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Realistbear

I R Up Up And Away On Savings Accounts 7% +

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http://www.citywire.co.uk/News/NewsArticle...uKey%3dNews.IFA

Savers reap benefit of market turmoil as Stroud & Swindon ups rate to over 7%

Published: 07:00 Thursday 13 September 2007
By: Lorna Bourke, Money Columnist
Turmoil in the money markets with banks and
mortgage lenders having difficulty meeting their funding
requirements means that there are some attractive rates around for savers with the latest offering breaking the 7% gross barrier.

So basically the banks are going bust and they need us to keep them afloat. I am sorry but without guarantess (collateral) on the savings I would not deposit a penny with any of them. Its too risky with banks collapsing and more to come as mortgage resets sees people walk away from their homes with debt left behind.

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Guest Charlie The Tramp
So basically the banks are going bust >>>>>>>>>

as mortgage resets sees people walk away from their homes with debt left behind.

:blink::unsure:

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So basically the banks are going bust and they need us to keep them afloat. I am sorry but without guarantess (collateral) on the savings I would not deposit a penny with any of them. Its too risky with banks collapsing and more to come as mortgage resets sees people walk away from their homes with debt left behind.

But I thought things were guarenteed?

Certainly the first £3000?

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So basically the banks are going bust and they need us to keep them afloat. I am sorry but without guarantess (collateral) on the savings I would not deposit a penny with any of them. Its too risky with banks collapsing and more to come as mortgage resets sees people walk away from their homes with debt left behind.

I would not risk a penny either. About 10 finance companies have gone bust in New Zealand recently and unlike the UK investors are not covered by an FSA or such like so people have lost ALL their money.

It is very funny seeing the remaining finance companies scrambling for customers now. I saw and advert today offering 12% return on your money (in NZ) and the advert says " we only lend money to prime mortgage customers " . Well with the base rate at around 8% if they are only lending to prime mortgage customers I fail to see how they are going to return 12% to the investor. Basically they are all going bust. The higher the interest rate the higher risk lending the bank (or investment company) is into.

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http://www.citywire.co.uk/News/NewsArticle...uKey%3dNews.IFA

I am sorry but without guarantess (collateral) on the savings I would not deposit a penny with any of them. Its too risky with banks collapsing and more to come as mortgage resets sees people walk away from their homes with debt left behind.

So i understand that investing in Mortgage companies is quite a risk but what about the larger banks like HSBC, Lloyds TSB? Surely if they go then we're all fooked and it's time to head for the hills. So what would you do with you money Bear – honestly?

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Very co-incidental this.I looked back at my September 1998 assets schedule to compare rates, since the papers are claiming that mortgage rates are now at the same level as they were then ,despite the then Base rate being 7.5%(175 basis points higher).

Well my top three were:West Brom TESSA,7.85%,Natiowide Bond,7.4% and stone the crows Stroud and Swindon Bond 7.05%(they've bloody resurrected it from nine years ago and yes it was a three year bond then).

And if mortgage rates really are the same as nine years ago,then the evidence from September 1998 is that savers are still getting stiffed by the Banks.

Also note that TESSA rates were then the best.You now get stiffed for late fives for ISAs(unless you are in NSan I)because they think they can get away with a lower rate for a tax free vehicle.

Edited by crashmonitor

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first 2000 is by 100%, then the next 33,000 is to 90%.

So, on a deposit of around 35,000 you would get back approx 31,500.

Does anyone know if interest owed by them but not yet paid, is covered by the scheme or just the balance? I'm guessing it's just the balance.

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Does anyone know if interest owed by them but not yet paid, is covered by the scheme or just the balance? I'm guessing it's just the balance.

Good point,I'm stuffed anyway on the interest because I am mainly invested in tranches of 35K.

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All this talk of Banks going bust,but any sign of real trouble and they call in their loans.Mortgagees who can't remortgage are then forced sellers?Don't know who is most stuffed the home owner or the depositor.

Edited by crashmonitor

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