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http://www.thisismoney.co.uk/saving-and-ba...54&in_page_id=7

Savings rates axed again

Daily Mail

12 April 2006

SAVERS continue to suffer as banks and building societies cut their rates, even though the Bank of England left base rate unchanged at 4.5% last week for the eighth month running.
Nationwide will cut the rate on its popular e-Savings account tomorrow for the second time this year. Those with balances of £10,000 or more will see their rate fall to 3.64% after 20% savings tax (4.55% before tax), a fall of up to 0.15% before tax.

Hard times coming for the banks?

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absolutely !

bad debts set to skyrocket

first direct still 5% though B)

When I was in the Halifax today I saw they were advertising a savings rate of 7%. Am I correct; it seemed like a good deal?

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Guest Guy_Montag

When I was in the Halifax today I saw they were advertising a savings rate of 7%. Am I correct; it seemed like a good deal?

It's a regular saver deal, you have to pay in the same amount every month. (No-more than £250)

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It's a regular saver deal, you have to pay in the same amount every month. (No-more than £250)

And you can't make any initial deposit either... just a loss leader to get a load of your money in the bank and hope that apathy ensures you stay there.

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http://www.thisismoney.co.uk/saving-and-ba...54&in_page_id=7

Savings rates axed again

Daily Mail

12 April 2006

SAVERS continue to suffer as banks and building societies cut their rates, even though the Bank of England left base rate unchanged at 4.5% last week for the eighth month running.
Nationwide will cut the rate on its popular e-Savings account tomorrow for the second time this year. Those with balances of £10,000 or more will see their rate fall to 3.64% after 20% savings tax (4.55% before tax), a fall of up to 0.15% before tax.

Hard times coming for the banks?

So, saving paper money becomes even more pointless in our consumer debt ridden economy, all while prices of things you can't print quietly explode upwards.

Interesting times.

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When I was in the Halifax today I saw they were advertising a savings rate of 7%. Am I correct; it seemed like a good deal?

And you prolly have to have a current account there that recieves at least £1000 pcm

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This just reinforces my thoughts that there is so much momentum behind HPI that pretty well everything else can be sacrificed in order to maintain it. The banks can't afford increasing levels of default due to mortgages being too big? Simple, reduce the interest paid out on savings so that the banks can now afford increasing levels of default, and hey presto! they can keep on lending.

What next? Is Gordon Brown going to put 10p on income tax so that the government can start offering 10x mortgages?

Though an alternative view is that the profits on regular savings account are going to have to be increased to pay for loss-leading "regular savings accounts."

Billy Shears

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This just reinforces my thoughts that there is so much momentum behind HPI that pretty well everything else can be sacrificed in order to maintain it. The banks can't afford increasing levels of default due to mortgages being too big? Simple, reduce the interest paid out on savings so that the banks can now afford increasing levels of default, and hey presto! they can keep on lending.

What next? Is Gordon Brown going to put 10p on income tax so that the government can start offering 10x mortgages?

Though an alternative view is that the profits on regular savings account are going to have to be increased to pay for loss-leading "regular savings accounts."

Billy Shears

Gordon has to keep HPI going as his whole career rests on it. HPC=end of the Miracle. The lowering of savings rates may be a hidden mechanism to keep HPI going for awhile longer as it allows the VIs to lend more while reducing overheads. The only thing that is going to stop him is higher IR or soaring energy costs that cannot be passed onto the public without recession.

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That's it, moving from nationwide. They where a little lower than some options but I couldn't be bothered but with this further fall my money is going elsewhere.

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  • 302 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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