With a further increase in ECB rates last week to 3.5% can we expect similar increases in regular saver accounts. I have my doubts.
(a) AIB guarantee their rate ECB + 2.5% which now = 6%, but they are currently paying above that at 6.34% so no obligation on them to increase.
(b) Bank of Scotland (Halifax) are currently paying 6.2% so doubtful if they will increase their rate as this is quite competitive.
(c) Anglo Irish bank guarantee they will pay minimum of 4.5% but as they are currently paying 6% there is no obligation on them to increase. However, don't rule them out as they like to be a top competitor.
(d) The only one affected by last weeks increase is Bank of Ireland. They jumped from 4.75% to 6% last week and as far as I know stated they would pay the ECB rate plus 2.75% which would bring them to 6.25% now.
These are the four main players at the moment. PTSB, EBS and NIB would want to move up or else they are tailed off.
On lump sum deposits the only increase announced so far is Northern Rock. They have not passed on a full 0.25% increase, stopping short at 0.15%. Their demand on line account will be 4.15% from 3rd Jan 2007. However they have a one year fixed rate account at 4.25% (this offer closes in 8th January 2008). The main competitors to watch out for here are Anglo Irish bank (30 day account, currently 3.75%) and Rabodirect (3.70%). Expect these two to move upwards in Jan 07.
(a) AIB guarantee their rate ECB + 2.5% which now = 6%, but they are currently paying above that at 6.34% so no obligation on them to increase.
(b) Bank of Scotland (Halifax) are currently paying 6.2% so doubtful if they will increase their rate as this is quite competitive.
(c) Anglo Irish bank guarantee they will pay minimum of 4.5% but as they are currently paying 6% there is no obligation on them to increase. However, don't rule them out as they like to be a top competitor.
(d) The only one affected by last weeks increase is Bank of Ireland. They jumped from 4.75% to 6% last week and as far as I know stated they would pay the ECB rate plus 2.75% which would bring them to 6.25% now.
These are the four main players at the moment. PTSB, EBS and NIB would want to move up or else they are tailed off.
On lump sum deposits the only increase announced so far is Northern Rock. They have not passed on a full 0.25% increase, stopping short at 0.15%. Their demand on line account will be 4.15% from 3rd Jan 2007. However they have a one year fixed rate account at 4.25% (this offer closes in 8th January 2008). The main competitors to watch out for here are Anglo Irish bank (30 day account, currently 3.75%) and Rabodirect (3.70%). Expect these two to move upwards in Jan 07.