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TheCountOfNowhere

Virgin Reducing Saving Rates

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"Important information about your Virgin Easy Access E-Saver (Issue 2) accountWe are writing to give you advance notice that we will shortly be reducing the interest rate payable on your Virgin Easy Access E-Saver (Issue 2) account. We are having to make this change as over the past 18 months, we have seen mortgage rates fall to new lows in the UK. This has resulted in savings rates having to reduce too.<br style="line-height: 17.040000915527344px; color: rgb(102, 102, 102); font-family: Arial, Helvetica, sans-serif;">

<br style="line-height: 17.040000915527344px; color: rgb(102, 102, 102); font-family: Arial, Helvetica, sans-serif;">We appreciate you saving with us and do not take your custom for granted. Our ambition is always to make sure we offer you a competitive interest rate, and even after these changes, our rates remain extremely competitive in the market. With effect from 29 March 2014 your account will earn 1.41% Gross P.A/AER††, as shown

"

So much for the FLS scrapping raising rates.

They are just taking free low interest money from the government/boe.

We are being ****ed right over.

Edited by TheCountOfNowhere

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It is ridiculous.

I was fed up of getting only 1.8% on my cash savings.

So I looked around yesterday and other than gimmicky ones (e.g. you get 3% on balances of up to £x then 0.1% on the rest) they were all worse.

Peer-to-peer or shares seem more attractive by the day.

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Exactly, banks borrow money from BOE at 0.5% then lend at 5%+.

Why would they need your cash? Why would they pay you higher interest than BOE?

Yip, that's the truth of the matter/

The have limitless free ( freshly printed ) money on tap.

The government are encouraging it.

The loonies are buying houses at crazy prices.

This is not going to end well.

It's time to move our money abroad.

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There should be some threads on this elsewhere.

A better question is where !!!

Turkey, apparently :lol:

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"Important information about your Virgin Easy Access E-Saver (Issue 2) accountWe are writing to give you advance notice that we will shortly be reducing the interest rate payable on your Virgin Easy Access E-Saver (Issue 2) account. We are having to make this change as over the past 18 months, we have seen mortgage rates fall to new lows in the UK. This has resulted in savings rates having to reduce too.<br style="line-height: 17.040000915527344px; color: rgb(102, 102, 102); font-family: Arial, Helvetica, sans-serif;">

<br style="line-height: 17.040000915527344px; color: rgb(102, 102, 102); font-family: Arial, Helvetica, sans-serif;">We appreciate you saving with us and do not take your custom for granted. Our ambition is always to make sure we offer you a competitive interest rate, and even after these changes, our rates remain extremely competitive in the market. With effect from 29 March 2014 your account will earn 1.41% Gross P.A/AER††, as shown

"

So much for the FLS scrapping raising rates.

They are just taking free low interest money from the government/boe.

We are being ****ed right over.

What are you currently getting?

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Banks only want borrowers not savers.

They'll be running out of willing borrowers soon enough.

The borrowers they've got now consist mostly only of stupid debt-head HPI believers, enabling those not really in a position to buy via HTB1+2, and massive malinvestment at peaked out prices from those deluded by QE. US/UK, deflation is all around, unless they keep on path of ever greater moral hazard.... teaching HTB3+4 in schools.

Low-rate policy is "actually encouraging deflation in the U.S. economy by robbing savers of badly needed income."

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They'll be running out of willing borrowers soon enough.

The borrowers they've got now consist mostly only of stupid debt-head HPI believers, enabling those not really in a position to buy via HTB1+2, and massive malinvestment at peaked out prices from those deluded by QE. US/UK, deflation is all around, unless they keep on path of ever greater moral hazard.... teaching HTB3+4 in schools.

The more they try and force me to take my money out, the more inclined I am to leave it in there.

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There should be some threads on this elsewhere.

A better question is where !!!

Bitcoin

Limited in supply.

6000% increase in value in 2013.

Future looks potentially earth shatteringly revolutionary.

I wouldnt put £10k+ in it, but surely worth a percentage of your pot?

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Is there any evidence that Mortgage Rates have come down as Virgin claims? It seems they are obstinately high compared to the BoE overnight rate.

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Could always make up lost interest by spending less.....not borrowing more. ;)

Or take out a 0% credit card and spend on that. You can earn a little bit of extra interest on the extra money in your account.

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Or take out a 0% credit card and spend on that. You can earn a little bit of extra interest on the extra money in your account.

I know people that purchase everything on the credit card including food.....pay it in full every month automatically by direct debit no interest to pay don't even have to think about paying, all done for them (earning points or other incentives at the same time)....now some of the current accounts are paying 4% interest so in effect their salary is making their money work for them......earning 4% paying 0%. ;)

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I currently have a Virgin Money instant access ISA (opened when it was still Northern Rock). E-ISA issue 2 - I think the same as the OP. It was 2.8% AER when opened in 2011, fell to 2.4% a year ago and now it's 2% AER.

No point changing it as most of the others are around 1.75% AER when I last looked.

I would have thought that in relatively austere times, citizens should be encouraged to SAVE. :rolleyes:

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I currently have a Virgin Money instant access ISA (opened when it was still Northern Rock). E-ISA issue 2 - I think the same as the OP. It was 2.8% AER when opened in 2011, fell to 2.4% a year ago and now it's 2% AER.

No point changing it as most of the others are around 1.75% AER when I last looked.

I would have thought that in relatively austere times, citizens should be encouraged to SAVE. :rolleyes:

....five year fixed are the best bet for some savings......higher than todays so called publicised inflation rate. :unsure:

http://www.which.co.uk/money/savings-and-investments/reviews-ns/best-rate-cash-isas/5-year-fixed-rate-cash-isas/

Edit to add.....longer term higher rates, does that only mean future debit and credit rates to be higher? ;)

Edited by winkie

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