Instant access Vs Term deposit

I am a Raisin customer with 2yr term deposit account. I'm interested in further investment and noticed that rates on interest access accounts appear attractive when compared to tying up savings for a fixed period. I realise that the rate is variable and has other conditions. I'm just wondering if instant access rates normally change gradually or does it decline to zero overnight. Thanks

Logo said:

I'm just wondering if instant access rates normally change gradually or does it decline to zero overnight.

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They can change at any time if not fixed.

In my experience, they tend to change gradually. But no guarantees.

Logo said:

does it decline to zero overnight

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The interest on the instant access accounts mostly move with the ECB rates, and those move very slowly (the maximum and fastest reduction in recent years I think has been 0.25% every quarter)

Thanks for the relies. I do realise it's impossible to forecast the future but input from past experience is really helpful. Also special thanks @Lightning for the latest updates on rates.it is appreciated

shrinn said:

(the maximum and fastest reduction in recent years I think has been 0.25% every quarter)

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There have been some 0.25% changes (cuts) more frequently than quarterly in recent times. And some changes more than 0.25% in the past.
E.g. 3 x 0.25% = 0.75% cuts over 8 months this year and a 0.5% increase in one go in early 2023.