Jump to content
House Price Crash Forum
TheCountOfNowhere

Mays Saving Rates....best I Can See Is 1%

Recommended Posts

Tesco Bank have dropped my savings rate to 0.75% !!!!

I want to move my money to a different account...any suggestions, bst rate I can find is 1%.

This is some kind of sick joke now....all out support for banks...totally shafting the savers.

This will not end well.

Share this post


Link to post
Share on other sites

Tesco Bank have dropped my savings rate to 0.75% !!!!

I want to move my money to a different account...any suggestions, bst rate I can find is 1%.

This is some kind of sick joke now....all out support for banks...totally shafting the savers.

This will not end well.

I feel your pain...

I got a letter from Nationwide yesterday telling me my E-Saver Plus account paying 2% was unsustanable and they've had to cut it to 1.7%. I think I might write back and tell them my mortgage at 2.5% is unsustanable and from now on I'll only pay 2.2%.

Ohh, almost forgot, I received my pension summary last week. At 65 I will now get just £6530 a year dispite putting away 15% of my wages per month for f ucking years.

Thanks Merv. Gordon, Gidiot and the rest. May your death's be slow and painful.

Edited by TheNoSnowMan

Share this post


Link to post
Share on other sites

i think i have natwest e saver of 2.8% bonus rate ends in october.

I wonder how manny people have money at home instead of the bank now. Least the goverment does not know about it.

I mean if you lost your job and you had money in bank account the goverment decided you have money to live on and give you less dole money even though you paid into the system. This happen to my sister when tj hughes folded.

And if the bank has no money in savings accounts when the world intrest rate world changes again and qe is forced to end the banks could be stuffed and have to offer high rates of interest.

Share this post


Link to post
Share on other sites

There are plenty of good quality shares yielding around 5%, and no shortage of decent short dated corporate bonds in the same ball park. Dig a bit deeper and there are solid little companies like Chesnara yielding closer to 7%. Stick them in an ISA and it's tax free too.

Share this post


Link to post
Share on other sites

What do you expect with zero risk of not getting your principal back.

http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Savings+and+Investments/

State Savings products overview

National Solidarity Bond (10 Year) 45% Gross return over 10 years, AER 3.79%, made up of an annual interest payment of 1% p.a., subject to DIRT, and a final tax free lump sum bonus payment of 35%.

National Solidarity Bond (4 Year) 12% Gross return over 4 years, AER 2.87%, made up of an annual interest payment of 1% p.a., subject to DIRT, and a final tax free lump sum bonus payment of 8%.

Savings Certificates Interest 15% after 5 years, AER 2.83%, tax free.

Savings Bonds Interest 7% after 3 years, AER 2.28%, tax free.

Instalment Savings Save for 1 year leave for five years, Interest 17% , AER 2.90%, tax free.

Childcare Plus Save for 1 year leave for five years, Interest 17% , AER 2.90%, tax free.

Prize Bonds Thousands of weekly prizes and a monthly prize of €1 Million., Tax Free.

Share this post


Link to post
Share on other sites

Virgin are paying 1.55% on their easy access esaver for new customers. Existing customers do a bit better, they recently reduced our interest from 2.8% to 2.4%. The best rate I found recently was a one year fix at 2.45% from the Leeds, but that was so popular it was withdrawn after a week. Santander are still paying us 3.1% on our esavers, but that drops to 1.25% next month, hence the Leeds account at 2.45% as the replacement. Our main ISA pots are now with Santander at 3% fixed for two years. Our real saviour is the NS&I guaranteed growth bond that still has three years to run at 3.9%.

Share this post


Link to post
Share on other sites

The rates are all rubbish and will remain so in any conceivable scenario.

Time to stop quibbling over a 1% uplift and deal with the fact in our lifetimes risk free rates will be on the floor, or underwater.

Its not an outcome of QE, its a result of the fact there is no bugger who can afford to service your savings at better rates. No actions, even the ones you imagine you might like to see, by merv or carney will alter this. If you want to believe this is a result of QE that's up to you but I say that its a self delusion to think like that.

Plan accordingly. Stop whining, face up to reality.

Property ownership won't help either for the vast majority, if that is any consolation.

Share this post


Link to post
Share on other sites

Plan accordingly. Stop whining, face up to reality.

Property ownership won't help either for the vast majority, if that is any consolation.

SO what's your plan then? As from where I'm sitting, there is nowhere thats' safe to invest our money that pays even 2% anymore

Share this post


Link to post
Share on other sites

If you are building up a lump sum by saving monthly then a monthly/regular savings account is good - yes you may have to pay in something each month but they normally allow at least one interest free withdrawal a year without losing the bonus.

A list on here - several paying 4% even more if you bank with HSBC/First direct) - and some allowing you to pay in up to £500 a month. Most are variable but the Saffron is a fixed rate one. Leeds BS pay over 3%, allow at least one withdrawal a year and allow you to invest up to £500 a month.

http://www.money.co.uk/savings-accounts/monthly-savings-accounts.htm

Not much good for lump sums - but as a tool for long term regular saving (e.g. for a house deposit!) that's the best way to get a good rate.

Share this post


Link to post
Share on other sites

Why not go to zopa or funding circle. I've spread my cash across A+ companies and people and average a 7% return after bad debt, fees and before tax.

I joined Zopa years ago, not long after it started, and it was very slow....when I asked for my money back ( and this is not made up )...they said...oh sorry, we've not put in place a method for you to withdraw your capital yet!!! I had to tell them to go and put my money back into a real bank by hand otherwise I was coming to their offices with a brown paper envelope to collect it !!!

They have hopefully sorted that now...

I'll have a look at the NS&I savings bonds but could only see 1.5% when I looked yesterday.

Heard some stuff on the 5 live this morning, negative press about Q.E. and what happens when rates go up....

Share this post


Link to post
Share on other sites

The rates are all rubbish and will remain so in any conceivable scenario.

Time to stop quibbling over a 1% uplift and deal with the fact in our lifetimes risk free rates will be on the floor, or underwater.

Its not an outcome of QE, its a result of the fact there is no bugger who can afford to service your savings at better rates. No actions, even the ones you imagine you might like to see, by merv or carney will alter this. If you want to believe this is a result of QE that's up to you but I say that its a self delusion to think like that.

Plan accordingly. Stop whining, face up to reality.

Property ownership won't help either for the vast majority, if that is any consolation.

But I, thought house prices quadruple during, the mortgage term.

Share this post


Link to post
Share on other sites

Yesterday, my wife and I opened 5 bank accounts. Two cash ISAs with Nationwide @2.25%, 2 regular savers with Barclay's @3.25% and a regular saver with HSBC @4%. I already have a HSBC regular saver, so the new HSBC a/c was for my wife. We are currently living off our savings while unemployed, my wife quit her job in March. I am not technically unemployed, as I currently work for a teaching agency but it is as near as damnit to being unemployed. Despite this status of unemployment the nice lady at the world's local bank offered her a loan. I asked why they were offering to lend us money while unemployed and the nice lady said it's because we have "different circumstances". My wife declined.

Share this post


Link to post
Share on other sites

Tesco Bank have dropped my savings rate to 0.75% !!!!

I want to move my money to a different account...any suggestions, bst rate I can find is 1%.

This is some kind of sick joke now....all out support for banks...totally shafting the savers.

This will not end well.

How much you are trying to shift ?

Santander 123 gives 3% up to 20k for £2 fee a month.

Share this post


Link to post
Share on other sites

Yesterday, my wife and I opened 5 bank accounts. Two cash ISAs with Nationwide @2.25%, 2 regular savers with Barclay's @3.25% and a regular saver with HSBC @4%. I already have a HSBC regular saver, so the new HSBC a/c was for my wife. We are currently living off our savings while unemployed, my wife quit her job in March. I am not technically unemployed, as I currently work for a teaching agency but it is as near as damnit to being unemployed. Despite this status of unemployment the nice lady at the world's local bank offered her a loan. I asked why they were offering to lend us money while unemployed and the nice lady said it's because we have "different circumstances". My wife declined.

I am just guessing - maybe you have a house and HSBC and they can come after that eventually if you don't pay them?

Share this post


Link to post
Share on other sites

i think i have natwest e saver of 2.8% bonus rate ends in october.

I wonder how manny people have money at home instead of the bank now. Least the goverment does not know about it.

I mean if you lost your job and you had money in bank account the goverment decided you have money to live on and give you less dole money even though you paid into the system. This happen to my sister when tj hughes folded.

And if the bank has no money in savings accounts when the world intrest rate world changes again and qe is forced to end the banks could be stuffed and have to offer high rates of interest.

Aside from the outrageous issue of savers being penalised with respect to social security, with paltry interest rates it starts to make sense to keep anything up to a couple of thousand as cash, stashed at home or somewhere safe.

Yes, there's a risk of theft/ loss/ fire when you have the cash in your possession but you also have to consider counterparty risk when giving it to the banksters in return for a credit note from them.

Share this post


Link to post
Share on other sites

Tinned tuna, and other long dated food.

(for that matter any other consumption item that is likely to rise in price faster than savings)

Edited by R K

Share this post


Link to post
Share on other sites

Tesco Bank have dropped my savings rate to 0.75% !!!!

I want to move my money to a different account...any suggestions, bst rate I can find is 1%.

This is some kind of sick joke now....all out support for banks...totally shafting the savers.

This will not end well.

Have a child and open up an account in it`s name...and get 3% at Halifax..

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 238 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.