August 2018 and onward- Interest rate monitor - please join in

[Zak33]

Lo people

OK, noon today, 2nd Aug 2018, the Bank of England raised rates by 0.25% to a central rate of 0.75%

Clearly everyone has loans, mortages, and a few also have savings.

What I want from you lot is hard fact in this thread.

When you get the official communcation about your mortage changing, or your savings changing, please post here.
We want to know :

• The DATE it's going to change (also the date of the letter/email, but mostly the DATE IT TAKES EFFECT)
• The rate changes by what ? (up 0.25%?)
• What the change is on? Mortgage? Over Draft? Perosnal loan on tracker? Savings?

Because, of interest to everyone who shows interest in interests is... do the loans go up fast.. but the savings go up slowly?

[Saracen]

This will be interesting.

My bet? Mortgages go up pretty quickly, but savings rates will be much sloser, if they shift at all.

Me? No loans, no mortgages and no savings that will be affected by this.

[Zak33]

This will be interesting.

My bet? Mortgages go up pretty quickly, but savings rates will be much sloser, if they shift at all.

Me? No loans, no mortgages and no savings that will be affected by this.

then you're the chocolate tea pot in the room

[Saracen]

'Fraid so, but a teapot with a wry smile.

[Zak33]

Please link to any news you see with 100% clarity on Interest Rate Increases on mortgages guy, dated. Cheers all

[Bagnaj97]

Tracker mortgage, HSBC, had an email to remind me that the loan rate will change within 1 day of any base rate change. Now just waiting for the letter via snail mail with my recalculated payments. Last time the rates went up my payments went down because I'd been overpaying, but given that this increase isn't too long after that last one I don't think that'll happen this time.

*Zak addition- thanks Bagnaj. as soon as the change occurs please tell us the increase % (no need to share the actual amount, thats confidential really ) and the date it kicks in*

[DanceswithUnix]

Barclays emailed to say mortgage rate increase will apply from 1st September, amount to be emailed to us before then. The mortgage tracks though, so it will go up 0.25% the only variable was when.

[Smudger]

I had a letter to say my MBNA credit card interest rate was increasing - before the central rate was increased. I haven't got any credit outstanding on that card, so I'm just going to close it.

[Bagnaj97]

*Zak addition- thanks Bagnaj. as soon as the change occurs please tell us the increase % (no need to share the actual amount, thats confidential really ) and the date it kicks in*

It's a tracker mortgage, so it's always base rate+a set amount. Anyone on a variable rate mortgage would be more interesting as that's not set in stone and is up to the lender to decide how much of the increase to pass on.

[Zak33]

October Update on interest earnings.

A Natwest Savings Account that WAS paying 0.1% per anunum (pre bonus for not withdrawing every month) has risen to 0.2%. The non withdrawl bonus hasn't changed.

So, in effect, it took all of August (understandable) all of September, (less understandable) and then in October the rate increase of 0.25% was passed on as a 0.1% increase

Let jubilation reign........

[scaryjim]

... in effect, it took all of August (understandable) all of September, (less understandable) and then in October the rate increase of 0.25% was passed on as a 0.1% increase

Let jubilation reign........

tbf that's absolutely in line with the Bank of England's expectation for the continuing low base rates. They're nowhere near high enough for people to be expected to save; this was a tiny speedbump to slow spending.

Also the ubiquitous very low standard rates are somewhat offset by the special offer, bond and long-term saving rates that are available almost everywhere. The banks are encouraging the middle classes to leave more money in their current accounts at the end of the month by offering e.g. 5% on the first £2500 (Nationwide, minimum monthly deposit £1k). There's also a decent number of no-withdrawal and regular savings accounts with relatively high rates. So just looking at the base rate of a "normal" savings account won't tell you much - that's not where the banks expect, or even want, you to put your money. They're using rate offers to encourage a different kind of saving.