Interest Rate Cuts

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

Post by Sarah » Thu Aug 08 2024 4:06pm

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

Code: Select all

                                           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
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Re: Interest Rate Cuts

Post by Sarah » Thu Aug 08 2024 4:09pm

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.
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Sarah
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Re: Interest Rate Cuts

Post by Sarah » Fri Nov 08 2024 4:55am

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
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