Shawbrook Bank - Easy Access Savings Rate Cut

[Gerry557]

Just a heads up that they are cutting the savings rates on one of their accounts but it might affect other savings rates but I haven't checked

We will be reducing the interest rate on your Easy Access account on 5 March 2024.
Here are the key details you need to know::

Current Rate 4.99% Gross / 5.11% AER (variable/monthly)

New Rate 4.89% Gross / 5.00% AER (variable/monthly)

I suspect this might be one of a few coming this way if the Bank of England see light at the end of the tunnel

[SebsCat]

Not surprising since issue 36 has been NLA (no longer available) for some time and the replacement issue 37 has the lower rates. I'm just glad that we've had another few months at the higher rate.

[bluedonkey]

Emphasises how gilt TN25 was a good buy recently.

[Gerry557]

Another rate cut.

From 1st May

4.60% gross 4.70 AER from
4.89% gross 5.00 AER

Probably empty this account for something better now.

[SebsCat]

Probably empty this account for something better now.

Me too, although as the cut isn't until the start of May I'll wait and see what the BoE do in April and what cuts that might lead to elsewhere. 4.7% might be competitive by then!

[mike]

Me too, although as the cut isn't until the start of May I'll wait and see what the BoE do in April and what cuts that might lead to elsewhere. 4.7% might be competitive by then!

Just in case it makes any differnece to your actions, the next BoE decision not until is 9 May. Next inflation figures are due on 17 April.

Bank of England dates are here
Inflation figures are normally released on the third Wednesday of the month.

[Gerry557]

Well I can get higher rates currently so might move earlier than later anyway.

Expecting 3 rate cuts so are they doing this one in advance or with the same expectation. I think this needs a minimum £1k to maintain the better rate too.

Not sure if I should go down to a k or a pound or just close the account altogether.

[Fluke]

and again. From the 1st May it's going down from 4.89% (monthly) to 4.60%.

Their 45 day notice account is still showing as 5.16% (5.05% monthly), I suppose notice accounts are slightly less volatile, I might move some of my cash savings over to that as I don't need easy access to the whole amount - I'll open the account and it'll drop you watch.