Savers Should Stand Up And Be Counted

POPART_3

What on Earth is going on???? Another cut which will slash the income further for savers. I find it absolutely sickening that this so-called government and the fat cat led, financial institutions are doing nothing to protect those who have saved whilst all around have been spending money wildly, which they haven't earned.....money which that has been lent on the backs of our hard-earned savings.
The likes of HBOS who are offering such pitiful rates ought to be shamed. I for one have transferred many thousands of pounds away from this inept institution over the past few months (aren't they quick to reduce their saver's rates once there's a cut?...) and would urge other savers to do the same.
Shouldn't all savers now stand up and threaten to withdraw all their savings from these badly run abusers of their money unless they are offered a fairer deal? We all may aswell start putting our money under our mattresses for what its worth! (that is until Darling and his Merry Men decide to introduce a mattress storage tax and have powers of search.... (I wouldn't put it past them)
Let all us savers hit back. Withdraw all our savings, sit back and watch the fall-out

RayWolfe

OK. You go first.

rb10

POPART wrote: »

The likes of HBOS who are offering such pitiful rates ought to be shamed. I for one have transferred many thousands of pounds away from this inept institution over the past few months (aren't they quick to reduce their saver's rates once there's a cut?...) and would urge other savers to do the same.

Like most banks & building societies (at least, the high street ones), they tend to change rates on the 1st of the month following the announcement. This seems a very long time to me, and is far from 'quick' - you get around three weeks when the BOE rate has been cut but the banks still haven't cut your savings rate.

gozomark

inflation is likely to be negligible, if not negative, over the next 12 months - even now you can fix for one year at 4%.

nilrem_2

POPART wrote: »

The likes of HBOS who are offering such pitiful rates ought to be shamed. I for one have transferred many thousands of pounds away from this inept institution over the past few months

It's not unique to HBOS all banks and Building societies are reducing rates, the only way to get a decent rate is to save in Fixed rate accounts.

LesU

nilrem wrote: »

It's not unique to HBOS all banks and Building societies are reducing rates, the only way to get a decent rate is to save in Fixed rate accounts.

Which is a strange thing for the Government to encourage. Most fixed rates tie up your money over a long time and quite often keep the interest in the account until maturity.
So they are actually encouraging you to have less in the way of fluid cash.
So do they want the banks to have our money or manufacturers and retailers?

StrawberryJam_2

I would rather have savings than none at all.

Those who mis-spent in years gone by have little savings, so all you are really moaning about is the interest you are earning, I wouldnt swap my position for theirs!

Those who generally save, tend not to spend as much anyway. Maybe you should just go and spend your savings so interest drops do not give you reason to get upset?

The people who I feel sorry for are those who supplement pensions from interest on savings! I really hope they have family to help them out in difficult times.

Jake'sGran

I've been listening to news all day on radio and TV and what they want is for us savers to spend and then spend some more. What they really really want is for the banks to lend which is what they are not doing apparently. It's just so ironic that we got in this mess due to masses of bad debt; credit card companies encouraging people to spend so much and we'll worry later whether you can pay it back or not. Sub prime mortgages too were a very bad idea. When we bought this house in 1967 and needed to borrow a bit more to build a badly needed extension the Woolwich said "we have not known you long enough" so we built it ourselves. Now, with the house having been owned outright for years, not owing a penny and lots of savings we are getting the mucky end of the stick re savings rates.

freddysmith

Surely having savings should help people get through this difficult time, even if they have to use some capital and added interest to suppliment any other income. After all savings are there for a rainny day (or year) and for some the time has come.
I understand the amount of savings built up will be different for everyone but its purpose is to cushion a financial problem until it improves (hopefully sooner than later).
Maybe I have it wrong but my parents taught me to have some savings, and I was fortunate to have listened.
My main point is to use the savings to help get through this crisis.

evenasus

Jake'sGran wrote: »

When we bought this house in 1967 and needed to borrow a bit more to build a badly needed extension the Woolwich said "we have not known you long enough" so we built it ourselves.

Ah, those were the days when commonsense prevailed. Building societies would lend only what they knew you could pay back.
They required 10% deposit of the value of the house you wanted to buy. Also they would lend only 2½ times the husbands annual salary.

Dooooooooooooooonut

If you seek those responsible head over to dfw.