Where do I go now? My saving plan is ruined.

theAnarchist

Hi I am a customer of Kaupthing and thanks to ING my money was saved. But thanks to these fcuking a*ses in power my saving rates how now been slashed.

Excuse the language but I am seething with anger .

I saved when they told people to save, I didn't borrow or get myself into large amounts of debt and I have a good credit rating.

Now I find myself bailing out greed merchants, unable to get a mortgage even with a deposit, and my rate of savings slashed to a useless amount.

Where do I go now? I am with this government.

I have been persecuted for other people’s greed. It should be people like me that they should be saving.

Labour have let me down.

rb10

If you have money that you won't need for some time, FIX NOW!!! That way you'll be able to get a guaranteed rate, whatever happens to the base rate. Ok, it won't be as much as recent fixed rates, but it'll probably be better than variable rates to come in the near future.

http://www.moneysavingexpert.com/savings/fixed-rate-savings

neilp

Given that ING are honouring Kaupthing fixed rates, returns on these remain high, particularly given recent rate falls. As for savings in instant access accounts why not just move them to another higher paying account (such as the A&L esaver, though note loss of interest in months when a withdrawal is made)?

Base rates are falling very rapidly, which will hit savings rates. One alternative (which I am currently exploring) is corporate bonds. These offer higher returns, but are NOT risk free.

Aegis

You are not being persecuted. The MPC is cutting rates to try and stave off recession and make the effects less of a problem for everyone in this country. Yes, your savings rate might have been cut, but the BoE rate cuts have been in the pipeline for a long time, and there have been many fixed rate products that you could have put your cash into had you paid attention to what was going on around you. You can't blame anyone else for your mistakes in this matter.

As I've said in another thread on this forum, cash in the long run barely matches inflation. At the moment it's slightrly underperforming inflation, but is predicted to fall back into line with it before too long. Therefore in real terms you'll hardly be worse off than you were at the start of this year.

I don't understand why you feel you need saving. Clearly you're earning enough to be saving up a significant amount, or you wouldn't be complaining this much, so you're much better off than some of the people who are actually in serious trouble because they can't remortgage their property onto anything but the punitive 7%+ rates at the moment despite central rates of 2%. They're the ones who are actually going to need help, not people with plenty of cash in the bank waiting for the property market to level out and the credit markets to loosen enough for them to get a mortgage.

At this stage all you need to do is ride out the current economic period and take advantage of your cash rich position at some point in future. You are much better off then people who are now in negative equity, so count yourself lucky and drop the persecution complex.

theAnarchist

I am going to phone Kaupthing when I get home. I have a fixed account with them already. But I have never deposited any money into it.

I will check what rate they are offering on it.

What are the high st Banks offering saving account wise? Wasnt Abbey offering 8% a few months ago??

cos69

theAnarchist wrote: »

I am going to phone Kaupthing when I get home. I have a fixed account with them already. But I have never deposited any money into it. ...

Those accounts closed for new deposits in October - you will not be able to add NEW money into that fixed rate account.

neilp

About 5% is probably as good as it gets (though this will fall given last week's drop in base rates). If you want to keep all your savings in cash your best move would be to get it into a fixed rate/term account immediately - I suspect most of the best deals will have already gone and any that have left may well not be around by the end of this week. See the savings article on this site for ideas on where to look.

cos69

By all means try, but I think if you manage to find a way of doing it let us know - there will be a stampede for that KE fixed rate.

theAnarchist

I have a Kaupthing fixed term but it only has about £1 in it. I,ll see if I can transfer my money into it.

But if not I am going to have to look elsewhere.

Baldur

theAnarchist wrote: »

I have a Kaupthing fixed term but it only has about £1 in it. I,ll see if I can transfer my money into it.

But if not I am going to have to look elsewhere.

The FSA issued a notice on 8th October preventing Kaupthing Edge from accepting deposits - others have tried, unsuccessfully, paying in to KE fixed term accounts, if you check this forum.

Suggest that you ring first, to save any hassle trying to get your money back.

Pssst

theAnarchist wrote: »

Thanks I will. Its glum reading all of this.

What the fcuk are the government doing to help us Savers???

We are loosing money at the expense of bailing out others that have become debt ridden through sheer ignorance.

They are doing nothing. They wioll bleed us dry to pay for their failures and others debts if we let them. Switch and lock your money at a higher rate NOW.