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Archive for the Interest rates Category
UK Still in Recession
23/10/2009 by bill.
Figures out today show that the UK economy shrank by 0.4% in the quarter ended in September.
This is likely to mean that interest rates will remain at the current level of 0.5% for some time and encourage the Bank of England to continue its policy of quantative easing.
This could be good news for borrowers but savings rates remain low, the best rates are available for anyone prepared to lock their savings away for several years there are several asvings bonds offering interest rates of over 4%.
Posted in Interest rates | Print | No Comments »
UK interest rates to stay low for years
12/10/2009 by bill.
The Centre for Economics and Business Research (CEBR) believes UK interest rates will stay low for years. This is good news for borrowers but bad news for savers.
It is difficult to find instant access accounts or cash ISAs offering interest rates much above 2% and many are currently paying less than 1%. Fixed rate savings bonds and fixed rate ISAs offer higher returns. If the CEBR forecast proves correct anyone who can afford to lock cash away for 2 or three years would do best to move their savings into fixed rate deals.
Posted in Interest rates, Savings | Print | No Comments »
Cash ISA Rates Down
08/06/2009 by bill.
The interest rate on several of the best Cash ISA accounts have been cut over the past two or three weeks as the banks meet their targets for deposits. The best variable rates available on 8th June, 2009 were from Ruffler Banks offering 3.10% aer and M and S offering 3.02%. Anyone looking to invest in a Cash ISA may well be advised to do so quickly before rates fall further.
It is still possible to find higher rates for fixed term ISAs but these are only suitable for savers who will not require access to funds during the fixed rate period. Inevitably the best rates of require fixed periods of 4 years or more and of course interest rates may go up during that period so you could lose out in later years. But as at 8th June, Halifax is offering 3.50% on its two year fixed rate ISA saver account or 4.00% fixed for 4 years.
As always, do your research and shop around to find
Click here for more information about finding the right Individual Savings Account for you.
Posted in Individual savings accounts, ISAs, Interest rates, Savings | Print | No Comments »
Interest Rate Held at 0.5%
09/04/2009 by bill.
The Bank of England Monetary Committee today decided to hold interest rates at 0.5%. This follows several rate cuts in recent months to the current record low.
At least savers should not suffer further falls in their rates. However, amny people are now earing less than 1% interest much lower than in recent years. This is a real problem for anyone who depends on income from savings to supplement pensions or other fixed incomes.
But it is still possible to earn over 2% on instant access savings accounts and over 3% on cash ISAs so it is well worth looking around to see what is available and switching to a different bank or building society that pays more.
If you are able to lock away your savings it is worth looking at fixed rate bonds paying in excess of 4% but you may be locked in for up to 5 years.
See moneyjungle.net for help finding the right savings account for you.
Posted in Interest rates, Savings | Print | No Comments »
Quantitative Easing - Is It More Than Printing Money?
06/03/2009 by bill.
The Bank of England yesterday announced that it is going to pump £75bn into the UK economy to boost the struggling economy a process known as quantitative easing or as it is more commonly known, printing money.
Few of us that are not economists really understand what is involved. Click here for a video of a BBC interview with an economist that may help explain things.
Click here for a BBC interview with the Governor of the Bank of England explaining why the Bank has decided to go ahead with quantitative easing.
More about money matters on moneyjungle.net
Posted in The economy, Interest rates | Print | No Comments »
Bank of England Interest Rate Down to 0.5%
05/03/2009 by bill.
As widely expected the Bank of England today cut interest rates to 0.5%.
Savers not on fixed rate deals will see their returns fall especially if they stick with their existing bank or building society rather than looking for higher rate deals that are available.
See moneyjungle.net for advice on how to find the best savings account for you.
The banks have up to now not taken account of interest rate cuts in the rates charged for borrowing on personal loans or on credit cards. Again the advice must be to shop around for the best deals.
Posted in Loans, Credit and Debit Cards, Mortgages, Interest rates, Savings | Print | No Comments »
A Further Interest Rate Cut Expected
05/03/2009 by bill.
Many forecasters are suggesting that the Bank of England could again cut the base rate when it meets this week. A cut from the current 1.0% to 0.75% or 0.5% is possible.
Banks are likely to pass on any cut to savers will see their returns fall even further. It is worth looking around for fixed rate savings account and bonds including fixed rate cash ISAs. It is still possible to find fixed rate deals offering more than 3% but they are few and far between. The following were available at the time of writing (4.3.09).
ICICI Bank is pays 4.1% on its 24 month Fixed Rate Hi Save Account. First Save pays 3.6% on its 1 Year Fixed Rate Bond.
The Halifax is offering 3.35% on its 5 Year Fixed Rate ISA and the Nationwide offers 3.0% on its 1 Year Fixed Rate ISA Bond.
Fixed rate savings accounts and bonds are only suitable for savers who will not need to access their funds during the fixed rate period.
Click here for information about selecting the right savings account on moneyjungle.net
Posted in Interest rates, Savings | Print | No Comments »
Number of Premium Bond Prizes Slashed
03/12/2008 by bill.
National Savings and Investments cut the notional interest rate for calculating the prize pool to 1.8% following the Bank of England decision last month to cut the lending rate.
The result is a dramatic fall in the number of prizes paid out. For example the number of £25,000 prizes has fallen from 75 in December 2007 to just 2 this month.
The number of £1m jackpot winners has been maintained at 2 a month.
The odds of any single bond winning a prize are now 36,000 to one.
If, as expected, the Bank of England cuts rates again this week, the number of prizes will fall further.
However, as with all NS and I investments savers find them attractive because they are backed by the government and are totally safe and any prizes won are tax free.
Click here for more information about Premium Savings Bonds
Posted in Premium Savings Bonds, Interest rates | Print | No Comments »
Interest Rates Expected to Fall Again
02/12/2008 by bill.
It is widely expected that the Bank of England will cut interest rates when it meets next week by 0.5 or even 1%.
Savers can expect any cut to result in lower interest rates on their savings accounts. Although fixed account and bond interest rates came down last month there is still an opportunity to take advantage of deals currently available but they will not be around for long..
Here are a selection available on 3 December 2008:
Birmingham Midshires Internet 6 month fixed rate bond 5.83% aer No access during fixed rate term
ICICI Bank HiSave Fixed Rate Account 5.75% aer for 12 months with no early withdrawal facility
Saga Internet Fixed Rate Savings Account 6 month 5.78% aer 12 month 5.55% aer no access during fixed rate period
Anglo Irish Bank UK Fixed Rate Bond 12 months 5.75% aer
For more about selecting the best savings account for you see moneyjungle.net
Posted in Interest rates, Savings | Print | No Comments »
Premium Bonds Interest Rate Slashed
19/11/2008 by bill.
Anyone tempted to consider switching savings to Premium Savings Bonds as a result of cuts to the interest rates paid on their savings account should bear in mind that the notional interst rates used to pay out prizes has fallen dramatically as a result of the fall in the Bank of England lending rate to 3%.
The notional interest rate for Premium Bonds is now down to 1.8% with the odds of any bond winning a prize in any month now 1:36000.
For more information about Premium Savings Bonds see moneyjungle.net
Posted in Premium Savings Bonds, Interest rates, Savings | Print | No Comments »