Index: Home ‣ News ‣ August 2016
24 August 2016
Turkish Bank have today reduced the interest rate from 2.3% down to 1.9% on their market leading 3 year Fixed Bond. This has now dropped them out of our Fixed Term savings account table. There are NO 3, 4 or 5 Year Fixed Term savings accounts that beat the 2.2% currently being offered by Atom Bank on their 2 year Fixed Saver account.
15 Aug 2016
Santander has today given advanced notice of an interest rate reduction for its hugely popular 1|2|3 Current Account. From 1 Nov 2016 it's slashing the interest rate from 2.96% to 1.49% Gross. However the new rate will apply to all amounts up to £20,000 so those with up to £1999 in their account will actually benefit slightly, where as everyone else will be big losers. It had been muted that they would be taking this action but most sources suggested a cut to 2%, so the actual size of cut has comes as a surprise. This is the second blow they have delivered to its 1|2|3 account holders this year coming on top of the fee rise from £2 to £5 at the begining of the year. Which other banks will make changes to their interest paying current accounts will no doubt be seen over the coming weeks. The landscape of our Top Rates Current Account table will paint a different picture before to long.
09 August 2016
...and there goes another one as Leeds BS pulls it's Regular Saver (issue 3). Paying up to 3.05% interest it had been in our Top Rates Regular Saver table, unfortunately not any more.
04 August 2016
Paragon Bank have today withdrawn their market leading 5 year Fixed Term Savings Account. This product was only on sale for less than a week and so has been removed from our Fixed Term savings account table. There are now NO 4 or 5 Year Fixed Term savings accounts that beat the 2.3% currently being offered by Turkish Bank on their 3 year Fixed Bond account.
4 August 2016
As had been widely predicted the Bank of England has today cut the Bank Rate to 0.25%. Read the Monetary Policy Summary ⇒
2 Aug 2016
Santander has released issue 2 of its Regular eSaver and at the same time took the opportunity to slash the interest rate from 5% to 3%, and so has dropped down our Top Rates Regular Saver table.
Penrith Building Society cuts the interest rate of its Help to Buy ISA. What has been a market leading rate is being cut from 4% down to 3%. This will come in to effect on 1 Sept 2016. Although this product is only eligible to customers with Cumbrian Postcodes, and so is not included in our Top Rates ISA table, it is yet another blow to savers.