24 Apr 2018

A question about : National Savings Cuts Rates

Following the rise in the Bank of England Rate earlier this month, National Savings has cut at least one of its interest rates - 28th Issue Fixed Savings Certificates (tax free)

Not sure when this occurred exactly, but sometime since 17th, as press relases from NS&I only go up to that date, and the current offering is not mentioned there

?? Aug !: 28th Issue, 2yr - 3.35%

20 June : 27th Issue, 2yr - 3.50%

20 May : 26th Issue, 2yr - 3.25%

22 April : 25th Issue, 2yr - 3.05%

[The fact that the 'post office' has cut rates at this time could be for any reason:eg they have no need to borrow any more, or interest have 'peaked' or are about to 'peak']

Yes, they weren't competitive - other than by virtue of being tax-free - but it shows that they aren't !'competitive' in another sense also - they can offer these as well as ISAs, whereas the banks/building societies can't [shame] !title=Embarrassment

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    Category: 
    Savings & Investments
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