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hedgefunded

Newcastle Building Society - A Question

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You're right; it's suspiciously good. And historically, people that offer suspiciously good rates go under. I imagine Newcastle have taken a bit of a knock from losing the Icesave and B&B work.

But on the other hand... who cares? The game these days is to put your money in the shlittiest crummiest dive, enjoy the rates, and just make sure that it's no more than £50k of it. We're paying the cost of bailing out everyone else's excesses, so we might as well reap some of the small benefits.

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IMPO I would not tie up my money for 5 years in the current climate or, for that matter, in any climate.

I have a savings account with NBS. They were well known for advertising good rates and then dropping them after you had signed up. They did this with me but I kept the money with them in order to spread my STR fund around.

They have an OKayish online trading system.

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IMPO I would not tie up my money for 5 years in the current climate or, for that matter, in any climate.

I have a savings account with NBS. They were well known for advertising good rates and then dropping them after you had signed up. They did this with me but I kept the money with them in order to spread my STR fund around.

They have an OKayish online trading system.

Well it'll be my wife and I investing £3.6k each as our ISA's for this year.

I know it'll be tied up for 5 years but fortunately the £7.2k represents a small-ish portion of my total savings.

Other money will be put somewhere more accessible at a lesser rate.

Surely they can't cut the rate on this though? What's the point of a fixed rate if it isn't fixed?

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Well it'll be my wife and I investing £3.6k each as our ISA's for this year.

I know it'll be tied up for 5 years but fortunately the £7.2k represents a small-ish portion of my total savings.

Other money will be put somewhere more accessible at a lesser rate.

Surely they can't cut the rate on this though? What's the point of a fixed rate if it isn't fixed?

5 YEARS? IR might soar to 20% next year! 5 years from now inflation may well have eroded your savings in that account.

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