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    • roymallinson
    • By roymallinson 16th Oct 16, 8:04 PM
    • 4Posts
    • 0Thanks
    roymallinson
    Savings accounts
    • #1
    • 16th Oct 16, 8:04 PM
    Savings accounts 16th Oct 16 at 8:04 PM
    Just had yet another letter regarding one of my savings accounts telling me because the interest rate has reduced from .5% to .25% my interest is reducing from .1% to.01%. Final straw, ISA's and savings accounts are disgusting. Financial institutions are just toying with savers and I say to them, watch this space as I am going to clean all mine out and find somewhere else to hide it, they do. Can not even buy any Lloyds Bank shares as this Chancellor putting them into the hands of the very people that got us into the mess in the first place.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 16th Oct 16, 8:12 PM
    • 5,070 Posts
    • 6,090 Thanks
    PeacefulWaters
    • #2
    • 16th Oct 16, 8:12 PM
    • #2
    • 16th Oct 16, 8:12 PM
    Just had yet another letter regarding one of my savings accounts telling me because the interest rate has reduced from .5% to .25% my interest is reducing from .1% to.01%. Final straw, ISA's and savings accounts are disgusting. Financial institutions are just toying with savers and I say to them, watch this space as I am going to clean all mine out and find somewhere else to hide it, they do. Can not even buy any Lloyds Bank shares as this Chancellor putting them into the hands of the very people that got us into the mess in the first place.
    Originally posted by roymallinson
    Anybody can buy Lloyds shares on the open market. You don't have to buy from the government's holding.

    Rather a strange comment.
    • TrustyOven
    • By TrustyOven 16th Oct 16, 8:13 PM
    • 437 Posts
    • 511 Thanks
    TrustyOven
    • #3
    • 16th Oct 16, 8:13 PM
    • #3
    • 16th Oct 16, 8:13 PM
    It sucks that the interest rates for savers are so low, so I feel your pain.

    and I say to them, watch this space as I am going to clean all mine out and find somewhere else to hide it, they do.
    Originally posted by roymallinson
    Where would you put the cash?
    If you were following developments for the last couple of years you would know that some current accounts can give you a better interest (on a limited balance) than saver accounts.

    So you could move your cash there and get 2-4% depening on where you go.

    If you are thinking of "hiding" it by taking out the cash and sticking under the matress... is that the first place burglars look for cash? Also no interest on that cash. Also you suffer inflation just like savings in a bank.

    Can not even buy any Lloyds Bank shares as this Chancellor putting them into the hands of the very people that got us into the mess in the first place.
    Originally posted by roymallinson
    Please tell me you are not thinking of ultra high risky investments such as single-company shares...
    Why buy bank shares if you hate banks? If you were heading towards equity, why not a world equity index, or some multi-asset fund?
    Goals
    Save £12k in 2014 #192
    (£4115.62 / £5k) (82.3%)
    Save £12k in 2016 #041 (£4081.32 / £6k) (68.02%)
    • pinkdalek
    • By pinkdalek 16th Oct 16, 8:23 PM
    • 1,176 Posts
    • 667 Thanks
    pinkdalek
    • #4
    • 16th Oct 16, 8:23 PM
    • #4
    • 16th Oct 16, 8:23 PM
    Just had yet another letter regarding one of my savings accounts telling me because the interest rate has reduced from .5% to .25% my interest is reducing from .1% to.01%. Final straw, ISA's and savings accounts are disgusting. Financial institutions are just toying with savers and I say to them, watch this space as I am going to clean all mine out and find somewhere else to hide it, they do. Can not even buy any Lloyds Bank shares as this Chancellor putting them into the hands of the very people that got us into the mess in the first place.
    Originally posted by roymallinson
    What a strange quote.
    Truth is the banks could hardly care what you do, they don't need savers money when they can borrow money cheaply from the Bank of England.
    A bank is not stupid, and knows it makes far more profit from lending people money than paying interest on savers. Plus if a bank needed a surplus cash flow it would soon launch a product paying a rate to attract rate tarts.

    By the way if you find somewhere to put your money and get a decent return then tell everyone on here won't you?

    Oh and just remember the interest rate was lowered in AUGUST so the bank is only lowering it after 3 months? Just remember that when the rate goes up and we get the thread "Base rate has gone up but my savings hasn't yet!"
    Last edited by pinkdalek; 16-10-2016 at 8:26 PM.
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