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Pensioner Bond Stampede Sees Biggest Withdrawal Of Cash From Banks For Six Years As Savers Grab Market-Beating Rates

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I wonder if this will push down banks savings rates at all?

After all they will just replace it was back door QE money.

Im still surprised no one challenged this in court!!!

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to challenge in court would also include as ageist young people's savings accounts with preferential savings rates :unsure:

such as

LLoyds under 19s account - pays 2.5% AER interest up to £2,500 and has discounts on driving lessons with the AA.

Santander's Current Account for 11-18 year-olds pays 3% in-credit interest on balances from £300 up to £2,000.

Halifax regular saver paying 6%

not to mention junior ISAs

Edited by olliegog

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We should give them 10% p/a.

No, actually 50% p/a.

****** it, why don't we just give all pensioners all the ******ing money and then they can wipe their arses with it.

All the money in the world cant; buy them good health or their lost youth.

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to challenge in court would also include as ageist young people's savings accounts with preferential savings rates :unsure:

such as

LLoyds under 19s account - pays 2.5% AER interest up to £2,500 and has discounts on driving lessons with the AA.

Santander's Current Account for 11-18 year-olds pays 3% in-credit interest on balances from £300 up to £2,000.

Halifax regular saver paying 6%

not to mention junior ISAs

Those are commercial rates set by commercial organisations designed to recruit customers - it's classic "loss leader" pricing.

My problem with pensioner bonds is the govt borrowing at 4% when it could be borrowing at far less. As taxation will eventually have to pay interest Osbourne has effectively used my tax to buy votes. He's giving my tax to wealthy pensioners....

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Those are commercial rates set by commercial organisations designed to recruit customers - it's classic "loss leader" pricing.

My problem with pensioner bonds is the govt borrowing at 4% when it could be borrowing at far less. As taxation will eventually have to pay interest Osbourne has effectively used my tax to buy votes. He's giving my tax to wealthy pensioners....

see your point re government bonds (what about child trust funds) but it is not ILLEGAL

but you are missing the main point that pensioners rich and poor pay tax above 10K - so do you understand it is not 'your tax' but everyone's tax. obvious really to anyone old or young

and do you really think these bonds will buy votes - words fail me.

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see your point re government bonds (what about child trust funds) but it is not ILLEGAL

but you are missing the main point that pensioners rich and poor pay tax above 10K - so do you understand it is not 'your tax' but everyone's tax. obvious really to anyone old or young

and do you really think these bonds will buy votes - words fail me.

I didn't say it was illegal - I said I objected to it.

The point remains valid, why should anyone's tax be used to pay borrowing costs higher than if the government funded itself in the gilts market?

I'd ask what the point of the bonds is if not to give a bung to wealthy pensioners who may be considering voting UKIP?

Child Trust Funds were withdrawn some time ago IIRC.

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I didn't say it was illegal - I said I objected to it.

The point remains valid, why should anyone's tax be used to pay borrowing costs higher than if the government funded itself in the gilts market?

I'd ask what the point of the bonds is if not to give a bung to wealthy pensioners who may be considering voting UKIP?

Child Trust Funds were withdrawn some time ago IIRC.

I'm retired and I will be voting UKIP. If I were old enough to qualify for the bonds I'd buy them and still vote UKIP.

I agree that buying votes with tax payers money is despicable. And yes, the intention is to buy cheap votes.

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All the money in the world cant; buy them good health or their lost youth.

They are working on that. why do you think they throw billions at the nhs and pharmaceutical companies? They want to stop or reverse ageing, the establishment want to live forever.

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My P2P lending rates are certainly rising. Been at it a little over 6 months with an average rate of 4.6%. Reinvested a sum today at 5.6%. Not sure if the two are related though.

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They are working on that. why do you think they throw billions at the nhs and pharmaceutical companies? They want to stop or reverse ageing, the establishment want to live forever.

The NHS regularly gets slated for elderly patient treatment, and most drugs have a longer list of side-effects than things they treat.

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We should give them 10% p/a.

No, actually 50% p/a.

****** it, why don't we just give all pensioners all the ******ing money and then they can wipe their arses with it.

don`t know why you are upset it is only a poxy 10k you can put in for 4% , the other 10k allowance has to be 1 year at 2.8%

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don`t know why you are upset it is only a poxy 10k you can put in for 4% , the other 10k allowance has to be 1 year at 2.8%

That's what is so surprising.

Take advantage of it fully and you are better off to the tune of ~ extra £360 over 3 years.

Just £2.30 a week

And people are getting excited and rushing into it, and locking up £20k ???

Edited by LiveinHope

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That's what is so surprising.

Take advantage of it fully and you are better off to the tune of ~ extra £360 over 3 years.

Just £2.30 a week

And people are getting excited and rushing into it, and locking up £20k ???

well i opened 2 bonds for my mum used the full amount , may as well use what is given to you , told her to stick a few grand in premium bonds too might win something you never know

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well i opened 2 bonds for my mum used the full amount , may as well use what is given to you , told her to stick a few grand in premium bonds too might win something you never know

Fair enough

For ~£2.30pw I'd sooner have access to the £20k. If you have a lot more to invest you can do better.

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That's what is so surprising.

Take advantage of it fully and you are better off to the tune of ~ extra £360 over 3 years.

Just £2.30 a week

And people are getting excited and rushing into it, and locking up £20k ???

Absolutely spot on. Worth a cup of coffee a week....

The old trick of appearing to give something of real benefit away, while actually giving away **** all.

Edited by juvenal

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The fact that there appears to be a rush into those bonds is more likely to represent people passing judgement on the way they're being treated by the banking crooks and fraudsters as trying to scrape by with a couple of extra quid a week.

Edited by billybong

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Fair enough

For ~£2.30pw I'd sooner have access to the £20k. If you have a lot more to invest you can do better.

how do you get the 2.30 pw figure compared to what ?

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how do you get the 2.30 pw figure compared to what ?

Quick (fag packet) calculation of the net difference over the full term between Pensioner Bond interest rate (max investment) and an average, current standard instant access building society account, for a similar amount (assuming basic rate tax).

I might have got it wrong. I could be proven to be wrong.

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Absolutely spot on. Worth a cup of coffee a week....

The old trick of appearing to give something of real benefit away, while actually giving away **** all.

While also reserving the benefit for the people who actually have the money spare to invest

So just for potential Tory voters

Clandestine

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Santander 123 Account - £20k at 3%. OAPS should get it tax free and if they pay their direct debits from the account they can get cash back on that too. Plus, there's the flexibility of being able to access the cash instantly.

Sounds like a better deal to me than these bonds - and the account is open to young and old alike.

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