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uro_who

Savings Rates Reach New High Of 7%

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Just read http://news.bbc.co.uk/1/hi/business/6993094.stm which got me thinking. If banks and building societies need to increase deposits (7x more depositors than borrowers) then what will they need to charge on the mortgages that these are lent out on? Are they willing to gamble that 3 month rates will come right down or will they force up borrowing costs yet higher?

Edited by uro_who

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Guest Charlie The Tramp
Just read http://news.bbc.co.uk/1/hi/business/6993094.stm which got me thinking. If banks and building societies need to increase deposits (7x more depositors than borrowers) then what will they need to charge on the mortgages that these are lent out on? Are they willing to gamble that 3 month rates will come right down or will they force up borrowing costs yet higher?

I would say 9% in the current climate, I once paid 9% over a 7% base.

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There are roughly seven times as many people with savings accounts of one sort or another as there are people with mortgages.

Saving rates will go up higher, they are looking after themselves again, they are killing companies in the process to get your money to save their backs, paper cash has become more valued as each day passes.

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Guest Charlie The Tramp
Saving rates will go up higher, they are looking after themselves again, they are killing companies in the process to get your money to save their backs, paper cash has become more valued as each day passes.

I hope The Messiah and his Disciples don`t read that. :rolleyes:

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Guest Charlie The Tramp
who?

:blink: The one who collects little gold bricks, whose name must not be taken in vain. ;)

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I guess he refers to me.

Please see signature.

cgnao the government would not allow it, look at all other market crashes driven by extreme credit lending they had two options hyper or dis, they have always choosen dis. looks at my other post for the reason ive put forward.

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