ICE SAVE - 2nd E Mail Received

oql61

goodethernet wrote: »

And if you miss the deadline, then what? The sky falls in? Find somewhere else to invest it and move on. You can get a tiny bit less than that in a BM insant access account. Chasing the best rates for everything is what got most people in this situation in the first place.

Just trying to keep my head above water.
I have 10 savings accounts open at the moment - at least two have rates now down in the 3+%. What's to say this won't happen to the other variable rate accounts (especially with more BoE base rate cuts on the way)?

NonGeographicalMan

oql61 wrote: »

What's to say this won't happen to the other variable rate accounts (especially with more BoE base rate cuts on the way)?

There is nothing to say this won't happen.

Those most likely to be able to offer more are foreign banks where interest rates in their domestic markets are higher. But we all now know the potential issues about their compensation schemes paying out to foreigners etc if one ever goes down. Having said that I can't see the Dutch not paying out for instance.

I would be pretty wary of depositing any money with the UK branch of that Cypriot bank though. Its got Iceland written on its face all over again..........

goodethernet

oql61 wrote: »

Just trying to keep my head above water.
I have 10 savings accounts open at the moment - at least two have rates now down in the 3+%. What's to say this won't happen to the other variable rate accounts (especially with more BoE base rate cuts on the way)?

I hear you. I'm lucky enough not be relying on interest income. Best thing to hope for is that savings rates can, at least, stay ahead of inflation. I think one of the big injustices in the UK is the application of income tax to savings interest income as it makes "keeping up" all the more difficult and in most cases the money has been taxed already.

altocumulus

look on the bright side,
whilst we aren't getting interest on the savings,
we're also not paying tax .....

briskly_2

I'm hoping that one of the measures anounced in the Chancellor's statement next week will be a tax holiday on savings - this would partially compensate for effect of the rate drops.

~Chameleon~

NonGeographicalMan wrote: »

Well my online account at the Royal Bank of Greedyness (aka NatWest) shows the items only with a blue line over them and with no account balance to the right of them. Those are pending items still due for final processing (and the funds are still subject to recall if they so choose by the sending institution NatWest's telephone banking helpline tells me) which is why there is no account balance reconciled with them.

Most likely is that Royal Bank of Overpaid Management probably cons its customers out of yet another day's interest to the end of the working day the money arrives while other banks do not.:mad:

Maybe you should change your bank then

~Chameleon~

briskly wrote: »

I'm hoping that one of the measures anounced in the Chancellor's statement next week will be a tax holiday on savings - this would partially compensate for effect of the rate drops.

Whilst that would be very nice, I don't think it will happen otherwise it will make the whole point of having an ISA null and void

fubar4164

I need my entire amount of savings back as I am re-mortgaging at the moment & need to prop up the equity in my property. The longer this takes the more I have to pay out in SVR to the current lender, and the more hassle with solicitors.

I am disappointed that I was led to believe that payouts would be made in the 2nd week of November (not staggered over a month) and I now have no idea when I will receive my money - it would not have been that much more difficult to put an estimated date of claim with the 1st email, even though the 2nd email would be required to validate it.

Whilst I appreciate that this payout is unprecedented, the entire point of the FSCS is for just this kind of event - so the fact that they had to put together a scheme at the last minute because there were no contingency plans does not fill me with confidence.

briskly_2

~Chameleon~ wrote: »

Whilst that would be very nice, I don't think it will happen otherwise it will make the whole point of having an ISA null and void

It might work if it only applied for, say, a year, as long as these low rates persist? Perhaps it could be applied so that only those on low incomes could claim the tax back [I think at the moment those on very low incomes still get the old 10% band which could drop to 0]. ISAs would still be there for the long term.

goodethernet

~Chameleon~ wrote: »

Maybe you should change your bank then

That's what I said but he'd have nothing to complain about then! :rotfl: