The Lemon Fool

Just had message from TSB that the 3% on their plus Account is reducing to 1.5% from 2nd May 2020
certainly a race to the bottom from all of them now

Also, Marcus are dropping their rate from 10 March 2020, though fortunately only by 0.05%.

Yes good statement from Marcus, best account going

There was a time in the 90s you'd get 2-3% above inflation in your building soc account, good times.

looks like the going rate for a good??? instant access savings account is 1.3% and for a Currernt account 1% ,so I guess 1.5% is above average

steelman99 wrote:looks like the going rate for a good??? instant access savings account is 1.3% and for a Currernt account 1% ,so I guess 1.5% is above average

It's only paid on the first £1500 though. So less than 50p/week.

Scott.

TSB don't require any direct debits to be paid to qualify though.

Coventry B/S are paying 2.5% for a reg' saver.
Kent B/S are paying 3% for the same.

Marcus now down to 1.2%.

GeoffF100 wrote:Marcus now down to 1.2%.

Indeed.

More information generally available below (other sources exist):

Best savings rates: General savings - easy access online and branch
https://www.thisismoney.co.uk/money/art ... ranch.html

I'm amazed I still get 1.5% from my instant access Kent Reliance account. Their "Issue 37" account, currently on offer, is at 1%, but mine is Issue 33.

It has "variable rate" in its conditions, but they don't seem to bother to vary it. I can still continue to add money to it, and get the 1.5%.

Scott.

swill453 wrote:I'm amazed I still get 1.5% from my instant access Kent Reliance account. Their "Issue 37" account, currently on offer, is at 1%, but mine is Issue 33.

It has "variable rate" in its conditions, but they don't seem to bother to vary it. I can still continue to add money to it, and get the 1.5%.

Scott.

Same here. They're a small building society and seem to serve their members much better than some of the bigger ones such as Nationwide.

I find it annoying that Nationwide spend lots of money on TV adverts when surely as a mutual they would be better to ditch spending on advertising and just offer their members the best possible rates.

Technically, Kent Reliance is not a Building Society.

It's a Provident Society that owns about a 60% share of a FTSE-250 listed plc Bank that actually provides the products. The other 40% is owned by US Private Equity.

imo its always best to telephone the new customer lines before investing
if they cannot respond even before they get your money...consider the chances when they have it!!

I tried this last autumn with one of companies already mentioned
i hung up after 25 minutes
no investment made

swill453 wrote:I'm amazed I still get 1.5% from my instant access Kent Reliance account. Their "Issue 37" account, currently on offer, is at 1%, but mine is Issue 33.

It has "variable rate" in its conditions, but they don't seem to bother to vary it. I can still continue to add money to it, and get the 1.5%.

Oh well, 'twas good while it lasted. In case you haven't got it yet, I got an email yesterday evening saying that the interest rate on the Issue 33 Online Easy Access account will be dropping to 1% from 9 June....

Marcus just announced drop from 1.20% to 1.05% from 30 May. No notice period at all really.

Maroochydore wrote:Marcus just announced drop from 1.20% to 1.05% from 30 May. No notice period at all really.

Especially considering they just dropped it from 1.3% to 1.2% last Thursday, 7 May.

In fact, it looks like the 1.05% is already in effect for new customers, https://www.marcus.co.uk/uk/en, although I've yet to get any notification of the drop for existing customers....

mc2fool wrote:

swill453 wrote:I'm amazed I still get 1.5% from my instant access Kent Reliance account. Their "Issue 37" account, currently on offer, is at 1%, but mine is Issue 33.

It has "variable rate" in its conditions, but they don't seem to bother to vary it. I can still continue to add money to it, and get the 1.5%.

Oh well, 'twas good while it lasted. In case you haven't got it yet, I got an email yesterday evening saying that the interest rate on the Issue 33 Online Easy Access account will be dropping to 1% from 9 June....

Yep, got the email this afternoon. Oh well, might put some more into Premium Bonds.

Scott.

mc2fool wrote:

swill453 wrote:I'm amazed I still get 1.5% from my instant access Kent Reliance account. Their "Issue 37" account, currently on offer, is at 1%, but mine is Issue 33.

It has "variable rate" in its conditions, but they don't seem to bother to vary it. I can still continue to add money to it, and get the 1.5%.

Oh well, 'twas good while it lasted. In case you haven't got it yet, I got an email yesterday evening saying that the interest rate on the Issue 33 Online Easy Access account will be dropping to 1% from 9 June....

And now down to 0.7% from 14 August

Scott.

A 10 year gilt ladder is still paying 1.85%, but that's steadily declining as older higher yielders mature and the proceeds are rolled into lower yields. Dropped from 2.4% a couple of years ago, to 2.2%, and now 1.85% for 2020, and if yields remain around the same will decline to 1.6% for 2021. That's ignoring capital value (assumes each of the 10 rungs are all held to maturity so the yearly income is the average of the past 10 year, 10 year yields.

10 year Gilt yields
Dec 2008 3.35
Dec 2009 3.93
Dec 2010 3.50
Dec 2011 2.12
Dec 2012 1.84
Dec 2013 2.92
Dec 2014 1.87
Dec 2015 1.87
Dec 2016 1.39
Dec 2017 1.22
Dec 2018 1.27
Dec 2019 0.69

Rather than rolling into another 10 year as each rung matures, rolling into shorter term or Bank fixed term/interest rates seems the wiser action. 3 or 5 year ladder. Doing that over the last few years would have kept income up at around 2% levels. Just about offsetting inflation.

Club Lloyds current account reducing from 1% to 0.6% from 1 October.