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MoneySavingExpert: Santander 123 slashes interest in current account blow for millions

"Santander is taking a hammer to its flagship 123 current account by chopping the headline interest rate in half later this year, MoneySavingExpert.com can reveal.

"In a major blow for millions of customers, the market-leading 3% interest for those with savings of between £3,000 and 20,000 is being slashed to just 1.5% from 1 November for new and existing customers."

FFS

Just the six times the BoE rate cut then...

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Appalling annuity rates

http://www.sharingpensions.co.uk/annuity-rates-chart-latest.htm

They'll probably go lower as well due to the lack of progress towards leaving the eu.

Wow, I bought my annuity in mid 2008, I'm not usually lucky but in this case I was.

I shopped around and got 7.5% which was not bad as I was 57 at the time.

Edited by Bruce Banner
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Wow, I bought my annuity in mid 2008, I'm not usually lucky but in this case I was.

I shopped around and got 7.5% which was not bad as I was 57 at the time.

I think the phrase is "you jammy *******!". Timing doesn't get much better than 2008 for annuities - that can't be far off peak.

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Appalling annuity rates

They'll probably go lower as well due to the lack of progress towards leaving the eu.

Now you know why the government changed the retirement rules about how people can spend their long saved for retirement money, they knew what would happen, they planned it that way......your money is basically worth very little indeed, far less than the day in the past that you earned and saved it..... ;)

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1.5% compared to say 1% in a saving account.

A whole 0.5% extra on £20k, is less than £2 a week,. to risk having so much money in a current account more readily available for a fraud.

http://www.thisismoney.co.uk/money/saving/article-3438512/Beware-smishing-scam-saw-one-Santander-customer-lose-23k.html

Edit: Actually it's far worse because I forgot about the £5 a month charge, so £40 a year extra for the dangers of £20k in a current account

Edited by Democorruptcy
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I read somewhere that for the last 25 years or so, the US Stock market always crashes after a new president comes in.

If that is so, and comes to pass, i will be chucking the lot, including £100k cash ISA in to stocks ~n~ shares ISA next year.

But i'll be buggered if i'm doing it at current levels.

What is the point of giving these bastards a shekel anymore?

They dont need it, and they dont want it.

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I think the phrase is "you jammy *******!". Timing doesn't get much better than 2008 for annuities - that can't be far off peak.

On the contrary, they were well on the way down by then. The golden age was before the Equitable bust.

Pension prices have risen a whole lot more than mere house prices this century!

Edited by porca misèria
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Was thinking of putting it in a FTSE100 tracker ISA. Unless someone here can convince me now is absolutely the wrong time to do this?

Depends what the money is intended for. Equities are volatile[1] and if you want to spend the capital, equities don't guarantee it'll be there when you want it. If, on the other hand, you want to income then equities are the place to be. This is a short to medium term point of view.

Long term - who knows? Economic doom may occur with shares on the floor from both a capital and income perspective. But in that nightmare scenario, what are your pounds worth and will the bank have them for you?

In answer to the Q as to what I'm doing with money: buying more equities for income. But I'm pretty much fully invested and I'm already drawing an income - so it's just the occasional re-investment of surplus income. I'm also spending money: new bikes for Mrs JTB and me. I could defer for a while but with investment returns low, it makes sense to invest in real stuff.

[1] Volatility != risk. In fact, forget most of what you've read about investment and risk; it's guff. There is no safety in investments - not even in cash.

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Was thinking of putting it in a FTSE100 tracker ISA. Unless someone here can convince me now is absolutely the wrong time to do this?

Mr Sunshine (Phil Hammond) will be along any minute now with plans to propel the national debt above £2Tn, while the Canadian dummy is reportedly preparing yet another rate cut and moar QE to add further fuel to the fire. The purchasing power of cash is being systematically destroyed and any pretense at balancing the books appears to have been abandoned for the duration of this parliament at least. Hard to see the FTSE falling far in that scenario, even if/when China implodes. I've certainly given up trying to get short. Final thought: Don't forget to acquire some helicopter insurance too (physical gold) if you don't already have it. One day 'old yeller' may be the only thing worth owning.

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Mr Sunshine (Phil Hammond) will be along any minute now with plans to propel the national debt above £2Tn, while the Canadian dummy is reportedly preparing yet another rate cut and moar QE to add further fuel to the fire. The purchasing power of cash is being systematically destroyed and any pretense at balancing the books appears to have been abandoned for the duration of this parliament at least. Hard to see the FTSE falling far in that scenario, even if/when China implodes. I've certainly given up trying to get short. Final thought: Don't forget to acquire some helicopter insurance too (physical gold) if you don't already have it. One day 'old yeller' may be the only thing worth owning.

FWIW, my current breakdown is something like:

68% cash (ISA, Premium Bonds, Savings, etc.)

25% Gold/Silver (Mostly Gold)
5% stocks and shares (Mostly NYSE)
2% physical assets
I will probably convert my Cash ISA into a stocks and shares ISA and probably also buy more stocks and shares in general, but I do fear that right now might be a bad time (stocks are at record highs, the pound is low and uncertainty is high).
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Was thinking of putting it in a FTSE100 tracker ISA. Unless someone here can convince me now is absolutely the wrong time to do this?

It's absolutely the wrong time to do this.

(and if you believe or disbelieve that on the basis of some geezer on HPC, you might sleep better investing in something lower-risk).

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