Jump to content
House Price Crash Forum

Recommended Posts

That's the savings rate on my cash ISA. For everybody with a grand saved in that account, the letter the bank sent to notify them the rate was being reduced probably cost the bank more than the annual interest to be paid.

Link to comment
Share on other sites

  • Replies 65
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

10 minutes ago, btd1981 said:

That's the savings rate on my cash ISA. For everybody with a grand saved in that account, the letter the bank sent to notify them the rate was being reduced probably cost the bank more than the annual interest to be paid.

And we wonder why people are buying houses instead of saving 

Link to comment
Share on other sites

Nationwide just raised their top ISA rate from 0.25% to 0.4%. 

I nearly fell of my chair when I got that email yesterday. It’s still a terrible rate but nationwide went a bit crazy with the rate cuts last year and this is the first I’ve seen of any provider increase their rates since the covid rate cut

Link to comment
Share on other sites

This is why I have my ISA invested in the stockmarket. Now lets be clear, for someone like me on a limited income, to gamble half my saving in stocks is mad but what choice do I have? If I use a normal bank account I will be effectively loosing money.

The idiot government is constant;y telling people to save but in this crap country, in which houses offer the only secure return, that is impossible for people who can't get on the housing ladder to do.

Interest rates need to return to sane levels, it is the only way to rebalance the economy.

Link to comment
Share on other sites

Cash returns have been terrible since the GFC in 2008/09. 

I think low risk investments within a S&S ISA can return around 8-10% per annum. Given the amount of QE we've had since the GFC, it isn't surprising we have had property and shares surge as theres little else people can put their money into.

 

Link to comment
Share on other sites

50 minutes ago, bartelbe said:

This is why I have my ISA invested in the stockmarket. Now lets be clear, for someone like me on a limited income, to gamble half my saving in stocks is mad but what choice do I have? If I use a normal bank account I will be effectively loosing money.

The idiot government is constant;y telling people to save but in this crap country, in which houses offer the only secure return, that is impossible for people who can't get on the housing ladder to do.

Interest rates need to return to sane levels, it is the only way to rebalance the economy.

Exactly...we are forced to take risks.  Risks we would prefer not to take.

Link to comment
Share on other sites

Just now, spacedin said:

I'm still getting 1.7% interest on the Halifax Help to Buy ISA. Not sure why that hasn't been reduced like the others. The regular rate is 0.20

I'm getting 1% I think on nationwide HTB ISA. Seems strange. I guess they don't want to p1ss off a possible future mortgage customer.

Link to comment
Share on other sites

I was notified of an increase in interest rate by YBS. But it's a mistake...great eh.  I have complained..i doubt I am the only one.  I am mostly in equities but nervous of buying in further at moment.  I have a rule of not buying in when FTSE is above 6000 but I might have a long wait.

Link to comment
Share on other sites

3 minutes ago, Si1 said:

I'm getting 1% I think on nationwide HTB ISA. Seems strange. I guess they don't want to p1ss off a possible future mortgage customer.

The thought had crossed my mind aye. 

It appears the Halifax rate will be reduced to 1% AER very soon.

Interestingly the HSBC interest rate is 1.75% AER and the interest paid monthly. 

Link to comment
Share on other sites

I think I'm getting 1.25% on a santander 123 account. Lots of cashback on fatuous things too.

You get the rate on balances between 2k and 20k. You're only allowed one about per person but before i bought a house i had my deposit saved in one in my name, her name, AND joint account. 

Back then though you got 3% and i had 54k eligible for interest... that's what the 3 used to stand for.

After the GFC i was saving for a deposit (and thinking houses would half in price). One of the more stupid investments i made was in a company that was in trouble but i expected the bank to take a haircut on the debt. They pre-packed it instead and i lost a few grand. That just made me more angry as i blamed the gfc and govt for me taking that risk. As you can tell I'm still not quite over it more than a decade later. 

Link to comment
Share on other sites

6 minutes ago, adarmo said:

I think I'm getting 1.25% on a santander 123 account 

 

I enquired about this and got this reply The rate on the 123 current account will drop from 0.6% to 0.3% for new and existing customers from 12 April

Link to comment
Share on other sites

33 minutes ago, spacedin said:

I'm still getting 1.7% interest on the Halifax Help to Buy ISA. Not sure why that hasn't been reduced like the others. The regular rate is 0.20

My Santander HTB ISA went from 4.25% at the start of the Covid cuts to 2.75%. Soon after, I hit the £12k limit for claiming the govt bonus. Letter arrived 72 hours later with news of a much bigger cut to 0.75%.

Link to comment
Share on other sites

We're still getting 2.3% at about half term on our 5 year Coventry fixed price cash ISA with cash in option in case rates go up during the next couple of years. Our variable rate ISAs are taking a hit though with Virgin reducing from 0.61% to 0.41% in April.

Link to comment
Share on other sites

I feel sorry for so many people. They were saving hard for a deposit pre-2008, then the GFC comes along and most people expected a very healthy correction in house prices. But, the sting in the tail was government and banker fiddling through QE and low interest rates. Most people on this site didn't see this coming, but when these measures were actually introduced, I think the more intelligent and switched on folk realised it was game over for them. House prices were only ever going to go up through QE and low interest rates.

Now we are seeing exactly the same thing today, but this time it is covid that will lead to even more radical and aggressive action by the government and banks that will once again push prices much higher. I'm sure quite a few people think covid will lead to a massive crash, when actually it's going to be the opposite, and once again, their flawed way of thinking will cost them, just like it did in 2008.

 

 

 

Link to comment
Share on other sites

2 hours ago, btd1981 said:

That's the savings rate on my cash ISA. For everybody with a grand saved in that account, the letter the bank sent to notify them the rate was being reduced probably cost the bank more than the annual interest to be paid.

You can get 9.2% p/a return on Tether, USDT, paid in GBP. 

Blockfi.com

 

Link to comment
Share on other sites

37 minutes ago, adarmo said:

I think I'm getting 1.25% on a santander 123 account. Lots of cashback on fatuous things too.

You get the rate on balances between 2k and 20k. You're only allowed one about per person but before i bought a house i had my deposit saved in one in my name, her name, AND joint account. 

Back then though you got 3% and i had 54k eligible for interest... that's what the 3 used to stand for.

After the GFC i was saving for a deposit (and thinking houses would half in price). One of the more stupid investments i made was in a company that was in trouble but i expected the bank to take a haircut on the debt. They pre-packed it instead and i lost a few grand. That just made me more angry as i blamed the gfc and govt for me taking that risk. As you can tell I'm still not quite over it more than a decade later. 

No chance, that was 2019 and before, it was cut to under 1% in 2020, cut again soon to under 1/2%.

Link to comment
Share on other sites

I don't understand why anyone would keep anything more than immediate spending money in a bank. I mean how far do they have to push you?

We are going to hyperinflate as it is the least painful option to those in charge.

Link to comment
Share on other sites

9 minutes ago, markyh said:

Oh, so you think the USD is going to zero? 

Some people just like staying poor. If the ill-educated can’t be bother to put in the leg work to learn some basics for themselves then, sod ‘em. Let them repeat their sad tired old illformed soundbites as the bankster cartels throw them some crumbs. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.