MSE News: Millions of savers earn sub 1% interest

Former_MSE_Guy · 8 September 2009 at 2:30PM

This is the discussion thread for the following MSE News Story:

"Savers can earn over ten times the current Base Rate but huge numbers are still stuck in decrepit accounts paying paltry returns. In some cases, savers are earning no interest whatsoever.

This highlights the need to ditch your dinosaur account and switch to a top-payer ..."

Read the full story:
Millions of savers earn sub 1% interest

wizk1 · 8 September 2009 at 2:53PM

Now that some banks have dropped their overdraft charges, I reckon savings rates are going to be even less competitive soon. Banks will want to recover their profit shortfall from somewhere.

Reaper · 8 September 2009 at 2:54PM

Meanwhile, just 3% of accounts pay 3% interest or above.

Hey I'm in the top 3% - that might be the only time in my life I can say that.

purch · 8 September 2009 at 3:01PM

Sub minus 1% :eek:

You mean minus 1.25 % or worse ??

Former_MSE_Guy · 8 September 2009 at 3:11PM

Good spot, purch. That was a hyphen rather than a minus, but to avoid confusion, we've removed it.

ScarletBea · 8 September 2009 at 5:38PM

I live with someone who doesn't really care :rolleyes: - but she doesn't have that many savings, although I still think she could get more interest.
I'm always searching for the best deals, within my assumptions hehe

michaels · 8 September 2009 at 10:57PM

Gonnna be very sad when my 6.4% instant access rate runs out in 2 months - still just got a wodge in Newcastle at 5% with 90 days notice. However as the money is only costing me 2.18% even 3.25% will be showing a nice return.

nicko33 · 9 September 2009 at 8:20AM

The headline doesn't appear to have any connection to the story.
the story is all about an analysis of savings accounts currently on offer, but unless I missed something, I don't see any link to indicate how many people hold which sort of account (or whether they have any money in them)

e.g. I have the Lloyds TSB Easy Saver 2012 which currently pays BOE Base Rate +0% but I don't have any money in it. It's all somewhere else. In Nov-2011 when it becomes BOE Base Rate +1% I might put some in.

wizk1 · 9 September 2009 at 9:28AM

nicko33 wrote: »

The headline doesn't appear to have any connection to the story.
the story is all about an analysis of savings accounts currently on offer, but unless I missed something, I don't see any link to indicate how many people hold which sort of account (or whether they have any money in them)

e.g. I have the Lloyds TSB Easy Saver 2012 which currently pays BOE Base Rate +0% but I don't have any money in it. It's all somewhere else. In Nov-2011 when it becomes BOE Base Rate +1% I might put some in.

If it means that much to you then, why don't you say something about the topic rather than what the topic isn't about?

Reaper · 9 September 2009 at 10:54AM

Bit harsh. Nicko is right saying MSE has made an unsupported assertion that millions are earning less than 1%. It might be true or it might not. Counting the number of old accounts without checking the number of savers proves nothing.

dwsjarcmcd · 9 September 2009 at 11:11AM

It would be interesting to see a split between online and branch based accounts. I suspect the majority will be branch based accounts which hurts the elderly and financially unaware harder than those now used to dealing online.

Who else uses branches any more?

MSE News: Millions of savers earn sub 1% interest

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