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Why are savings rates on the floor?
morrisoscar
Posts: 209 Forumite
I have just had a 1 year bond with Cheshire Building Society reach maturity, the new rate on offer for a 1 or 2 year bond was very low, I’ve had a look and all rates seem to be around the same. Could somebody tell me what happened that rates suddenly dropped.
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well the government is flooding the market with cheap money so the banks don't really need your money.EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
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It's been very widely reported in the newspapers a couple of months ago.
the government (BoE) is 'lending' the banks a lot of money at very low interest rates so they can increase mortgage lending and lending to SME
so the banks are awash with cash at very cheap rates.EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
PS
if you want to know more look up
BoE funding for lendingEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
With the help of tax payer's money, the government has decided to direct your savings interest into propping up asset prices. Our leaders have portfolios to protect don't you know.0
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The great rate plunge: Top deals for savers continue to disappear at an alarming speed
Read more: http://www.thisismoney.co.uk/money/saving/article-2236216/Top-rates-savers-continue-disappear-alarming-speed.html#ixzz2DM2qvrKQ
Save our Savers: As banks slash their interest rates, Isa savers plead to be allowed to hold more in tax-free cash
Read more: http://www.thisismoney.co.uk/money/saving/article-2237895/The-Autumn-Statement-As-cash-lending-slashes-rates-Isa-savers-plead-allowed-hold-cash.html#ixzz2DM2NELUiNever let the perfume of the premium overpower the odour of the risk0 -
morrisoscar wrote: »I have just had a 1 year bond with Cheshire Building Society reach maturity, the new rate on offer for a 1 or 2 year bond was very low, I’ve had a look and all rates seem to be around the same. Could somebody tell me what happened that rates suddenly dropped.
I am in the same situation as you but with Nationwide, they have offered 2.20% (after tax deducted @20%) and that is for 3 years, I can do better than that with my instant access account with either Virgin or Natwest esave.
It's hopeless for savers ATM. As other have suggested the BOE have been throwing cash at them and they don't want our money.0 -
indeed
better to be a debtor than a saver.EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
So HMG are lending the banks cheap money through the taxes I pay so the banks can pay me a carp rate. Just not good enough.0
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