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MSE News: How to beat inflation - earn 7.9% on your savings
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Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Despite the sharp rise in the cost of living, savers can take advantage to earn huge returns for the current climate ..."
"Despite the sharp rise in the cost of living, savers can take advantage to earn huge returns for the current climate ..."
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Comments
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"Yet savers can take advantage to earn huge returns for the current climate.
Basic rate taxpayers earn equivalent of 7.9%."
This site seems determined to confuse savers in its pursuit of headlines.
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What is the matter with MSE? This is a terrible way of presenting information on this sort of site. It's what you expect from tabloids ...
It's not even in the right forum. It should be in tax free!0 -
Where does it say you can earn 7.9% on your savings on the NS&I site?
Stockmarket went up 40% last year. Does that mean it will next year?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
MSE do say the rate varys. Its worth drawing attention to this product, I said this a year ago but nobody listens to me
Now might not be the best time but if people scale in over the next year it might be ok
The bank of england itself is pointing to vat and petrol as causes of inflation registering just now, which means unless vat rises again in a years time and petrol also then I presume this rate wont be as good.
Oil was $30 a barrel around beginning of last year and its about $70 now so it'd have to be at least $100 next year I guess. Its all possible otherwise the rate nsi return wont be so high but I think this product on average over 5 years will prove better then normal savings0 -
IMHO, the headline could be construed as misrepresentation. I would expect Martin to be more circumspect in such matters.
The above aside, these certificates are probably the best savings product around ATM.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Argh!
MSE again misleading people on index linked savings!
7.9% is totally wrong. There is no way of knowing what rate you'll get. Those who invested precisely 12 months ago will get 5.3+1%. If you invest today you won't get a single day's interest at that rate (except by coincidence).
Even the warning at the bottom of the news item is wrong. The rate does not vary each month. The rate you'll get paid is the inflation figure on the anniversary of your investment. Anyone care to predict what inflation will be in 12 months time?0 -
sabretoothtigger wrote: »MSE do say the rate varys.
No. You're missing the point. It's downright misleading. The account DOES NOT pay 7.9%. Martin, (or whoever's doing the copy,) however, is presenting it in the headline as 7.9%.
It's not until you start reading the small print that
a) it's only equivilant to 7.9% for basic rate tax payers. Those paying 0%, 10% or 40% get a different 'rate'.
b) it's variable.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Has anyone tried to contact anyone on the main site to raise the issues aired on the forums?Awaiting a new sig0
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I can't see anything wrong with that article, if a savings account was currently/previously paying 5% it doesn't mean it will be tomorrow, maybe he makes the mistake of assuming the forum readers have something between their ears
Warning! The rate varies. The rate earned fluctuates each month with inflation, and while some predict it'll be reasonably high going forward, that's not guaranteed.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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