TheCountOfNowhere Posted March 24, 2016 Share Posted March 24, 2016 Just got this Are they that desperate to keep their housing bubble going they are now offering sub-1% savings accounts ? Are the banks desperate ? Are we about to see another collapse ? Quote Link to comment Share on other sites More sharing options...
Errol Posted March 24, 2016 Share Posted March 24, 2016 lol. Pathetic. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 lol. Pathetic. Me them of the rates ? I thought the sub 2% rates were a slap in the face but this !!!! Jesus wept. Quote Link to comment Share on other sites More sharing options...
Amiinsane Posted March 24, 2016 Share Posted March 24, 2016 I love the marketing where they claim they're doing you a favour when they're cutting your interest rate. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 I love the marketing where they claim they're doing you a favour when they're cutting your interest rate. Yeah, i've tweeted just that to them. Quote Link to comment Share on other sites More sharing options...
Errol Posted March 24, 2016 Share Posted March 24, 2016 Me them of the rates ? The rates! They are pathetic. It's like some kind of bad joke. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 24, 2016 Share Posted March 24, 2016 Just got this Are they that desperate to keep their housing bubble going they are now offering sub-1% savings accounts ? Are the banks desperate ? Are we about to see another collapse ? When banks are desperate, don't they offer high interest rates to try get funds in not low? (Think Iceland etc) With Funding for Lending quietly being extended for another 2 years what do they need savers for? They are a liability in a NIRP world. Quote Link to comment Share on other sites More sharing options...
papag Posted March 24, 2016 Share Posted March 24, 2016 Just got a letter off Birmingham Mid-shires informing that our 5% Isas are due to mature and do I want to invest in a great 2 year deal 1.45% . Computer says NO Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2016 Share Posted March 24, 2016 (edited) The antidote is to try and save more, and spend less....if some prices are flat or falling buy that, can then create own rising interest rate from no or low interest rate..... NB: Repaying debt is saving. Edited March 24, 2016 by winkie Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 (edited) When banks are desperate, don't they offer high interest rates to try get funds in not low? (Think Iceland etc) With Funding for Lending quietly being extended for another 2 years what do they need savers for? They are a liability in a NIRP world. Traditionally yes but they have unlimited pots of cash now....I guess they just want people to spend now.....my wager would be on housing. I feel the more they force rates down, back by the state, the more desperate they are becoming. Edited March 24, 2016 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
rantnrave Posted March 24, 2016 Share Posted March 24, 2016 Me them of the rates ? I thought the sub 2% rates were a slap in the face but this !!!! Jesus wept. Go and buy an overpriced house - haven't you got the hint yet? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 Just got a letter off Birmingham Mid-shires informing that our 5% Isas are due to mature and do I want to invest in a great 2 year deal 1.45% . Computer says NO Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 24, 2016 Share Posted March 24, 2016 Traditionally yes but they have unlimited pots of cash now....I guess they just want people to spend now.....my wager would be on housing. I feel the more they force rates down, back by the state, the more desperate they are becoming. It's desperate for savers. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 Just got a letter off Birmingham Mid-shires informing that our 5% Isas are due to mature and do I want to invest in a great 2 year deal 1.45% . Computer says NO I tweeted that to them. That's totally sick !!! Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 It's desperate for savers. It's desperate for debtors....do you see what they are trying to get them to pay just for a basic shelter. The savers can just f**k off and leave. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2016 Share Posted March 24, 2016 It's desperate for savers. No it is not.....when the price is right, they can see that regular and responsible savers will then be able if they want to borrow more for less cost..... Quote Link to comment Share on other sites More sharing options...
Errol Posted March 24, 2016 Share Posted March 24, 2016 The antidote is to try and save more, and spend less.... As I understand it, this is what most people are doing. Hence the interest in NIRP and banning cash. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2016 Share Posted March 24, 2016 As I understand it, this is what most people are doing. Hence the interest in NIRP and banning cash. When people feel confident and certain about their future financial security they will tend to borrow and spend.... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted March 24, 2016 Share Posted March 24, 2016 All money must de diverted into the housing market . Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 All money must de diverted into the housing market . The search for the greatest fool of them all continues.... Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 24, 2016 Author Share Posted March 24, 2016 As my fixed bonds expire I am moving money into foreign currncy and just waiting for the inevitable Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted March 24, 2016 Share Posted March 24, 2016 As my fixed bonds expire I am moving money into foreign currncy and just waiting for the inevitable Which ones? I'm always open to advice as this shit-fest unfolds. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 24, 2016 Share Posted March 24, 2016 The antidote is to try and save more, and spend less....if some prices are flat or falling buy that, can then create own rising interest rate from no or low interest rate..... NB: Repaying debt is saving. Over paying on the mortgage gives a far better return than saving. In term of saving you need to be savy many banks have good fixed regular savings accounts but you have to put the effort in and you can only put in 250 a month. Quote Link to comment Share on other sites More sharing options...
winkie Posted March 24, 2016 Share Posted March 24, 2016 There is one that pays 5% saving up to £500 per month......but with all these things you have to jump through hoops and over hurdles... check T&C carefully, make diary notes, do your calculations carefully...... Full time job. Quote Link to comment Share on other sites More sharing options...
latterdaysinner Posted March 24, 2016 Share Posted March 24, 2016 The banks' business model with regard to savings is to entice new customers with high(ish) rates, reduce them after a while and hope that you don't switch. Energy retailers are exactly the same. If you want the best rates available, you have to keep switching. If you do that, banks will make a loss on you over time, but cream it in on those who don't switch. Price differentiation aside, on a macro level, market rates have fallen in the last few months, largely as a result of stock market turmoil and central banks whispering soothing words such as 'lower for longer'. The current UK government 10 year bond rate (traded - so this is yield determined by the money market) is 1.43%. It was over 2% just a few months ago. My view is that a crack-up boom, probably a very short one, is bound to follow this last hit of the cheap debt crack (unless there's Brexit). Quote Link to comment Share on other sites More sharing options...
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