Interest rates

[wafter]

Just out of interest…I use a Wise account for pretty much all daily banking nowadays.

I get 4.66% on my balance and very good exchange rates so can use the card all over the World.

My Lloyds and Barclays accounts have become almost obsolete.

Wow - I have one of these accounts and wasn't aware of the interest; is that just the standard one?

I've had this for years and certainly can't complain about any of it tbh; as you say excellent rates and will even let you set up currency conversions on the balance when a certain exchange rate is reached, which is something I keep meaning to dip my toe into...


In other news has anyone noticed what's happening with gold? Apparently central banks are buying it all up. Methinks something big is on the horizon that the plebs don't yet know about..

 

[DogmaStu]

Wow - I have one of these accounts and wasn't aware of the interest; is that just the standard one?

I've had this for years and certainly can't complain about any of it tbh; as you say excellent rates and will even let you set up currency conversions on the balance when a certain exchange rate is reached, which is something I keep meaning to dip my toe into...


In other news has anyone noticed what's happening with gold? Apparently central banks are buying it all up. Methinks something big is on the horizon that the plebs don't yet know about..

Yep, just the standard account.

Gold and Oil are rising because of US recession fears / no rate cuts and geopolitical issues; Ukraine, Israel, Iran.

Stocks on the NYSE/S&P500/Nasdaq have taken a bit of a tumble in the last week due to the aforementioned concerns so the big hedge fund managers are hoovering up gold; it's what they do when things look a bit shaky, a 'safe haven' for them until things stabilise. So yeah, gold at all time highs at the moment.

 

[wafter]

Yep, just the standard account.

Gold and Oil are rising because of US recession fears / no rate cuts and geopolitical issues; Ukraine, Israel, Iran.

Stocks on the NYSE/S&P500/Nasdaq have taken a bit of a tumble in the last week due to the aforementioned concerns so the big hedge fund managers are hoovering up gold; it's what they do when things look a bit shaky, a 'safe haven' for them until things stabilise. So yeah, gold at all time highs at the moment.

Cheers - I'll have to take another look at mine and perhaps stuff some money in it then!

Yes, I was assuming those factors re. the gold price. What surprises me however is the fact that all these things have been on the table for quite some time now, with gold remaining pretty stable throughout until the last 6wks or so when it's rocketed. The only time it's seen broadly similar growth was post-Brexit vote and during Covid; both of which were massively influential events and I've not seen any developments of obviously similar magnitude unfolding within the context of the obvious factors at play.

Again, makes me think that some people know something that most of us don't.. yet.


EDIT: Just had a look at the Wise interest; which isn't as straightforward as you'd expect on a current account as it's predicated on the balance actively being invested into funds, with associated risk to capital..

 

[wafter]

Israel, Iran.

Seems we have a winner re. what's been driving gold prices.

Just read that Iran have directly attacked Israel, which is a massive escalation and has to mean the start of gulf war 3.0..

 

[SpokeyDokey]

Just opened 2 Edge Saver a/c's with Santander at very slightly under 7%. Lasts for 1 year.

You have to have an Edge current a/c to be eligible.

Sadly, a maximum of only £4000 allowed but still worth doing as that's £560 for doing nowt but shuffle money about.

Also managed to get £400 (2x£200) for opening and swiftly closing 2 a/c transfers to RBS. These deals are crazy and good old MSE are always onto them like a shot - keep your eyes peeled!

£960 for half an hour of money shuffling effort by Mrs SD.

 

[Tom...]

Just out of interest…I use a Wise account for pretty much all daily banking nowadays.

I get 4.66% on my balance and very good exchange rates so can use the card all over the World.

My Lloyds and Barclays accounts have become almost obsolete.

It's worth pointing out Wise are not a bank, and there's no FSCS protection.

 

[wiggydiggy]

Dropped to 5% - https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2024/august-2024 - 0.25% drop.

On the one hand, good I actually have savings for a change and want to find them a new home. On the other hand my new mortgage starts this month, fixed, though still less than 5%. Will have to wait and see if I could have got a better deal.

Timing is everything and not something we can always control, last time around I got a rate less than half what it is today so swings and roundabouts.....

 

[Electric_Andy]

Wise are not a bank, and there's no FSCS protection

I didn't know that. Our accountant recommended Wise to us for going on holiday, but maybe I'll still take my credit card for any bigger purchases

 

[wafter]

Dropped to 5% - https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2024/august-2024 - 0.25% drop.

On the one hand, good I actually have savings for a change and want to find them a new home. On the other hand my new mortgage starts this month, fixed, though still less than 5%. Will have to wait and see if I could have got a better deal.

Timing is everything and not something we can always control, last time around I got a rate less than half what it is today so swings and roundabouts.....

I think this small drop in the short term will make naff all different to mortgage rates..

 

[NorthernSky]

drops in rates are pointless. estate agents go mad and put house prices up by way more than you will ever save with a lower rate.

 

[Sterlo]

Been advised this morning my savings rates going down in 2 weeks, probably prompt me to do another bank move.

 

[PaulSB]

Been advised this morning my savings rates going down in 2 weeks, probably prompt me to do another bank move.

I had a similar email from my bank. At the same time the message offered me the opportunity to switch my existing current account to a different, cheaper c/a with improved cashback. Plus I was able to open a new savings account at 6% and instant access.

I was both pleased and impressed.

 

[vickster]

drops in rates are pointless. estate agents go mad and put house prices up by way more than you will ever save with a lower rate.

Doesn't mean people will pay that though

 

[glasgowcyclist]

Plus I was able to open a new savings account at 6% and instant access.

That’s a great rate for instant access. Which bank is that?

 

[PaulSB]

That’s a great rate for instant access. Which bank is that?

Santander. If you switch to a Santander Edge current account you'll get £150 for switching, usual rules apply. The cashback etc. on this account is good.

If you have an Edge current account you can open an Edge Saver. This pays 6% with a maximum deposit of £4000. No penalty for withdrawals. I appreciate people may want to deposit more than £4k but it fits nicely with my needs.

I already bank with Santander. I simply switched my existing c/a for the Edge c/a. I still get the £150.