Savings rates - RANT

Discussion in 'Finance, Property, Law' started by Sympathetic_Reaction, May 26, 2011.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. Sympathetic_Reaction

    Sympathetic_Reaction LE Book Reviewer

    Okay I have some money to save - not huge amount just a nice little chunk I can do without for the next few years.

    I was looking for something that tracked the RPI or similar, rather than a fixed rate.

    As it is I have found somewhere but in looking I found many accounts with the following details:

    Interest rate - 0.60%
    Notes - Rate includes bonus for first 6 months

    How low can the rate be normally if there is a bonus included to bring it up to 0.60%...for crying out loud how can the banks say people aren't saving anymore when they offer rates like's insane.

    Saying that the nice people from NS&I (shocking myself by saying that the government may contain nice people) have a good deal going atm which I have taken them up on.

    So this was just a rant at the banks who honestly haven't got a clue...


    p.s. I'm feeling a bit better now, thanks.
  2. You should diversify your investments.

    Bury half in a jam jar in your back garden, and the other half on a greyhound that poops just before the race.
  3. To be fair you can get a numerous variable mortgages for between 2.5 and 3% from the banks.
  4. premium bonds may be worth a go. It's like a chavless lottery
  5. Give it to me and I will pay you 10.3% pa and send you regular updates from my mansion on the beach in the Bahamas.


    Bernie Madoff
  6. I started a thread recently on just this topic; and I am only making some 3% pa. Yes, I could win the big one... and I could also be run over by a No 9 red bus. The chances of the latter happening are somewhat higher, IMHO!

    By all means place, say 10%, of your funds in Premium Bonds but don't bet the bank on them!

  7. I'm with you,the government are complaining that people aren't saving for their old age,WTF?
    there are over 65's now,that are totally****ed because of the interest rates,they did save for their old age,and paid their taxes,and N.I.,and are now trying to live on a State Pension,and no income from their savings!

    I'm sorry but the solution is easy,put the Bank Rate up to a decent amount,convince mortgage holders that it does hurt to have a mortgage,it's one of the sacrifices you have to make in your life,the other one is being responsible for and paying for your own kids,given the wages that are floating around now there shouldn't be a problem servicing a mortgage rate of 6-7%.

    Just get rid of the second BMW,walk to school with your kids (It's healthier),only have 2 holidays a year,clothe the kids in what they need,not what they want,and no they don't need the latest mobile phone/tablet pc/games console/ trainers,and if they don't like it,tough you make sacrifices for the house,they have to endure a bit of pain as well,simples !

    I'm off,back to my S**d
    • Like Like x 3
  8. got some myself and it's suprising how often the small wins come up and I dont consider myslef all that lucky (looking at the wife)
  9. S_R,

    Have you paid off your debts?

    Simplified example: you have a £5,000 overdraft charged at 10% pa (I wish...).

    That is costing you £500 per annum. As a basic rate taxpayer, you have to earn £625 to put £500 in your bank account (20% of £625 is £125).

    You cannot earn 10% pa gross in the current climate without taking huge risks, so pay off your debts first!

  10. I just bought 3.5k worth of diamonds (well, when I say diamonds, I mean Diamond, singular)

    Gotta be better than savings at the moment.

    If it all else fails then some lucky bint may wear it on her finger one day?!?
  11. Do you have any understanding what the raising and lowering of rates can do? Apart from paying more/less on savings?
  12. The headline figure might be 2.5 to 3% but please check the APR which are nearly all showing 4.5% or more. I am minded to fix my mortgage for 5 years and the 3.99% offered looks interesting but it has a £2k fee which brings it up to 4.6% APR!

  13. blue-sophist

    blue-sophist LE Good Egg (charities)

    ERNIE has given me a tax-free return of 1.46% over the last 12 months, so unless you're very lucky it's still not going to make you rich.
  14. Government Bonds generally have a good rate at the moment as they want your cash for obvious reasons. The down side is that your are normally fixed in for the term of the bond.
  15. Sympathetic_Reaction

    Sympathetic_Reaction LE Book Reviewer

    Dealt with all that, the only thing owed is the mortgage which has a bit extra off every month on top of repayments....but I want a bit in the bank for those unforseen emergencies.