The future of exchange rate from pounds sterling to US $...any opinions?
Jan 18th 2019, 1:40 pm
#31
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
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.
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.
Jan 18th 2019, 2:52 pm
#32
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
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.
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.
Jan 18th 2019, 7:14 pm
#33
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,543
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.
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!
Last edited by robin1234; Jan 18th 2019 at 7:16 pm.
Jan 18th 2019, 7:20 pm
#34
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: The future of exchange rate from pounds sterling to US $...any opinions?
Looks like that means that M&S takes .3%.
