Interest rates are meant to rise today - Are we all doomed?

Jon

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https://www.bbc.co.uk/news/business-45034372

We have a fixed mortgage and I have naff all savings anyway but is this going to have effect you? It's certainly a good move for the savers among you all!

Five interest rate facts
  • More than 3.5 million residential mortgages are on a variable or tracker rate
  • The average standard variable rate mortgage is 4.72%
  • On a £150,000 variable mortgage, a rise to 0.75% is likely to increase the annual cost by £224
  • A Bank rate rise does not guarantee the equivalent increase in interest paid to savers
  • No easy access savings account at a major High Street bank pays interest of more than 0.5%
 

mikecmr

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I just think its a way to ease Brexit when it happens lower rates back down to 0.5 just incase financial markets are hit
 

Jon

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I just think its a way to ease Brexit when it happens lower rates back down to 0.5 just incase financial markets are hit
Yeah I'm just not sure what's going to happen post brexit at all.

Not sure if I should change my £ to $ before we leave or after!!!
 

Cas

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  • No easy access savings account at a major High Street bank pays interest of more than 0.5%


This fact here is depressing.
 

Jon

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  • No easy access savings account at a major High Street bank pays interest of more than 0.5%


This fact here is depressing.
I remember the days of my Sainsburys Bank savings account being at 4%!!
 

homie

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I earnt 7% a year on my first ISA all those years ago.

Now its more like 0.7%
 

mikecmr

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extra £21 quid a month for my mortgage i'll just put my lodgers rent up haha!
 
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