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Case study request: savers upset about the 1.5% rate cut
Comments
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There have been some really irate people on here voicing their opinions since the first problems with Icesave and shouting from the rooftops that Martin was the spawn of Satan. Most of them hadn't been seen before but they helped to instill fear into Kaupthing Edge customers and those of other banks.No, that really isn't fair,
there have been some (extremely) irate people on here voicing their opinion over the last 24 hours,
this is their opportunity to make their case to a wider audience!
not that i, personally, have very strong feelings either way, just surprised by the size of the cut.
I agree with comments that reporters can be the scourge of the earth and just want a paper-selling scoop - or Roger may be a genuine guy that wants to demonstrate how the reduction is not in the best interest of the people at large.
I think everyone's surprised at the 1.5% cut, but it could be argued that a sharp shock to drive people into spending may get manufacturers producing, shops stocking and transport companies delivering again.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
LongTermLurker wrote: »I think everyone's surprised at the 1.5% cut, but it could be argued that a sharp shock to drive people into spending may get manufacturers producing, shops stocking and transport companies delivering again.
I still don't understand where this extra money to spend is coming from, if we're getting much less from our savings.
It certainly won't drive me to get loans, and the people getting loans are the ones that were going to get them in the first place!Being brave is going after your dreams head on0 -
LongTermLurker wrote: »Most of them hadn't been seen before.
And this invalidates their opinions, how?"L'enfer, c'est les autres"0 -
Everyones complaining about the cut in rates....
surely people saw this coming and took out fixed rate savings? I know I did.....0 -
Everyones complaining about the cut in rates....
surely people saw this coming and took out fixed rate savings? I know I did.....
The problem for those of us living off our savings is that we can't tie them in to a fixed rate fixed term account, because we need to access them to live on.0 -
What was that about then - I missed that!
Suzebut at least this guy went through the correct channels, requesting permission first, unlike that other 'noddy' earlier in t'week
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The problem for those of us living off our savings is that we can't tie them in to a fixed rate fixed term account, because we need to access them to live on.
As am I. However with larges amounts of money you will not need access to all of it.
For instance, I had £3000. I will need £1700 in the next 4 months. So I put £1300 of it into a 3 months 7% with Halifax.
There are 3 month, 6 month, 9 months + accounts, people could easily have split money up via this method.0 -
Well I recently lost the use of my right hand and after 25 year had to give up my job.
Had a massive and I mean a massive payoff (lucky very lucky) and after the tax man taking his bit half of it will go to pay the mortgage off.
I get incapacity and don't really think DLA will pay much (havn't claimed cos I don't want to be branded disabled just yet) so my savings are vital to me having a life while I wait ( a year now) for a NHS operation that might make me worse.
Yes I have fixed a large sum with Nationwide a while back for a whopping 7% but if I had known I would have stuffed the lot in and worried about my tracker mortgage next year.
I'm one of the lucky ones but yes the rate cut is causing some pain on my other funds until the mortgage is sorted and I hope it will sort it's self out come next April.0 -
Yes I am upset !
Like many "youngish people" I am disgusted by the governments attempt to continue to prop up the housing market. The government has encouraged artificial and meteoric rises in house prices for years and years. After all it creates an artificial feeling of prosperity and "Mr Average" votes for the government. Of course eventually the housing market will inevitably collapse like a pack of cards.
At the moment house prices have fallen just marginally compared to their rises. Can any average young person get on the housing market. Of course not. The housing market needs to fall by a good 50% before young Mr Average can get back to a more sensible "3 times income mortgage."
Unless the housing market falls to this level we young people haven't got a hope in hell. And nor has the banking system. For the last 20 years house owners have continually benefited at the expense of non-house owners. We NEED a MAJOR, MAJOR price realignemnet of the housing market. Of course it will be painful in the short-term but it is TOTALLY NECESSARY in the long-term. An interest rate cut merely adds insult to injury to those youngsters saving up for a deposit.
Shame on you Mr Brown.0 -
Tell Roger that the realignment of the housing market won't be stopped by a collapse of savings rates.
Both homeowners and savers will suffer together.
Roger's readers are probably more affected by mortgage rates than savings rates.
MSE bods should tell him to get out more rather than encouraging him.0
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