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spyguy

I call slow bank run.

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5 minutes ago, Houdini said:

Given that zopa is currently paying 4-5% I would need more than 0.5%

Yeah. The risk premium for civentry, nationwide and skipton is chunky.

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Banks don't do savings accounts, well they do but don't actively promote them..... prehaps they don't have to or don't want to.....they certainly don't encourage savings looking at their saving rates......I think it is your debt they would prefer to have not your savings.;)

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1 hour ago, Houdini said:

Banks don’t need to borrow money form savers when the Bank of England offer it for free.

that I believe is about to end and then the fun will begin

i hope they look at zopa

 

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7 hours ago, longgone said:

i hope they look at zopa

 

How's Zopa working? I used it in 2012/2013 before my stint in the Far East. It did return what promised and with no losses for me - at the time. Not sure now? 

 

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6 hours ago, stuckmojo said:

How's Zopa working? I used it in 2012/2013 before my stint in the Far East. It did return what promised and with no losses for me - at the time. Not sure now? 

 

no idea never used it, but i have heard no bad stories about it.  if central money from the BOE is slowing down then they need to look at the whole savings market and offer products accordingly.  

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5 hours ago, AnneD said:

 

CASH will be KING in the middle of such a contagion.

and bitcoin and gold will be king just afterwards when everyone finally wakes up. 

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6 hours ago, AnneD said:

MAYBE A FAST BANK RUN!  

Subtly, the EU is looking to establish preparations for the coming banking crisis and how to protect the banks from massive withdrawals. The solution? The EU wants to be able to temporarily free up credits for the banks and at the same time to freeze bank deposits, In other words, like Greece, you just won’t be able to withdraw funds.  In other words, everything will be frozen. The current EU plan envisages blocking account disbursements for five working days and with the authority to extend any suspension to up to 20 days.

Recommend that you have 30 days worth of cash on hand. What the authorities do not understand is that if they freeze one bank, a run will unfold on all banks. The public will not believe whatever the government says. Therefore, banks that are not in crisis can be pushed into a crisis by a contagion. That is simply how it all unfolded in 1931-1933. The only way to stop a contagion will be a bank holiday and you have to close them all.

CASH will be KING in the middle of such a contagion.

Really interesting.

In the Rep of Ireland 2012, Ulster Bank  declared they had an IT issue.

That's the reason they gave for refusing to allow any customer to withdraw more than one thousand euro in a day.

Hadn't considered a Bank Run.

Hmm.

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Realistically, in a bank run you need paper money, not gold or bitcoin. The shops will take paper - there will be no mechanism by which they can take gold. You would need to go via a pawn broker and they would smell your need. Gold is for TEOTWAWKI.

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1 hour ago, Nationalist said:

Realistically, in a bank run you need paper money, not gold or bitcoin. The shops will take paper - there will be no mechanism by which they can take gold. You would need to go via a pawn broker and they would smell your need. Gold is for TEOTWAWKI.

if you read what i said, i said after the bank run you would want bitcoin and gold, most certainly during a bank-run having cash in hand is worth more.

after people wake up to the state of the banks they certainly would want gold and bitcoin. 

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55 minutes ago, reddog said:

Don't really get the first post.  Is Cov building society website down?

If they are advertising their retail deposit products it suggests they are chasing retail funding, and that is interesting.

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3 minutes ago, Beary McBearface said:

If they are advertising their retail deposit products it suggests they are chasing retail funding, and that is interesting.

Most building societies rely in savings. Few people have their current accounts with them but they are where people turn for larger savings balances. 

Coventry BS is the third biggest BTL lender of course, and while I presume they do a fair bit of securitisation, they will always need deposits to fund their front book. 

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9 hours ago, longgone said:

no idea never used it, but i have heard no bad stories about it.  if central money from the BOE is slowing down then they need to look at the whole savings market and offer products accordingly.  

It would be interesting to see if they can get new products out quick enough and tempt in cash on the side lines to make a difference between sink or swim

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10 minutes ago, giggler000 said:

It would be interesting to see if they can get new products out quick enough and tempt in cash on the side lines to make a difference between sink or swim

They are offering 2% on a cash isa 3 yr, must be the leading rate this

 

Edited by papag

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1 hour ago, reddog said:

Don't really get the first post.  Is Cov building society website down?

I saw the same ad 3 times in a 1h stretch of telly.

The ad was for savings.

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26 minutes ago, Beary McBearface said:

If they are advertising their retail deposit products it suggests they are chasing retail funding, and that is interesting.

They were heavily advertising for deposits.

 

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2 hours ago, spyguy said:

They were heavily advertising for deposits.

 

Isn't this just pre-empting the end of the Term Funding Scheme? No more near free money at 25 basis points i.e. they need depositors to cover any funding gap.

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5 hours ago, Castlevania said:

Isn't this just pre-empting the end of the Term Funding Scheme? No more near free money at 25 basis points i.e. they need depositors to cover any funding gap.

Possible.

But they do seem to be running those ads more than any other bank.

 

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  • 407 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%



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