interest rate increases

[mutantpoodle]

slowly but surely building societies are offering higher interest rates
BUT>>MAINLY FOR NEW ACCOUNTS

if you do not open a new account with them you will usually not get the new much advertised/bragged about interest rates

the LEEDS bsoc is prime example of this...leaving existing customers on an older issue at the old rate of interest

needless to say, they do not tell you this when they announce new rates


fyi...this time...the Skipton has in fact just increased the rates on existing accounts...so not requiring masses extra work for customers

[pje16]

Anyone who believed that banks building societies have our best interests at heart needs a reality check

[scrumpyjack]

I've found RCI pretty good. None of this old account rubbish. They've just upped the rate to 3.6%. Marcus is also good but marginally lower rate and interest is paid monthly without an option to pay annually.

[scotview]

fyi...this time...the Skipton has in fact just increased the rates on existing accounts...so not requiring masses extra work for customers

Skipton easy access cash ISA , 3.5%, that looks good.

Can that rate go up or down, with the BoE rate ? Can't see anything on their info.

Thanks.

[mutantpoodle]

yes its a variable rate
and for the first time...(in my experience) skipton have increased their rates without making customers open new accounts

although their 'maturity' accounts fall below that offered to new customers

in the past rates NEVER went up in same issues...despite info saying 'can go up or down'

but they have learbed from regular complaints

[Redmires]

We have accounts with both the Coventry & Yorkshire Building Society's. In each case of an interest rise we've been informed that the rate is increasing on our existing accounts. No complaints here.