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Uk Savings Interest Rates Are Rising

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This week Nationwide offered me a new easy access account MySave paying 2.95%, better than anything they've had on offer for a while. Then they offered an ISA at 3.1%.

I have a savings account with Investec called High Five, which offers the average of the top five savings interest rates. It spent most of last year between 2.8 and 2.9%, went up to 2.96% in January; last week jumped to 3.01%.

Investec's High Five rate history can be seen at:

http://www.investec.co.uk/#home/deposits_and_banking_services/personal_savings_accounts/investec_high_5_account/rate_history.html

Today I phoned to close my Birmingham Midshires telephone account which had fallen to 0.5%, to be told the rate on my previously held (internet) account had just been restored from 1.83% to 2.75%, "due to increased demand."

And here's me thinking rising demand for savings results in lower rates.

Anyway, not a scientific sample, but indicative of rising savings rates. What can it mean?

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Anyway, not a scientific sample, but indicative of rising savings rates. What can it mean?

It means you're still getting screwed.

The best savings rates are 2% net for lower band taxpayers and even less for higher band taxpayers. RPI is 5%+. You're losing AT LEAST 3% VALUE per year. At that rate in 5 years time your money will buy 15% less. What a shill.

Be careful savers.

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It means you're still getting screwed.

The best savings rates are 2% net for lower band taxpayers and even less for higher band taxpayers. RPI is 5%+. You're losing AT LEAST 3% VALUE per year. At that rate in 5 years time your money will buy 15% less. What a shill.

Be careful savers.

Yes, but... Aren't I getting screwed a little more gently than before? I was wondering if the banks may be raising their rates in anticipation of MPC, or are they finding it hard to raise cash? And if so, would that in turn put pressure on Merv for more QE? I read today in the Wall St Journal a convincing account of how he helped the banks screw the savers to fuel their bonuses, which makes his criticism of them this weekend sound hollow at best, and insincere posturing at worst.

As for being careful, any suggestions would be welcome.

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This week Nationwide offered me a new easy access account MySave paying 2.95%, better than anything they've had on offer for a while.

Small Print

*1 free withdrawal each year. Subsequent withdrawals or closure incur loss of bonus and interest rate of 0.10% GROSS P.A./AER VARIABLE in that month. **Applies to accounts opened from 18 February 2011. After bonus period the rate is 1.51% AER (1.50% gross p.a.) variable

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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