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NS&I Announces Reduction in Interest Rates

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Re: NS&I Announces Reduction in Interest Rates


Postby Loup321 » October 1st, 2020, 12:16 pm

Yorkshire Building Society seem to have a reasonable rate for the amount I have with NSandI. If the rate does decrease, I will be moving it all to YBS (assuming their rate stays as attractive) within a few days. No connection other than previous customer...

N.B. The reason I left was because they had a historically marvelous account (lowish variable amount +3.5% if I deposited £25 a month and only made one withdrawal per year), but they reduced the bonus too far to be competitive. I don't think any decent rates will last, but on amounts over £10,000, chasing the best is worth about £10 a month (at the moment)

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Re: NS&I Announces Reduction in Interest Rates


Postby langley59 » October 13th, 2020, 12:32 am

With the BoE now asking banks about their readiness for negative interest rates I fear the minimal rates from November on NS&I may in the fullness of time look quite attractive ... 7663f16ceb

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Re: NS&I Announces Reduction in Interest Rates


Postby Gan020 » October 17th, 2020, 9:53 am

Gan020 wrote:Let's see what happens. NSandI instant access rate moving from 1.16% to 0.01%
Current best buys none of which have fallen since NSandI annoucement a week ago
5yr 1.60%
3yr 1.45%
2yr 1.36%
1yr 1.30%
Instant Access 0.8% (there are many options between 0.7% and 0.8%)

2½ weeks later rates look like this
5yr 1.60%
3yr 1.46%
2yr 1.37%
1yr 1.27%
Instant Access 0.8% (although YBS were paying 0.9% about £10k and West Brom are still offering 0.9%

Although rates haven't fallen the number of providers offering fixed term deals has thinned.

I'm expecting a rush of money out of NSandI as we get closer to the deadline of 24th November. That's some time away yet.

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