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Bank of England Rate Cut

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Bank of England Rate Cut

Ok it's just been announced...a 1% cut down to 2%. Does it matter as it's not fully passed on Angry
Lowest rate since November 1951.
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Re: Bank of England Rate Cut

Apparently a lot of people may be disappointed if they are expecting a cut in their mortgage rate.  Some building socs have a clause in their rates that on tracker mortgages they will not drop below a certain level irrespective of the actual rate.
Everyone is thinking about mortgages but what about those of us who have a few bob invested for a rainy day or to help out our pensions?  Interest rates on savings accounts won't be worth having Sad
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Re: Bank of England Rate Cut

Yeah I'm expecting things like this:
'In view of the Bank of England rate cut we are reducing saver rates by 1% from midnight tonight'
'In view of the considerable administration costs we are unfortunately unable to pass on the 1% Bank of England rate cut but the situation remains under review'
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Re: Bank of England Rate Cut

Yeah once again those of us who lived within their means and only bought what they could afford get shafted.
Make me want to  Cry
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Re: Bank of England Rate Cut

I totally agree adiewoo. It makes you wonder if it's worth doing the right thing. Live beyond your means and then put your hand out seems to be the philosophy these days Angry
So much for prudence - whoever she is Wink
Thunderclap
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Re: Bank of England Rate Cut

"Prudence is misfortune and vice is the new virtue."
A unique aspect of this downturn is those who were financially responsible over the last decade have got serioulsy screwed. Shares, investments, pensions, etc, have a lower rate of return than just going out and drinking the money. Meanwhile, those who had no intention of ever paying off their debts are laughing all of the way to the bank. A banking system so weak that it needs to be underwritten by the tax payer. Watch out in 2009 for the courts righting off the debts of those spend thrifts who owe hundreds of thousands of pounds.
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Re: Bank of England Rate Cut

Halifax still have 7.00% fixed for 12 months on offer; for regular saving.
The snag being that you can not access the money until the end of the 12 months (or you lose ALL the interest).
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Re: Bank of England Rate Cut

Yes, AND you probably have to "invest" (save) at least £1,000 per month , to get that rate... Undecided
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Re: Bank of England Rate Cut

Quote from: shutter
Yes, AND you probably have to "invest" (save) at least £1,000 per month ,

Wake up Shutter:
"Save between £25 and £500 every month for 12 months by standing order and get a rate of 7.00% AER "
PS If it was bigger sums I'd go for it!
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Re: Bank of England Rate Cut

And then the rate drops to their standard rate. 
pierre_pierre
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Re: Bank of England Rate Cut

and dont forget this rider at the end
Quote
    * UK's No 1 for savings - no one helps more people grow their savings than Halifax*
AER
All Balances

7.00%
Please note: Rates of interest are subject to change, to check effective dates for all our Savings products please see our Interest Rates section.
Community Veteran
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Re: Bank of England Rate Cut

I think they are the only bank so far to say they won't pass on the full 1% reduction. That won't please Gordon Wink
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Re: Bank of England Rate Cut

@ adiewoo
This is what I was intending to link to; Halifax Children Regular Saver 10% Gross for £10 to £100 per month.
Sorry Pierre, shutter you're an little to old.
maranello
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Re: Bank of England Rate Cut

Signed up for that Halifax account last night (not the kids one). Rate is fixed for the full 12 months, but not sure if it will still be 7%. Whatever it is, in 12 months time when things get really bad I can spend the money on a new set of teeth!
My other car isn't a Ferrari
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Re: Bank of England Rate Cut

Quote from: chillypenguin
@ adiewoo
This is what I was intending to link to; Halifax Children Regular Saver 10% Gross for £10 to £100 per month.
Sorry Pierre, shutter you're an little to old.

Yes..... and a little too poor !!... Cry Cry Cry