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Re: The future of exchange rate from pounds sterling to US $...any opinions?
Sorry for yet another 'derailing' of a thread, but it is an example of how much current markets are in a state of unexpected surprises.
HSBC UK has been miserly in the amounts of interest it pays on savings accounts for the last several years. Its Premiere Savings (instant access) only last year went from 0.10% interest paid annually to 0.20% (where it remains today). Other accounts have paid up to 5.00%, but only allowed for a maximum deposit of £3,000 yearly. It has offered a Fixed Rate Saver account for several years with a maximum deposit of £1million. In December of 2017, a 3 year term paid 0.70% annually while a 1 year term paid 0.50%. In September of 2018, a 3 year term rose to 0.85% and a 1 year term rose to 0.65%. Four months later (10 Jan. 2019), HSBC UK has raised the interest rates significantly. For a 3 month term, the rate is 0.45%; a 6 mo. term is 0.55%; but a 1 year term is 1.60%; a 2 year term is 1.80%; and a 3 year term is 2.00%. For the UK, these are among some of the top rates for 1 and 3 year fixed term accounts. Why the sudden and substantial increase? There could be several different answers, but the movement was a surprise, even amongst HSBC staff. |
Re: The future of exchange rate from pounds sterling to US $...any opinions?
Originally Posted by theOAP
(Post 12623607)
Sorry for yet another 'derailing' of a thread, but it is an example of how much current markets are in a state of unexpected surprises.
HSBC UK has been miserly in the amounts of interest it pays on savings accounts for the last several years. Its Premiere Savings (instant access) only last year went from 0.10% interest paid annually to 0.20% (where it remains today). Other accounts have paid up to 5.00%, but only allowed for a maximum deposit of £3,000 yearly. It has offered a Fixed Rate Saver account for several years with a maximum deposit of £1million. In December of 2017, a 3 year term paid 0.70% annually while a 1 year term paid 0.50%. In September of 2018, a 3 year term rose to 0.85% and a 1 year term rose to 0.65%. Four months later (10 Jan. 2019), HSBC UK has raised the interest rates significantly. For a 3 month term, the rate is 0.45%; a 6 mo. term is 0.55%; but a 1 year term is 1.60%; a 2 year term is 1.80%; and a 3 year term is 2.00%. For the UK, these are among some of the top rates for 1 and 3 year fixed term accounts. Why the sudden and substantial increase? There could be several different answers, but the movement was a surprise, even amongst HSBC staff. |
Re: The future of exchange rate from pounds sterling to US $...any opinions?
Originally Posted by theOAP
(Post 12623607)
Sorry for yet another 'derailing' of a thread, but it is an example of how much current markets are in a state of unexpected surprises.
HSBC UK has been miserly in the amounts of interest it pays on savings accounts for the last several years. Its Premiere Savings (instant access) only last year went from 0.10% interest paid annually to 0.20% (where it remains today). Other accounts have paid up to 5.00%, but only allowed for a maximum deposit of £3,000 yearly. It has offered a Fixed Rate Saver account for several years with a maximum deposit of £1million. In December of 2017, a 3 year term paid 0.70% annually while a 1 year term paid 0.50%. In September of 2018, a 3 year term rose to 0.85% and a 1 year term rose to 0.65%. Four months later (10 Jan. 2019), HSBC UK has raised the interest rates significantly. For a 3 month term, the rate is 0.45%; a 6 mo. term is 0.55%; but a 1 year term is 1.60%; a 2 year term is 1.80%; and a 3 year term is 2.00%. For the UK, these are among some of the top rates for 1 and 3 year fixed term accounts. Why the sudden and substantial increase? There could be several different answers, but the movement was a surprise, even amongst HSBC staff. "Choose a term to suit you – 1 year: 1.30% AER/Gross, 2 year: 1.50% AER/Gross, or 3 year: 1.70% AER/Gross" So, equivalent offer, but lower rates! |
Re: The future of exchange rate from pounds sterling to US $...any opinions?
Originally Posted by robin1234
(Post 12623773)
Interesting, I just got an email from my UK bank, M&S Bank - which is a branch of, or operated by, HSBC. "Choose a term to suit you – 1 year: 1.30% AER/Gross, 2 year: 1.50% AER/Gross, or 3 year: 1.70% AER/Gross" So, equivalent offer, but lower rates! |
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