Realistbear Posted April 12, 2006 Share Posted April 12, 2006 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? Quote Link to comment Share on other sites More sharing options...
sign_of_the_times Posted April 12, 2006 Share Posted April 12, 2006 Hard times coming for the banks? absolutely ! bad debts set to skyrocket first direct still 5% though Quote Link to comment Share on other sites More sharing options...
shermanator Posted April 12, 2006 Share Posted April 12, 2006 absolutely ! bad debts set to skyrocket first direct still 5% though 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? Quote Link to comment Share on other sites More sharing options...
befuddled Posted April 12, 2006 Share Posted April 12, 2006 They're probably trying make saving less attractive in order to prop up the spending spree further..... Quote Link to comment Share on other sites More sharing options...
Guest Guy_Montag Posted April 12, 2006 Share Posted April 12, 2006 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) Quote Link to comment Share on other sites More sharing options...
non-FTBer Posted April 12, 2006 Share Posted April 12, 2006 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. Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted April 12, 2006 Share Posted April 12, 2006 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. Quote Link to comment Share on other sites More sharing options...
jonewer Posted April 12, 2006 Share Posted April 12, 2006 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 Quote Link to comment Share on other sites More sharing options...
BillyShears Posted April 12, 2006 Share Posted April 12, 2006 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 Quote Link to comment Share on other sites More sharing options...
DICKDASTARDLY Posted April 12, 2006 Share Posted April 12, 2006 Alliance & Leicester reguar savings account (linked to current account) = 10%, But for Brand new customers only. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted April 12, 2006 Author Share Posted April 12, 2006 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. Quote Link to comment Share on other sites More sharing options...
padders Posted April 12, 2006 Share Posted April 12, 2006 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. Quote Link to comment Share on other sites More sharing options...
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