Tuesday, July 20, 2010

United we stand

Savers join forces to fight the interest rate plunge

About time the downtrodden savers had a voice.

Posted by jalopy @ 11:23 AM (2460 views)
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15 thoughts on “United we stand

  • keith thomas says:

    The fall in rates meant that in 2009, savers were £18bn worse off.

    What actually has happened is that £18bn has been stolen from the savers and given to the borrowers – this is what always happens in a financial crisis.

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  • Its really sad. Many of the old people (who fought for this country) cannot get out and don’t check up on the latest rates/offers from lenders. They are beyond the stage of swapping their money around.

    This country has trodden down the people who helped it at the time of its greatest need to prop up house prices!

    (No, I’m not a pensioner).

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  • find someone to mess things up; then find another guy to fix it up…………it create jobs!

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  • What would be an effective way for savers to fight back?

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  • thebulltrap says:

    Unfortunately, the only way to make anything change realistically is force. Most people are too lazy to protest or happy to protest online or by letter. Nothing will change until heads adorn Tower Bridge once again, and that won’t happen until the riots start, and that won’t happen until the money runs out…. Oh, wait.

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  • Ignoreyourspam says:

    > What would be an effective way for savers to fight back?

    Until yesterday, NS&I Indexed linked Savings Certificates!

    I guess there’s still products like iShares INXG, or buying indexed-linked Gilts from the DMO – but they carry investment risk.

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  • As I posted elsewhere, I heard example recently of a property developer running a £1m mortgage who’s annual repayments have fallen from £60k to £10k.
    So he gets a new Range Rover each year and I fund it. Hmmmm.

    But as said above nothing will be done. And the person who the BBC article is about doesn’t actually seem to be doing anything either.

    The only way to do something would be to start a new bank/building society and offer 4% interest rates to savers but you’d need to be pretty sure you can make double that rate (without any losses) on what you make out of the savers money to make it worthwhile.

    recaptcha : intended hornier

    That’s it, invest the money in Chinese manufactured sex toys and sell them for triple the money.

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  • Complaining about the banks rip-off of consumers is pointless, just move your money where you will get decent returns, like Gold, Shares, ETFs, even funds and bonds. The banks don’t deserve our patience and money. I only keep a float in my bank account, any excess is spent on useful bargains and invested.

    Captcha: presenting manual – appropriate

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  • letsgetreadytotumble says:

    Cannot Save Our savers arrange a special rate with ONE BS or bank. Then all savers are encouraged to save with the chosen BS/ bank.
    This way better rates could be obtained and many financial institutions would be starved of our cash.

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  • The whole financial system is rigged to remove any incentive to save so the consumer led boom continues as we keep spending.

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  • Goldbug9999 says:

    “What would be an effective way for savers to fight back?”

    Take your cash out of any account and put it in a safety deposit box. Thanks to the “magic” of fractional reserves every £ you take out of the system removes about 6 £ of credit-created funny money.

    “move your money where you will get decent returns, like Gold, Shares, ETFs, even funds and bonds”

    The money is still in a someones bank account somewhere so as a protest its no where near as effective as going real cash, also most of the aforementioned are highly volatile and risky investments at the moment (and yes that includes my own favorite – gold). You might be better off with something like zopa.

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  • #8 – I had the same idea earlier today … one point of contact goes into the mutual building societies to negotiate a reasonable savings return. Whoever offers the best deal will get the majority of savings from all affected savers. I would be happy to move my Santander ISA (currently earning 3%) to such an institution.

    Who knows – with enough publicity and enough take up we savers could cause a change in the current status quo?!

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  • Here’s a Max Keiser interview with the campaigner John Strain featured in the BBC article.

    Fast forward to 23:20 when the Reverend Strain talks about savings and mortgages; see how Max deals with him. Homeownerism has many forms.

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  • Thank you Quiet Guy I thoroughly enjoyed the report! When will people wake up to the obvious?

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  • it_is_going_with_a_bang says:

    It is all very well slating low interest rates and I am one of them but what would the the effect be of increasing rates by 1% or even 2%.
    Would we see banks passing that on?
    The longer we stay at a very low interest rate it will be that much harder to increase them.

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