Rates are dropping fast

blimey...
Saga. One day 3% fixed fro a year, the next...all they have is 2.75% fixed for 3 years !
«1

Comments

  • meunier
    meunier Posts: 155 Forumite
    A sign of the times I fear. I wonder if they will bounce back by 2016. Of course that will incur another election ... and a crystal ball to answer. That and MORE than a LITTLE hope.

    Perhaps there will be no savers left by that time.

    Perhaps there will be no Great in Britain.

    Time will tell ...
  • Niv
    Niv Posts: 2,460
    First Anniversary Name Dropper First Post
    Forumite
    meunier wrote: »
    A sign of the times I fear. I wonder if they will bounce back by 2016. Of course that will incur another election ... and a crystal ball to answer. That and MORE than a LITTLE hope.

    Perhaps there will be no savers left by that time.

    Perhaps there will be no Great in Britain.

    Time will tell ...

    You could be right, we could have got rid of the scots and be Greater Britain ;)
    YNWA

    Target: Mortgage free by 58.
  • talexuser
    talexuser Posts: 3,494
    Name Dropper First Post First Anniversary
    Forumite
    Well the banks got bailed out with a promise to lend to business to fend off a recession, which they then failed to do, so the Government now prints money to lend to banks to lend to business to fend off a recession, so the banks don't need to compete for savings so offer even lower rates than before (now that inflation has come down a little) to make it even harder to have cash savings that don't lose value, so we are supposed to spend all our savings to fend off a recession, but are supposed to have no wage increases and a lowering standard of living with less back from our taxes and savings that lose value.... life can only get better :eek:
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    talexuser wrote: »
    Well the banks got bailed out with a promise to lend to business to fend off a recession, which they then failed to do
    Not being funny, but telling banks who have lent badly and lost £billions to lend even more was always a bit stupid.

    Only a stupid politician could tell a stupid bank to behave even more stupidly.
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    opinions4u wrote: »
    Not being funny, but telling banks who have lent badly and lost £billions to lend even more was always a bit stupid.

    Only a stupid politician could tell a stupid bank to behave even more stupidly.

    Whatever they say, their main concern is obviously getting themselves re elected.
    So they will do whatever they can to keep the bubble inflated and stave off the crisis until after the next election.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • It is a cause of great frustration having to hunt around for an acceptable interest rate whilst starting to dip into our capital because the interest payable is so meagre.
    The whole economic recovery strategy is to look after the borrowers and sod the fact that there are/were about 7 savers for each borrower. If interest rate was to rise anytime soon, those with loans and mortgages would be constantly howling whereas us savers/pensioners just have to sit and suffer at the moment. As a pensioner, we would be spending our interest income anyway so I just don't get the economics of it all really.
  • melbury
    melbury Posts: 13,250
    Name Dropper First Anniversary First Post I've been Money Tipped!
    Forumite
    Current savings rate are totally abysmal:mad: Surely they will have to start climbing at some point - wont' they?

    I also lost out on my Northern Rock shares - one day worth nearly £5,000 and then zilch:( Nice to know though that the CEO sold all of his while they were still riding high and didn't bother to warn anyone else to abandon ship.
    Stopped smoking 27/12/2007, but could start again at any time :eek:

  • DragonQ
    DragonQ Posts: 2,193
    First Anniversary First Post
    Forumite
    The best instant access savings accounts are once again below inflation. Very depressing.

    Hopefully they'll go up again near April (due to the ISA rush).
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    DragonQ wrote: »
    Hopefully they'll go up again near April (due to the ISA rush).
    The ISA rush was based on their necessity to compete for savers funds.
    They don't have to do that now the Government is printing money and paying them to borrow it (through interest rates below the real rate of inflation)
    Like most things its not really a free market - the market is rigged by the Bank of England, and depends what the politicians are going to do. You need inside information to know, if not influence, what the politicians are going to do.
    Why do you think Banks pay £millions to hire (ex) politicians like Blair?
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • coastline
    coastline Posts: 1,647
    Photogenic First Anniversary Name Dropper Combo Breaker
    Forumite
    opinions4u wrote: »
    Not being funny, but telling banks who have lent badly and lost £billions to lend even more was always a bit stupid.

    Only a stupid politician could tell a stupid bank to behave even more stupidly.

    Well that politician was our PM..David Cameron..
    Quote...What we have to do is get the banks lending again...June 2010.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards