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  • FIRST POST
    • castle96
    • By castle96 13th Nov 12, 2:39 PM
    • 1,325Posts
    • 222Thanks
    castle96
    Rates are dropping fast
    • #1
    • 13th Nov 12, 2:39 PM
    Rates are dropping fast 13th Nov 12 at 2:39 PM
    blimey...
    Saga. One day 3% fixed fro a year, the next...all they have is 2.75% fixed for 3 years !
Page 1
    • meunier
    • By meunier 13th Nov 12, 2:47 PM
    • 150 Posts
    • 35 Thanks
    meunier
    • #2
    • 13th Nov 12, 2:47 PM
    • #2
    • 13th Nov 12, 2:47 PM
    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
    • By Niv 13th Nov 12, 2:54 PM
    • 1,248 Posts
    • 999 Thanks
    Niv
    • #3
    • 13th Nov 12, 2:54 PM
    • #3
    • 13th Nov 12, 2:54 PM
    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 ...
    Originally posted by meunier
    You could be right, we could have got rid of the scots and be Greater Britain
    YNWA

    Mortgage free by 38.
    • talexuser
    • By talexuser 13th Nov 12, 6:09 PM
    • 1,819 Posts
    • 1,293 Thanks
    talexuser
    • #4
    • 13th Nov 12, 6:09 PM
    • #4
    • 13th Nov 12, 6:09 PM
    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
  • opinions4u
    • #5
    • 13th Nov 12, 6:45 PM
    • #5
    • 13th Nov 12, 6:45 PM
    Well the banks got bailed out with a promise to lend to business to fend off a recession, which they then failed to do
    Originally posted by talexuser
    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
    • By Glen Clark 13th Nov 12, 7:56 PM
    • 3,188 Posts
    • 2,282 Thanks
    Glen Clark
    • #6
    • 13th Nov 12, 7:56 PM
    • #6
    • 13th Nov 12, 7:56 PM
    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.
    Originally posted by opinions4u
    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.
  • marathon man
    • #7
    • 13th Nov 12, 8:16 PM
    • #7
    • 13th Nov 12, 8:16 PM
    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
    • By melbury 13th Nov 12, 8:38 PM
    • 8,445 Posts
    • 11,431 Thanks
    melbury
    • #8
    • 13th Nov 12, 8:38 PM
    • #8
    • 13th Nov 12, 8:38 PM
    Current savings rate are totally abysmal 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

    • DragonQ
    • By DragonQ 13th Nov 12, 9:55 PM
    • 1,896 Posts
    • 625 Thanks
    DragonQ
    • #9
    • 13th Nov 12, 9:55 PM
    • #9
    • 13th Nov 12, 9:55 PM
    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
    • By Glen Clark 14th Nov 12, 10:17 AM
    • 3,188 Posts
    • 2,282 Thanks
    Glen Clark
    Hopefully they'll go up again near April (due to the ISA rush).
    Originally posted by DragonQ
    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?
    • coastline
    • By coastline 14th Nov 12, 2:10 PM
    • 835 Posts
    • 966 Thanks
    coastline
    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.
    Originally posted by opinions4u
    Well that politician was our PM..David Cameron..
    Quote...What we have to do is get the banks lending again...June 2010.
    • gadgetmind
    • By gadgetmind 14th Nov 12, 4:15 PM
    • 10,080 Posts
    • 7,774 Thanks
    gadgetmind
    I have been rolling cash into bonds and preference shares, but the yields on those are also dropping rapidly. On the plus side, this does mean prices are rising, but I wish they'd waited until I'd bought my fill!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • opinions4u
    Well that politician was our PM..David Cameron..
    Quote...What we have to do is get the banks lending again...June 2010.
    Originally posted by coastline
    One of many.

    Darling and Cable can share it around the different parties equally well.
  • ihr
    Rates statistics
    Does anyone know of a website/source of statistics showing how average instant access savings rates change over time?

    I want to get a sense of what's happened before... mostly because i want to know if rates will rise again soon.
    • Gromitt
    • By Gromitt 14th Nov 12, 11:28 PM
    • 4,971 Posts
    • 2,378 Thanks
    Gromitt
    i want to know if rates will rise again soon.
    Originally posted by ihr
    Don't we all ! Rates have fallen because government have given the banks access to very cheap cash. Once that cash runs out and the banks want more, they'll hike their savings rates to attract people. But I don't think you'll see good competitive rates until about 2015 at least.

    So you might as well help the economy by going down the shops and blowing the lot
    • Thrugelmir
    • By Thrugelmir 14th Nov 12, 11:41 PM
    • 47,481 Posts
    • 39,645 Thanks
    Thrugelmir
    I want to get a sense of what's happened before... mostly because i want to know if rates will rise again soon.
    Originally posted by ihr
    There's no prior event in history on which to base a forecast.

    Until the wider economic and financial (bank) issues are totally addressed. We will remain in unchartered waters.

    Banks like consumers and Governments. Need to deleverage. So the BOE will continue to intervene to provide financial stability.
    "He who asks is a fool for five minutes, but he who does not ask remains a fool forever."
  • ihr
    2015? Oh.

    So this series of events is unique, but have rates been this low in the last few years? Or is the worst it has been?
    • coastline
    • By coastline 14th Nov 12, 11:53 PM
    • 835 Posts
    • 966 Thanks
    coastline
    Does anyone know of a website/source of statistics showing how average instant access savings rates change over time?

    I want to get a sense of what's happened before... mostly because i want to know if rates will rise again soon.
    Originally posted by ihr
    http://swanlowpark.co.uk/bank0604.jsp
  • ihr
    I couldn't quote the link because I'm a new user, but I liked it.
    Originally posted by coastline
    Brilliant! Thank you.... although, ugh. I wish I'd started saving before 2009.
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