MSE News: Savers told to look elsewhere as Intelligent Finance cuts ISA rates

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  • Cap_Hero
    Cap_Hero Posts: 120 Forumite
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    Yep, interest rates look to be going down imo, not up. Europe could be heading into a deflationary period, for good or bad.

    Only time will tell!
  • System
    System Posts: 178,093 Community Admin
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    They clearly can't move it into Halifax, BOS or even Birmingham Midshires unless they were also closed to new business as they want to customer base to leave.

    Also, as it's operating as a division of BOS plc, the cost is only a seperate phone number, letter heads etc
    Thrugelmir wrote: »
    Little point in operating it as a separate brand. Makes no commercial sense. Given the New World that lies ahead in the future for retail banks.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Heng_Leng wrote: »
    Also, as it's operating as a division of BOS plc, the cost is only a seperate phone number, letter heads etc

    If only.........
  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
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    Can we save money in foreign country? say like India or Brazil
    What happens if you push this button?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    edited 14 October 2014 at 6:44PM
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    You can save money wherever you like, although you can't do it in a tax protected wrapper, and won't have UK FSCS compensation scheme to bail you out if the bank runs off with your cash.

    Also, while a Brazillian bank might give you 10%+ on your Reals saved there, it won't give you 10% on pounds sterling because it's using the same international money markets as everyone else. If you buy and save those Reals: you may turn BRL 100 into BRL 110, but if the exchange rate moves from 4:1 to 5:1 over the year, your 100 BRL cost you GBP 25 at the beginning of the year and your 110 BRL is only worth GBP 22 at the end of the year. So even *without* considering forex broker charges and wiring fees, your £25 has LOST over 10% even though the headline says you 'earned' and need to pay tax on, 10 BRLs.

    Ukraine is another good place for nice headline rates from somewhere physically a bit closer to home. You should be able to get a double digit return on Ukrainian Hryvnia saved there but less on Euros or Rubles (those international money markets at work again) and the exchange rate risk together with political risk is ginormous.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    poppy10 wrote: »
    People have been saying that for five years now, still hasn't happened. The European Central Bank has just cut its interest rate - the trend is still downwards rather than upwards.

    Crude oil down to US$84. I'm actually worrying about high inflation if it keeps dropping. This is if you believe US$100+ oil was depressing economic activity.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Pincher wrote: »
    Crude oil down to US$84. I'm actually worrying about high inflation if it keeps dropping.

    Deflation is the problem at the moment on the horizon. A proper recession.
  • jimjames
    jimjames Posts: 17,619 Forumite
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    edited 14 October 2014 at 9:53PM
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    minislim wrote: »
    so how can you continue to save into your nisa?

    Don't use a fixed rate one?
    minislim wrote: »
    almost every single one on the market is technically not a savings account!
    its a investment fund!

    A fixed rate ISA is definitely NOT an investment fund but is a savings account. Savings have guaranteed capital but investments can vary in value.

    Are you aware the cash ISAs are one of the worst places to put new money as you can get far better returns with current accounts?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    Heng_Leng wrote: »
    They clearly can't move it into Halifax, BOS or even Birmingham Midshires unless they were also closed to new business as they want to customer base to leave.

    Also, as it's operating as a division of BOS plc, the cost is only a seperate phone number, letter heads etc
    I think the staff in Livingston who have the specialist knowledge needed to maintain customer service cost a tad more than a letter head.

    Not to mention the different processes (e.g. offsetting, jam jars etc) that aren't replicated elsewhere in Lloyds Banking Group.

    It ain't a freebie.
  • dekkard
    dekkard Posts: 229 Forumite
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    I have an ISA with them but, as I live and work overseas for now, I can't contribute to my ISA and nor can I move it! Annoying...
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