Bruce Banner Posted September 27, 2018 Share Posted September 27, 2018 Goldman Sachs enter UK savings market with market leading rate of 1.5%. https://news.sky.com/story/goldman-sachs-makes-uk-retail-bank-debut-through-marcus-11509963 Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted September 27, 2018 Share Posted September 27, 2018 Just now, Bruce Banner said: Goldman Sachs enter UK savings market with market leading rate of 1.5%. https://news.sky.com/story/goldman-sachs-makes-uk-retail-bank-debut-through-marcus-11509963 How wonderful.. at that rate and after taxes your meagre savings pot might double in 99 years.. Quote Link to comment Share on other sites More sharing options...
dougless Posted September 27, 2018 Share Posted September 27, 2018 Its a start but we need much higher rates to dent the UK populations appetite for debt. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2018 Author Share Posted September 27, 2018 1 minute ago, cashinmattress said: How wonderful.. at that rate and after taxes your meagre savings pot might double in 99 years.. You're right, we should put all our money into property . Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2018 Author Share Posted September 27, 2018 Just now, dougless said: Its a start but we need much higher rates to dent the UK populations appetite for debt. Indeed, but it's already put the wind up our long term resident house price ramper. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 27, 2018 Share Posted September 27, 2018 3 minutes ago, Bruce Banner said: Goldman Sachs enter UK savings market with market leading rate of 1.5%. https://news.sky.com/story/goldman-sachs-makes-uk-retail-bank-debut-through-marcus-11509963 You can get more than that, the higher rates just below 2% are out there.? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2018 Author Share Posted September 27, 2018 Just now, winkie said: You can get more than that, the higher rates just below 2% are out there.? For instant access? Quote Link to comment Share on other sites More sharing options...
winkie Posted September 27, 2018 Share Posted September 27, 2018 3 minutes ago, Bruce Banner said: For instant access? Not instant access any time, restrictions on how many withdrawals a year, can close any time....1.41%. ? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2018 Author Share Posted September 27, 2018 3 minutes ago, winkie said: Not instant access any time, restrictions on how many withdrawals a year, can close any time....1.41%. ? Yeah, I've recently opened an eISA at 1.35% on similar terms, which is worth a bit more than that taking tax into account. Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 27, 2018 Share Posted September 27, 2018 I dont think people have fully grasped whats happening in the world and how itll pan out in the UK. US is raising rates. More so now the Euro has packed in trying to be a global currency. The US sets the global risk free rate - FED rates/10Y treasuries - our curency, your problem. UK has to to set its rates at FED rates + 0.5% - no choice. Otherwsie infrlation rises and it needs to raise them anyway. Trashing the poind just does not work - fux all people work i nthe UK, fux all of fux all work in export industries. Ayyone taking our a post MRMmrotgage will be fine - these are stress tested at 6%/30% of houseghold income. But the problems are not with MMR mortgages. They are with IO loans and the self certs. Banks now have to ge ttheir capital up. They need to do this via equity and deposits. The likes of Nationwide and Covernry BS who are the most exposed in the UK have to compete for savings. Having GS park a bs ntheir loan means they are fuxed. Or ratehr their over leveraged custoems are fuxed - all that extra spread to beat GS/Marus is going straight on a IO BTLers SVR. Quote Link to comment Share on other sites More sharing options...
Errol Posted September 27, 2018 Share Posted September 27, 2018 1.5? Is that a joke? Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 27, 2018 Share Posted September 27, 2018 2 minutes ago, Errol said: 1.5? Is that a joke? No. But it is a start. Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted September 27, 2018 Share Posted September 27, 2018 There are several 1 year savings bonds at 2% out there. Not ISAs but you can get £2K of savings interest tax free. https://moneyfacts.co.uk/savings/fixed-rate-bonds/ Now the FED is continuing to raise rates, it will be interesting to see if our savings rates will go up. Why would anyone be interested in sterling at a 2% fix for a year when they can get a 2.25% fix on dollars for a month. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted September 27, 2018 Share Posted September 27, 2018 1 hour ago, Bruce Banner said: You're right, we should put all our money into property . Not that I'm advocating either option... but in the current state of affairs which one is more likely to give you a retirement income? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 27, 2018 Author Share Posted September 27, 2018 3 minutes ago, cashinmattress said: Not that I'm advocating either option... but in the current state of affairs which one is more likely to give you a retirement income? Probably the 1.5% savings account. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted September 27, 2018 Share Posted September 27, 2018 5 minutes ago, cashinmattress said: Not that I'm advocating either option... but in the current state of affairs which one is more likely to give you a retirement income? The current housing market is rather like the Tech. bubble that burnt a lot of people, but at that time seemed eminently sensible. I would much rather collect my 1.5% and still have a shirt. Quote Link to comment Share on other sites More sharing options...
Borisina Posted September 27, 2018 Share Posted September 27, 2018 11 minutes ago, Freezer? Best place for it said: The current housing market is rather like the Tech. bubble that burnt a lot of people, but at that time seemed eminently sensible. I would much rather collect my 1.5% and still have a shirt. Yup. Me too. Quote Link to comment Share on other sites More sharing options...
Freki Posted September 27, 2018 Share Posted September 27, 2018 Atom Bank 2% for 1Y fixed FSCS protected. They supposedly offer mortgages as well but only the fixed Saver products work. No requirement for a current account, actually they don't offer a current account just savings accounts. Not an ISA though so watch out for the £500 interest earned free of tax limit for higher earners Quote Link to comment Share on other sites More sharing options...
Freki Posted September 27, 2018 Share Posted September 27, 2018 And for instant access I use the NatWest builder account, you have to save £50 a month to get the 1.5% and it is capped at £5000, reduced to 1% up from 5k to 10k. So a smart use of the two is enough to not feel like praising the GS' product Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 27, 2018 Share Posted September 27, 2018 14 minutes ago, Freki said: And for instant access I use the NatWest builder account, you have to save £50 a month to get the 1.5% and it is capped at £5000, reduced to 1% up from 5k to 10k. So a smart use of the two is enough to not feel like praising the GS' product 1.5% limit now raised to £10k They allow joint versions of these accounts, so the Mrs and I have three of them between us. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted September 27, 2018 Share Posted September 27, 2018 1 hour ago, Captain Kirk said: There are several 1 year savings bonds at 2% out there. Not ISAs but you can get £2K of savings interest tax free. https://moneyfacts.co.uk/savings/fixed-rate-bonds/ Now the FED is continuing to raise rates, it will be interesting to see if our savings rates will go up. Why would anyone be interested in sterling at a 2% fix for a year when they can get a 2.25% fix on dollars for a month. I think a lot of people would be cautious about a foreign currency savings account, they do have some risks. (Of course a foreign currency mortgage is even more risky). Quote Link to comment Share on other sites More sharing options...
dougless Posted September 27, 2018 Share Posted September 27, 2018 1 hour ago, Freezer? Best place for it said: The current housing market is rather like the Tech. bubble that burnt a lot of people, but at that time seemed eminently sensible. I would much rather collect my 1.5% and still have a shirt. and me... Quote Link to comment Share on other sites More sharing options...
Freki Posted September 27, 2018 Share Posted September 27, 2018 The world has been walking on its head for a while with those interest rates. The fact that both the BoE and BCE rates have for a long time been below the FED's is unnatural. When will there be a reckoning though? I don't know. Quote Link to comment Share on other sites More sharing options...
adarmo Posted September 27, 2018 Share Posted September 27, 2018 Japan has been below 1% for over 2 decades. Perhaps some can stand longer on their heads? Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 27, 2018 Share Posted September 27, 2018 45 minutes ago, fru-gal said: Spy, how high do you see rates going in the UK and what kind of timespan? I know @durhamborn has been saying this for ages but seems things are finally happening... 2%-3% higher than the FED. Quote Link to comment Share on other sites More sharing options...
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