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MSE News: Would you lock savings away for 10 years for 4% interest?
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Former_MSE_Helen
Posts: 2,382 Forumite
"Leeds Building Society has launched a 10-year fixed rate bond for those looking to make a monthly income from savings..."
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Would you lock savings away for 10 years for 4% interest?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Would you lock savings away for 10 years for 4% interest?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Judging from last week's discussion, not many would
https://forums.moneysavingexpert.com/discussion/comment/63872457#Comment_638724570 -
H3ll no. I'm positive I can wheedle £33 a month out of having £10,000 on hand. Probably substantially more than that pittance.
Suggestions include - install solar panels, shares.0 -
thats rubbish. considering the amount of money involved 4% is a poor return.
they've got your money tied up with them for ten years! i'd expect much more than that!
especially as its a fixed rate. bank of england rates cant last much longer at 0.5%. its only going to go up sooner or later.0 -
Well if the average dividends from the FTSE are around 4%, you might think it's not that bad considering the risk difference?
BUT.... how unlucky would you have to be in timing for your shares not to have gone up in value during those 10 years?
And as for risk, well building socs have got into trouble and had to be merged with bigger ones...0 -
I wouldn't.
Would be much better (in the short term at least) to pay it off the mortgage.0 -
I'd rather keep it in a current acc tbh. 10 years is a long time to lock away money.Faith, hope, charity, these three; but the greatest of these is charity.0
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No way! Over 10 years the money could be annihilated. Inflation has always been a threat in the past but added to the usual background threat has come the never tried before ( and therefore even more unpredictable) duo of base rates at 0.5% and 375,000,000,000 ( and counting?) of money creation- QE.
And the 'thanks' for taking this risk = 4%. On Yer Bike0 -
What are the terms if you die while you have the account? If your widow gets instant access then 4%p.a. could be a decent return for someone in poor health.Free the dunston one next time too.0
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Maybe for 14%, but definitely not 4%!0
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