Latest news with #BARCLAYS
Scottish Sun
25-04-2025
- Business
- Scottish Sun
Barclays to make big change to bank accounts in DAYS impacting thousands of customers
Keep scrolling on tips to find the best saving rates DON'T BANK ON IT Barclays to make big change to bank accounts in DAYS impacting thousands of customers BARCLAYS is to make a big change to bank accounts in days impacting thousands of customers. The high street bank is lowering the rate on its Rainy Day Saver account for the second time in four months. Advertisement 1 The bank will make a change to its savings accounts Credit: Getty Customers are currently getting 4.87% interest on their Rainy Day Saver account. The interest was previously set at 5.12%, but this was cut by the bank in February. And now, on May 5, the interest is set to lower again to 4.61%. It comes ahead of the Bank of England's next interest decision on May 8. Advertisement Most economists are predicting that the rate will be cut next month down from its current figure of 4.5%, due to falling inflation. The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs. A base rate cut can mean that mortgage rates are lowered, which is good news for homeowners. But savers can be left with the short end of the stick as the interest rate they earn on their savings can also drop. Advertisement At 4.61% the Barclays Rainy Day saver is still a pretty good option for savers. It offers more than Close Brothers bank, which gives 4.45% on it easy access savings account. Santander's £130 Million Recovery: What You Need to Know But the figure is trumped by Chip bank who offer 4.75% on its easy access account. It is also worth noting that in order to sign up for a Barclays Rainy Day account you must already be a premium account holder or sign up for Blue Rewards, which costs £5 a month. Advertisement Barclays blue rewards comes with a number of perks including free. Apple TV. OTHER BANK CHANGES Virgin Money will lower the interest rate on its M Plus Saver account by 0.25 percentage points on June 16. Currently, customers benefit from an interest rate of 2.5% on savings up to £25,000. For instance, if you have £5,000 in savings, you would earn £125 in interest over the course of a year. Advertisement However, once the rate drops to 2.25%, the same £5,000 savings will generate £112.50 in interest annually - £12.50 less than before. For customers with savings exceeding £25,000, the current rate stands at 2%. Chase also slashed the rate on its standard Saver account from 3.25% to 3%.
The Sun
25-04-2025
- Business
- The Sun
Barclays to make big change to bank accounts in DAYS impacting thousands of customers
BARCLAYS is to make a big change to bank accounts in days impacting thousands of customers. The high street bank is lowering the rate on its Rainy Day Saver account for the second time in four months. 1 Customers are currently getting 4.87% interest on their Rainy Day Saver account. The interest was previously set at 5.12%, but this was cut by the bank in February. And now, on May 5, the interest is set to lower again to 4.61%. It comes ahead of the Bank of England 's next interest decision on May 8. Most economists are predicting that the rate will be cut next month down from its current figure of 4.5%, due to falling inflation. The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs. A base rate cut can mean that mortgage rates are lowered, which is good news for homeowners. But savers can be left with the short end of the stick as the interest rate they earn on their savings can also drop. At 4.61% the Barclays Rainy Day saver is still a pretty good option for savers. It offers more than Close Brothers bank, which gives 4.45% on it easy access savings account. Santander's £130 Million Recovery: What You Need to Know But the figure is trumped by Chip bank who offer 4.75% on its easy access account. It is also worth noting that in order to sign up for a Barclays Rainy Day account you must already be a premium account holder or sign up for Blue Rewards, which costs £5 a month. Barclays blue rewards comes with a number of perks including free. Apple TV. OTHER BANK CHANGES Virgin Money will lower the interest rate on its M Plus Saver account by 0.25 percentage points on June 16. Currently, customers benefit from an interest rate of 2.5% on savings up to £25,000. For instance, if you have £5,000 in savings, you would earn £125 in interest over the course of a year. However, once the rate drops to 2.25%, the same £5,000 savings will generate £112.50 in interest annually - £12.50 less than before. For customers with savings exceeding £25,000, the current rate stands at 2%. Chase also slashed the rate on its standard Saver account from 3.25% to 3%. FINDING THE BEST SAVINGS RATES WITH your current savings rates in mind, don't waste time looking at individual banking sites to compare rates - it'll take you an eternity. Research price comparison websites such as and MoneySupermarket. These will help you save you time and show you the best rates available. They also let you tailor your searches to an account type that suits you. As a benchmark, you'll want to consider any account that currently pays more interest than the current level of inflation - 2%. It's always wise to have some money stashed inside an easy-access savings account to ensure you have quick access to cash to deal with any emergencies like a boiler repair, for example. If you're saving for a long-term goal, then consider locking some of your savings inside a fixed bond, as these usually come with the highest savings rates.
Yahoo
15-03-2025
- Business
- Yahoo
German stocks, euro rally as German parties agree on historic debt deal
LONDON (Reuters) - German Chancellor-in-waiting Friedrich Merz reached an agreement with the Greens on Friday on a massive increase in state borrowing just days ahead of a parliamentary vote next week, Reuters reported, citing a source close to the negotiations. German shares rose on the news, with the blue chip Dax index over 2% higher on the day, while mid and small-cap stocks rose over 3%. The euro also strengthened and was last up 0.5% at $1.0904,, while Germany's 10-year bond yield, rose 7 basis points to 2.93%. COMMENTS: ROHAN KHANNA, HEAD OF EURO RATES STRATEGY, BARCLAYS, LONDON: Bond markets have generally been of the view that the package will be approved and hence 10-year Bund yields have not retracted at all after the sharp increase last week. Recent news reports which suggest that they are close to a deal have resulted in a further sell-off in EGBs (European government bonds) and this pressure should persist for now. With this sell-off, the yield curve has also continued to steepen as the markets price improved growth and inflation in the medium-term requiring the European Central Bank to hike policy rates. As things stand, markets expect the ECB to cut rates to 2% before the end of this year and then increase them to 2.5% by end of 2027. NICHOLAS REES, HEAD OF MACRO RESEARCH, MONEX EUROPE, LONDON: "They've managed to get over the first hurdle. There are a lot of challenges still to come. In Germany it takes a long time to spend money. So, despite the fact markets are very optimistic right now, we think they're going to be disappointed." "If it takes them a while to deploy cash, it's going to take a while to feed through for growth. What you do get is a big uptick in borrowing costs, which is going to weigh on growth." "We certainly expected euro-dollar to retrace lows, we're looking for euro-dollar to hit $1.03, as the market starts to price out some of these easing expectations in the U.S., as it becomes apparent these recession fears are overblown… and we've still got tariffs coming (on Europe)." CHRIS TURNER, GLOBAL HEAD OF MARKETS, ING, LONDON: "I think most of the market thought it (the fiscal reform) would go through. If we see confirmation today, rather than Tuesday, that it's gone through, then we're preempting some of the gains from next week." "Our rates strategy team think Bund yields are going to 3.2% and for the euro-dollar maybe $1.0950 might be the top. Big picture we see a range of $1.05-$1.10 and we think tariffs in April are going to be negative for the euro." "But, in the short-term all the focus is on this fiscal deal going through." ANDREAS BRUCKNER, EUROPEAN EQUITY STRATEGIST, BANK OF AMERICA, LONDON: "The market of course loves this news because they need the Greens to push through this fiscal package." "Everything related to German fiscal (policy) is basically up - also cap goods, defence stocks are driving this as well, an overall pro-cyclical rotation, I think a 1.2% outperformance of cyclical versus defensives, of course on the back of major underperformance yesterday." "So, there's also a bit of reversal of yesterday's broadly risk-off moves on the sector front." STEFAN BRUCKBAUER, CHIEF AUSTRIAN ECONOMIST, UNICREDIT, VIENNA: "Overall it's great news in general for the Austrian economy as Germany is our main trading partner and more than 7% of our GDP comes from Germany, this is more double amount than the U.S." "Looking at all these changes, especially in the U.S., it's good news for us that our main export market is starting to invest. Although there are some negative effects also, we have seen increasing interest rates on the long end." RICHARD MCGUIRE, HEAD OF RATES STRATEGY, RABOBANK: "The deal had been anticipated as indicated by the violent selloff in bonds last week." "The additional upward impetus in yields is limited." "What would be interesting to see is if the 3% ceiling for Bund yield breaks before these plans come into fruition." "This is positive for Germany but there are questions marks on how quickly the plans can be delivered. The speed at which the funds can be deployed is questionable." LEE HARDMAN, SENIOR CURRENCY ANALYST, MUFG, LONDON: "Short term it's another positive driver for the euro, but we'd be wary about getting too excited about the news, the market was already expecting it to come before next Tuesday." "It takes the risk of a disappointment off the table, and allows the euro to drift a bit higher." Sign in to access your portfolio
