TheCountOfNowhere Posted January 29, 2014 Share Posted January 29, 2014 (edited) "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 January 29, 2014 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
righttoleech Posted January 29, 2014 Share Posted January 29, 2014 The destruction of the prudent continues apace. It's a nightmare of homes under the hammer proportions. Quote Link to comment Share on other sites More sharing options...
Timak Posted January 29, 2014 Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted January 29, 2014 Share Posted January 29, 2014 Banks only want borrowers not savers. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted January 29, 2014 Share Posted January 29, 2014 Banks only want borrowers not savers. 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? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 29, 2014 Author Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
chronyx Posted January 29, 2014 Share Posted January 29, 2014 It's time to move our money abroad. How? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 29, 2014 Author Share Posted January 29, 2014 How? There should be some threads on this elsewhere. A better question is where !!! Quote Link to comment Share on other sites More sharing options...
chronyx Posted January 29, 2014 Share Posted January 29, 2014 There should be some threads on this elsewhere. A better question is where !!! Turkey, apparently Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 29, 2014 Author Share Posted January 29, 2014 Turkey, apparently Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted January 29, 2014 Share Posted January 29, 2014 I figured this advert I also saw today at the train station was topical. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted January 29, 2014 Share Posted January 29, 2014 The timing seems odd since the FLS scheme for mortgages (which caused already low savings rate to further plunge) now has 48 hours left to run... Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted January 29, 2014 Share Posted January 29, 2014 "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? Quote Link to comment Share on other sites More sharing options...
Venger Posted January 29, 2014 Share Posted January 29, 2014 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." Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 29, 2014 Author Share Posted January 29, 2014 What are you currently getting? 2% gross on that one. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 29, 2014 Author Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
NatterJackToad Posted January 29, 2014 Share Posted January 29, 2014 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? Quote Link to comment Share on other sites More sharing options...
davidg Posted January 29, 2014 Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2014 Share Posted January 29, 2014 Could always make up lost interest by spending less.....not borrowing more. Quote Link to comment Share on other sites More sharing options...
gf3 Posted January 29, 2014 Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2014 Share Posted January 29, 2014 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%. Quote Link to comment Share on other sites More sharing options...
MattW Posted January 29, 2014 Share Posted January 29, 2014 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. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2014 Share Posted January 29, 2014 (edited) 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. ....five year fixed are the best bet for some savings......higher than todays so called publicised inflation rate. 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 January 29, 2014 by winkie Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted January 29, 2014 Share Posted January 29, 2014 2% gross on that one. Must be the same as mine then, I'll expect an email soon. Yet another reason to vote UKIP. Quote Link to comment Share on other sites More sharing options...
billybong Posted January 30, 2014 Share Posted January 30, 2014 It's a real shame that ordinary people bought those music cassettes from his shops all those years ago - maybe even using savings. Quote Link to comment Share on other sites More sharing options...
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