase saver account interest rate from 3.1% AER (3.06% gross) variable to 3.3% AER (3.25% gross) variable, effective from 22 May 2023.
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Re: Interest Rate Rises

Post by jaytee » Fri Jun 02 2023 3:24am

Chip are offering 3.82% or 4.10% on a 90 day access account. All covered by FSCS
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Re: Interest Rate Rises

Post by Sarah » Fri Jun 02 2023 4:40am

Shawbrook
Easy Access Account Issue 35
AER 3.75% Variable
https://www.shawbrook.co.uk/direct/savi ... sy-access/
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expressman33
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Re: Interest Rate Rises

Post by expressman33 » Sun Jun 04 2023 11:22am

Secure Trust Bank 3.85% easy access , 5.05% 1/2/3 year fixed rate bonds https://www.securetrustbank.com/savings ... r-accounts
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planteria
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Re: Interest Rate Rises

Post by planteria » Sun Jun 04 2023 12:32pm

two good rates there.. both better than anything from Building Societies afaik
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Re: Interest Rate Rises

Post by jaytee » Sun Jun 04 2023 1:10pm

Raisin, with Tandem bank, are offering 2, 3 and 5 year fixed bonds at 5.25%, 5.30% and 5.35% respectively.
www.raisin.co.uk

With these figures, it suggests to me that they are not expecting interest rates to fall to the rates we saw over the last 10 years in the near future.
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Sarah
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Re: Interest Rate Rises

Post by Sarah » Sun Jun 04 2023 4:10pm

planteria wrote:
Sun Jun 04 2023 12:32pm
two good rates there.. both better than anything from Building Societies afaik
The interest rate from Ford Money is actually the same as Shawbrook too, however they send me notifications that quote the monthly AER (3.69%) rather than the equivalent annual AER (3.75%) since my account uses the monthly option.

Also of note - the Shawbrook easy access account has more restrictive limits on balances only allowing £1,000 to £85,000 per customer; whereas the Ford Money flexible saver account permits balances of £1 to £2,000,000 for single or joint accounts.
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Re: Interest Rate Rises

Post by jaytee » Sun Jun 04 2023 5:42pm

Sarah wrote:
Sun Jun 04 2023 4:10pm
planteria wrote:
Sun Jun 04 2023 12:32pm
two good rates there.. both better than anything from Building Societies afaik
The interest rate from Ford Money is actually the same as Shawbrook too, however they send me notifications that quote the monthly AER (3.69%) rather than the equivalent annual AER (3.75%) since my account uses the monthly option.

Also of note - the Shawbrook easy access account has more restrictive limits on balances only allowing £1,000 to £85,000 per customer; whereas the Ford Money flexible saver account permits balances of £1 to £2,000,000 for single or joint accounts.
Personally, would not have more than £85,000 with one company as is the company folds the government will only compensate up to £85,000 under FCSC. But be careful, as some 'banks' are part of a group, for example Virgin Money and Clydesdale Bank, in which case if you had £80,000 in each you would only jave cover on a total of £85,000 and not £160,000.
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Re: Interest Rate Rises

Post by Sarah » Sun Jun 04 2023 6:19pm

jaytee wrote:
Sun Jun 04 2023 5:42pm
the government will only compensate up to £85,000 under FCSC
Indeed, exceeding £85,000 per depositor isn't recommended and I'm not advocating for anyone to take that risk, although the FSCS guarantee is effectively a minimum. If called upon, the government could choose to provide higher compensation cover if they wish, as they did with IceSave.
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