NS&I Cash ISA reacts to increase in UK interest rate.
Posted: August 10th, 2018, 10:04 am
by stevensfo
With UK interest rates increased from 0.5% to 0.75%, the NS&I have decided to go..
...in the opposite direction, by cutting the cash ISA from 1% to 0.75%!
Not reading the tabloids, I refuse to be 'outraged', so a loud 'Tut!' will have to suffice.
Steve
Re: NS&I Cash ISA reacts to increase in UK interest rate.
Posted: August 10th, 2018, 10:36 am
by AleisterCrowley
Doesn't the proposed rate change predate the MPC decision?
Haven't got my paperwork to hand but IIRC the notification of reduction came through a while back.
Perhaps they'll cancel it following the rise....
Re: NS&I Cash ISA reacts to increase in UK interest rate.
Posted: August 14th, 2018, 1:06 pm
by PinkDalek
AleisterCrowley wrote:Doesn't the proposed rate change predate the MPC decision?
Haven't got my paperwork to hand but IIRC the notification of reduction came through a while back.
Perhaps they'll cancel it following the rise....
Yes, I think they announced the cut back in July.
Interestingly, perhaps, HMRC yesterday announced they have increased the rates of interest for late payment from 3.00% to 3.25%, with effect from 21 August 2018.
Maybe
https://www.nsandi.com/our-products will provide an update shortly. I'm keeping an eye out on this page
https://www.nsandi.com/interest-rates.
Re: NS&I Cash ISA reacts to increase in UK interest rate.
Posted: August 14th, 2018, 4:05 pm
by swill453
Last time the base rate went up they immediately increased the Premium Bond prize fund by the full 0.25%. They don't seem to be doing the same this time.
Scott.