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2 hours ago, Panda said:
2 hours ago, Panda said:
  • invest up to a total of £3,000 per person
No it definitely was up to £1 million you could invest. I just rang up and NS&I and  there were two different products one was called Investment Guaranteed Growth Bond which yes you could only invest up to £3000 and the other called just Guaranteed Growth Bond. The bloke on the phone said the similarity of the name had caused a lot of confusion but it doesn’t matter now as  the product was withdrawn yesterday ???.  They replaced it with 1.95 % bond that has the same 90 day withdrawal conditions . Although you can put up 1 million into it and of course everything is covered being NS&I the lower interest  rate makes the buffer smaller should you wish to withdraw.

 

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2 hours ago, TonyJ said:

Secure Trust Bank has a 120 day notice account that pays 1.56%. I have mine on notice at the moment in the hope there will be batter rates by the end of April.

Secure Trust Bank banking license? 

http://www.thisismoney.co.uk/money/meandmymoney/article-1630421/Savings-compensation-protection-Bank-ownership-licences.html

 

Got it. Independent.

Edited by Panda

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15 minutes ago, Panda said:

 

Just wondering about the FSC protection scheme.

As far as I’m aware secure is ‘standalone bank ‘ , it owns various companies but they’re not linked to any other bank.  I’ve had a 120 day notice account with them for a number of years in which time it constantly remained  in/at the top of the interest-rate table for products of this type .

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1 hour ago, Gemma Rose said:

No it definitely was up to £1 million you could invest. I just rang up and NS&I and  there were two different products one was called Investment Guaranteed Growth Bond which yes you could only invest up to £3000 and the other called just Guaranteed Growth Bond. The bloke on the phone said the similarity of the name had caused a lot of confusion but it doesn’t matter now as  the product was withdrawn yesterday ???.  They replaced it with 1.95 % bond that has the same 90 day withdrawal conditions . Although you can put up 1 million into it and of course everything is covered being NS&I the lower interest  rate makes the buffer smaller should you wish to withdraw.

Yes it was 2.2% for up to £1m. Those nice NS&I people have cut their rate without a BoE rate cut.

 

 

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I mentioned earlier that I still had an account with Secure  because   I thought with the performing  reasonably  well I take that back !. I’m in the process of rejigging my accounts at the moment and that’s why I’m up on this and I have actually closed my Secure account because (and this is important but )   these notice accounts have variable rates and Secure had gone too low for me whereas the NS&I type  account  we were talking about earlier is fixed.     So the bottom line is you really have to keep an eye on the interest-rate with notice accounts ,   Although many of the notice accounts did  drop their rate when the Bank of England lowered  several of them put them back up again when the Bank of England raised rates but I don’t think Secure did  hence why they got the boot from me .

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54 minutes ago, Democorruptcy said:

Yes it was 2.2% for up to £1m. Those nice NS&I people have cut their rate without a BoE rate cut.

F@cking  unbelievable to do it without the BoE cutting?. Call me naive (as all banks are  thieving shits ) but I always  considered  NS&I to other banks in the same way as I considered  John Lewis to other retailers  ( sort of  more decent !)

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On 2/28/2018 at 11:12 AM, hi5lo5 said:

For few lenders such as Aldermore, Metro bank  it will be as early as next month. Some lenders drawn down TFS to pay back FLS. It's one of the complex schemes to determine the true cost of unwinding. Some economists predict the borrowing cost would increase by 0.60%. But it could raise as high as 1.5%. 

Telegraph:  Metro Bank shares slump on concerns further capital raise needed

I tried to short Metro Bank shares a while ago but IG Index wouldn't let me do it.

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'UK banks’ capital market activity at near-decade high'

https://www.ft.com/content/a27d5502-52c9-11e8-b24e-cad6aa67e23e

Just the start of the on how banks are having to raise cpaital, sell all that junk debt, pay back the BoE, raise more capital etc etc.

4 years to pay back the BoE.

In short, theres more competition for capital. Debt is becoming a lot more expensive.

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43 minutes ago, spyguy said:

'UK banks’ capital market activity at near-decade high'

https://www.ft.com/content/a27d5502-52c9-11e8-b24e-cad6aa67e23e

Just the start of the on how banks are having to raise cpaital, sell all that junk debt, pay back the BoE, raise more capital etc etc.

4 years to pay back the BoE.

In short, theres more competition for capital. Debt is becoming a lot more expensive.

What was actually the point of the TFS and FLS? What would have been the problem with requiring banks to seek capital from savers as they had been doing up to then and offering savers a slight return (about 3% up until 2012) etc?

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18 minutes ago, spyguy said:

'UK banks’ capital market activity at near-decade high'

https://www.ft.com/content/a27d5502-52c9-11e8-b24e-cad6aa67e23e

Just the start of the on how banks are having to raise cpaital, sell all that junk debt, pay back the BoE, raise more capital etc etc.

4 years to pay back the BoE.

In short, theres more competition for capital. Debt is becoming a lot more expensive.

An eighteen month boost phase... followed by four years of tapping gently on the brakes.

Well, that was the plan. No wonder Carney and Broadbent look bewildered. The credit impulse they were expecting has been washed away by falling house prices and energy inflation. And now there's four years of Quantitative Tightening to come.

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5 minutes ago, fru-gal said:

What was actually the point of the TFS and FLS? What would have been the problem with requiring banks to seek capital from savers as they had been doing up to then and offering savers a slight return (about 3% up until 2012) etc?

Kicking that can down the road 

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10 minutes ago, fru-gal said:

What was actually the point of the TFS and FLS? What would have been the problem with requiring banks to seek capital from savers as they had been doing up to then and offering savers a slight return (about 3% up until 2012) etc?

Saving is so last century. Can't stop people speculating with bricks.

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49 minutes ago, fru-gal said:

What was actually the point of the TFS and FLS? What would have been the problem with requiring banks to seek capital from savers as they had been doing up to then and offering savers a slight return (about 3% up until 2012) etc?

QE hammered the banks lending./income margins.

At a time when they were struggling after being a bit loose with their lending.

TFS/TLS was a sop to give the banks some cash and to encourage them to lend.

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On 06/03/2018 at 15:01, Gemma Rose said:

F@cking  unbelievable to do it without the BoE cutting?. Call me naive (as all banks are  thieving shits ) but I always  considered  NS&I to other banks in the same way as I considered  John Lewis to other retailers  ( sort of  more decent !)

I suspect banks were complaining ...  Personally, in our near zero interest rate on savings environment,  I'm happy to accept lower 'returns' from NS&I for the safety of it not actually being a bank and subject to counterparty risk and hoping the FSCS compo scheme comes through.

That's how lending to a sovereign government which can issue its own currency rather than a bank that promises to pay you back in said currency goes.

 

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2 hours ago, fru-gal said:

What was actually the point of the TFS and FLS? What would have been the problem with requiring banks to seek capital from savers as they had been doing up to then and offering savers a slight return (about 3% up until 2012) etc?

Two main reasons - First to give the banks a cheap source of guaranteed funding which they could then lend out relatively cheaply.

  Second, to repress interest rates for savers and force people to invest money elsewhere if they wanted returns.

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31 minutes ago, Sour Mash said:

Two main reasons - First to give the banks a cheap source of guaranteed funding which they could then lend out relatively cheaply.

  Second, to repress interest rates for savers and force people to invest money elsewhere if they wanted returns.

Rich > Richer

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7 hours ago, Will! said:

And so it came to pass...

Telegraph: Metro Bank performs U-turn as it pushes to raise £300m

I got a free bag and 2 pens off a Metrobank shindig on saturday.

Oh and popcorn.

Theyd opened branch in the entrance of West Quay in Soton.

Stilt walkers, staff out handing promos out.

I think the bag will last longer than the bank.

Mind you, the biros will too.

 

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Raised it 'overnight'. Sounds like a bit of an emergency to me. :ph34r:

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  • 225 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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