NS&I Cash ISA reacts to increase in UK interest rate.

[stevensfo]

With UK interest rates increased from 0.5% to 0.75%, the NS&I have decided to go..

...in the opposite direction, by cutting the cash ISA from 1% to 0.75%!

Not reading the tabloids, I refuse to be 'outraged', so a loud 'Tut!' will have to suffice.

Steve

[AleisterCrowley]

Doesn't the proposed rate change predate the MPC decision?
Haven't got my paperwork to hand but IIRC the notification of reduction came through a while back.

Perhaps they'll cancel it following the rise....

[PinkDalek]

Doesn't the proposed rate change predate the MPC decision?
Haven't got my paperwork to hand but IIRC the notification of reduction came through a while back.

Perhaps they'll cancel it following the rise....

Yes, I think they announced the cut back in July.

Interestingly, perhaps, HMRC yesterday announced they have increased the rates of interest for late payment from 3.00% to 3.25%, with effect from 21 August 2018.

Maybe https://www.nsandi.com/our-products will provide an update shortly. I'm keeping an eye out on this page https://www.nsandi.com/interest-rates.

[swill453]

Maybe https://www.nsandi.com/our-products will provide an update shortly. I'm keeping an eye out on this page https://www.nsandi.com/interest-rates.

Last time the base rate went up they immediately increased the Premium Bond prize fund by the full 0.25%. They don't seem to be doing the same this time.

Scott.