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Game_Over

Savings Rates Now 4%+ Not 0.5%

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Loads of threads moaning about low savings rates and how building societies are making vast profits on SVR mortgages.

Has anyone making these comments considered actually finding out what savings rates are available at the moment?

Has anyone looked at the margins between building societies savings rates and SVR mortgage rates?

All you have to do is look on the internet and then move your money from one account to another

:blink:

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I'm getting between 3-4% on my meagre savings at the moment.

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Loads of threads moaning about low savings rates and how building societies are making vast profits on SVR mortgages.

Has anyone making these comments considered actually finding out what savings rates are available at the moment?

Has anyone looked at the margins between building societies savings rates and SVR mortgage rates?

All you have to do is look on the internet and then move your money from one account to another

:blink:

Which is exactly what I do.

My CC pays me to use it.

My average savings rate is still > 4%. :lol:

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Nice to see some replies, thought I was going insane!

I took out a 2 year fix in 2008 at 6.7%

Some guy on another forum was getting 6.9% from the Nationwide

Even my sister who knows F*ck all about money is getting 7.1% but she only fixed for 1 year not 2.

I am only getting 3% on my ISA's at the moment, but overall rate balances out to just over 5%

Next year when I renew my ISA's and 2 year fix I expect to get over 5% but will probably only fix for 1 year.

The thing is house prices are linked to interest rates and the Bulls keep claiming that as BOE base rate is only 0.5% house prices will inevitably rise.

As far as I can see SVR rates are actually linked to what building societies and banks are having to pay savers and these rates are rising.

Even though the BOE is printing money there still seems to be a shortage of capital.

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Not just coincidence that the monthly income option is only available to those dropping £50,000+ in ...

"Interest is paid on maturity on 30/09/2010 or monthly (monthly interest option only available for balances of £50,000 or over)"

http://www.westbrom.co.uk/westbrom/savings...&category=1

What's their / their parents current CDS figures look like ?

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National Savings( Brown and Badger PLC) have today increased their range of fixed rate bonds by 1% over 100% increase in some cases ,they are still garbage but just shows how worried they are with the current situation

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I am only getting 3% on my ISA's at the moment, but overall rate balances out to just over 5%

Next year when I renew my ISA's and 2 year fix I expect to get over 5% but will probably only fix for 1 year.

Just a thought, if you can get >5% on an ISA why didnt you?

These great rates must have passed me I reckon - any chance of a few choice links?!

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Just a thought, if you can get >5% on an ISA why didnt you?

These great rates must have passed me I reckon - any chance of a few choice links?!

I am getting 6.7% on a 2 year fix and 3.1% on the same amount for 1 year plus just over 6% on an account with a bonus which ends soon.

Could now get more than 3.1% on ISA's but just rolled them over at the time they expired.

Overall works out at just over 5%

I think next year when the 2 year and 1 year deals expire 5%+ deals should be on offer given that some bonds are now paying over 4%

Birmingham Midshires also paying 4.25% for a 2 year fix - minimum investment £1.

http://www.which-savings-account-4u.co.uk/...CFQsJ3wodwGc43A

Abbey seem to be best at the moment, although ICICI are covered by UK protection scheme I think so you could get 4% for a minimum £1000.

Birmingham Midshires also paying 4.25% on a 2 year fix - minimum investment £1

It only takes seconds to find out about these deals.

:)

Edited by Game_Over

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my commiserations.

printing money doesn't create capital ;)

It reduces the amount of 'real' money the government needs to borrow though

Trouble is the government needs so much that there just isn't enough to go round

Now all we need is someone to point out that none of it is 'real' money

:lol:

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so you think Natwest will still be around in October then? :D

you're more optimistic than me, I'll give you that :lol::lol::lol:

Well unless the government doesn't pay up you are covered for 50K in each institution

If the whole economy collapses then of course all bets are off.

:blink:

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so you think Natwest will still be around in October then?

He he :P

In all seriousness if the government cannot gaurantee UK savings in the event of a total collapse of RBS i think we will have bigger problems to worry about.

Edit - Although i did go into my local branch several months ago to find out just how quickly i could withdraw everything from the ISA.

Edited by LumpHammer

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????????

From MSE

Savings Accounts

Fix at 4.27%, or get 3.46% easy access

Thought that's what I was saying?

Rates have gone up quite a lot in the last few weeks

Just one or two top line deals, which the market deems the most dodgy companies that you are locked into. Err, no thanks!

The rest around 2%.

Although I can see that companies may tap the deposit market directly and circumvent the banks/markets altogether.

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no point in locking your money away in a two year fixed rate bond, when the government will be forced to put interest rates up anytime soon.

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Just one or two top line deals, which the market deems the most dodgy companies that you are locked into. Err, no thanks!

The rest around 2%.

Although I can see that companies may tap the deposit market directly and circumvent the banks/markets altogether.

So the Abbey National and Birmingham Midshires are dodgy are they?

Given that they are all covered by the same government guarantee, the risk is the same for all institutions.

If your money is in a bank anyway, why get 0.5% interest when you can get 4%+

Anyway, my point was these rates are available and many people are getting good returns on their money

And given that interest rates are now rising and can only go higher, returns on these bonds are going to get even better

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no point in locking your money away in a two year fixed rate bond, when the government will be forced to put interest rates up anytime soon.

So was it not worth me locking in for 2 years at 6.7% a year ago then?

My reasoning was that I was guaranteed at least 6.7% return and if interest rates rose when the bond matures next year I would get an even better return.

Given that tosser on the BBC property program last week thought that a 6% return on property was worth having when interest rates are 'only' 0.5%, I think I made a good decision.

But I agree that it is not worth locking in for 2 years now as interest rates are almost certainly going to rise in the near future IMO.

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So the Abbey National and Birmingham Midshires are dodgy are they?

Given that they are all covered by the same government guarantee, the risk is the same for all institutions.

If your money is in a bank anyway, why get 0.5% interest when you can get 4%+

Anyway, my point was these rates are available and many people are getting good returns on their money

And given that interest rates are now rising and can only go higher, returns on these bonds are going to get even better

What on earth are you talking about?

Abbey for instance instant access is 2.5%.

BM, dodgy as ******. One of the rank worst BTL merchants, wouldn't piss on them let alone give them my money.

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Given that tosser on the BBC property program last week thought that a 6% return on property was worth having when interest rates are 'only' 0.5%, I think I made a good decision.

Oh him. What a flipping numpty. Called the housing market right, because yields were so low. Now when yields look good against a very low base rate, thinks his money will be better off in property. Will he sell up in a years time when rates go back up?

And how can a 20 percent fall in prices means that yields will double? He said yields used to be 3 percent, now 6 percent.

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Oh him. What a flipping numpty. Called the housing market right, because yields were so low. Now when yields look good against a very low base rate, thinks his money will be better off in property. Will he sell up in a years time when rates go back up?

And how can a 20 percent fall in prices means that yields will double? He said yields used to be 3 percent, now 6 percent.

That is why I keep going on about this, because 'low' interest rates are fundamental to house prices rising.

But 'real' interest rates are actually not that low and they are now rising.

This guy was obviously blatantly ramping property because many ordinary people are still getting over 5% returns on money invested in Building societies.

That is a far better return than an ordinary person could expect investing in property at the moment IMO.

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What on earth are you talking about?

Abbey for instance instant access is 2.5%.

BM, dodgy as ******. One of the rank worst BTL merchants, wouldn't piss on them let alone give them my money.

You are not going to get a good return if you are only prepared to put your money in instant access accounts

And now that all institutions are covered by a 50K guarantee they are ALL equally safe/unsafe.

The MSE article quoted 'real' rates as 4.25% I think.

No investment is risk free.

All I am saying is that 'real' interest rates are not 0.5% they are now 3.5 - 4.0% and rising.

I am currently getting over 5% overall and losts of other posters have said they are getting similar returns and by next year 1 year bonds will be available for 5%+ IMO.

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