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Introducing the LemonFools Personal Finance Calculators

Should we laugh or cry?

stevensfo
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Should we laugh or cry?

#197408

Postby stevensfo » January 29th, 2019, 7:42 pm

Just after the news about interest rates rising last year, we all discussed why on earth NS&I decided to reduce their Cash ISA interest rates. Some said they probably didn't know and their decision would be reversed. Really? Heard anything? Nope!

So today, I got a nice letter from Yorkshire Building Society. It has a nice sound to it. We all know that Building Societies offer much better rates than banks, don't we? Okay, er.. well maybe not any more. But the word 'Yorkshire' brings to mind the image of no messing about, honesty, hard work....blablabla....

'WE'RE REDUCING THE INTEREST RATE ON YOUR POSTAL SAVER ACCOUNT''

Okay..and the reason is?

'We regularly review our products to ensure we remain competitive'.

Oh, that's alright then. Like Barclays, they must have enough left in the kitty to arrange bail for any CEOs caught stealing money, hmm? :-)

Steve

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Re: Should we laugh or cry?

#197667

Postby Maroochydore » January 30th, 2019, 6:02 pm

Me; I'm crying.

I had a similar situation some weeks ago with Coventry Building Society (tag line used to be TLC not PLC but they seem to have dropped that). I queried why they were reducing rates when everyone else was creeping up. Their reply was so they could be more competitive by offering cheaper mortgages.

I see that a few institutions have now followed this line, putting up two fingers to savers to attract more suckers with dirt cheap mortgages.

They may well start offering decent rates once all the cheap Government money stops but they won't be getting my money back whatever rate they offer.


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