A challenge for bank CEOs - a little more action please

Flipping heck. Interest rates are up again to 4.5%. Despite the inevitability of this, it feels like a blow as this 12th rise in a row hits home.

Heaven Knows I’m Miserable Now

The Bank of England are grappling with sticky inflation, which they now think will fall from just over 10% to about 5% by Christmas. Ho Ho Ho.

The consensus from the powers-that-be predict that interest rates will top out at no more than 5% later this summer, and then come down. Some think we are done now. No-one actually knows because the genie that is inflation is still out of the bottle. Loitering with intent.

Celebrate Good Times… Come On!

The stock market is a brutally honest mirror of what is happening in the world. The bestselling shares across major UK investment platforms in April were financial services companies and oil companies. Go figure. People think they’re in for a better time ahead and want a piece of the action. Lloyds saw profits jump by 46% in the first three months of the year. Barclays reported a 16% jump.

Food – the main villain in the inflation drama – is also doing well in the unforgivingly honest stock market mirror. Tesco and Sainsburys share prices are up 20% and 35% respectively over the last 6 months. So oil, financial services and supermarkets are doing well. Go figure!

A Little Less Conversation and a Little More Action

Dear Mr/s Bank CEO, I don’t think you are reading the mood music out there very well. We are done with your glossy horses, empty slogans and smiling grey couples oozing marital happiness on holiday. We just want fairer rates on our savings, please.

I have accounts with Barclays, HSBC and Santander – personal and commercial accounts. How many messages have I had since yesterday about an increase to my savings rate? Have a guess, readers? It’s not a very difficult game (clue – the number rhymes with Hero).

By contrast, guess the average time lapse over the last year between the Bank of England rate rise announcement, and a triumphant text from Barclays telling me that my mortgage payments will be going up? 48 minutes at last calculation.

This week, Chase Bank showed the art of the possible. At 4.30pm on Thursday I had an email – announcing an increase to 3.3%. I had to reach for my smelling salts. That’s what it should be like.

So here’s my challenge to the Big Dogs. To the main high street banks. Identify how long it takes your mortgage teams to notify customers of a mortgage rise. This is what your organisation is capable of. Set that as a target for your savings team. Acknowledge the next rate rise. Pass some on. If I may borrow a slogan from NatWest, I remind you all that ‘Tomorrow Starts Today.’ If you want to be ‘By My Side’, can you do it with rates not slogans, please?

Ladies’ Night

Putting my huffing and puffing to one side, I am super pleased to announce that we will be holding our first live in-person event for women readers, in London on Wednesday 21 June at 6pm. YAY.

Our brilliant jargon-free speakers include yours truly, Mumsnet founder Justine Roberts, fund managers, advisers and pensions experts. My aim is that everyone who comes has fun and leaves empowered to make better financial choices for the rest of their life. Oh and there’s some wine and snacks too.

Ladies - check out the details here and come and join us?!

And The Final Countdown

This week, we’ve published the latest best-selling lists of funds, ETFs and investment trusts – what were retail investors buying in April (clue – US trackers, Fundsmith Equity, Scottish Mortgage and financial services shares)?

We’ve created short guides for pension - 5 things to do when a) just retired or b) when you are starting out. And there’s a piece for investors on backing the hydrogen revolution.

Plus an interview I did with Wise Woman and financial planner Sam Secomb, to help anyone dealing with the financial maze at a time of bereavement. I hope anyone facing this will find either the full 30 minute chat, or shorter written summary, helpful.

Over and out. Great excitement in our house this weekend – we’ll be roaming around Hyrule as our copy of Nintendo’s Tears of the Kingdom has arrived! With a short break for Eurovision. Happy days. #culturevulture

Holly

Want to get Holly's weekly blog straight to your inbox?

Sign up for no-nonsense tips, tricks and food for thought every Friday!

SIGN UP

I would like to hear from you about products, events, general marketing and other things from Boring Money – including personalised content and ads - but please try not to make them as boring as everything else in finance!

Already have an account? Login