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Anyone withdrawing savings due to 1% base rate?
unitedwestand
Posts: 205 Forumite
Personally I'm sick of being penalised for humbly living within my means, working & saving hard.
Helplessly watching on as my money props up a failing system, only to be rewarded with a handful of change as interest.
Foreseeable high taxes and low interest rates will surely only carryon crushing genuine savers over the next decade at least.
I'm not subsidising the government’s mismanagement & stupid interventions or funding the lavish lifestyles of the banking hierarchy, that should have been jailed not bailed, anymore.
Even if it means freezing or even losing some savings, if the Bank Of England dont increase the base rate again at the next announcement Im withdrawing my savings from the banking system. Independant of savings it was something I had already been considering, after being sickened without say in the whole fiasco.
Its about time some of the parties that have contributed to this mess felt helplessly held to ransom.
No base rate increase or even a decrease... I’m withdrawing.
Helplessly watching on as my money props up a failing system, only to be rewarded with a handful of change as interest.
Foreseeable high taxes and low interest rates will surely only carryon crushing genuine savers over the next decade at least.
I'm not subsidising the government’s mismanagement & stupid interventions or funding the lavish lifestyles of the banking hierarchy, that should have been jailed not bailed, anymore.
Even if it means freezing or even losing some savings, if the Bank Of England dont increase the base rate again at the next announcement Im withdrawing my savings from the banking system. Independant of savings it was something I had already been considering, after being sickened without say in the whole fiasco.
Its about time some of the parties that have contributed to this mess felt helplessly held to ransom.
No base rate increase or even a decrease... I’m withdrawing.
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Comments
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Our ISA has been hit hard and I am tempted now to move savings to paying large overpayments or a one off lump sum into the mortgage. Our savings in real terms are now severely losing money. Not good.0
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Whilst I sympathize with your sentiments, I guess you might as well remove them now because I can guarantee they wont raise rates at the next meeting, thats March 5th btwHope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
That might well be a very clever move.save-a-lot wrote: »Our ISA has been hit hard and I am tempted now to move savings to paying large overpayments or a one off lump sum into the mortgage. Our savings in real terms are now severely losing money. Not good.Hope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
I paid off a bit of the mortgage with some of my savings.0
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What we need to find is a well run country to place our savings, any suggestions.0
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I've moved money from savings into mortgage overpayments. It's the logical thing to do.
One thing is certain: whatever happens to the financial system your mortgage debt will be preserved.Happy chappy0 -
Me! They are now under my mattress!0
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ok we're not making money on savings, but if its just for a few months, what is the problem? (I would be grateful if this was answered seriously, as I don't know what the issue is?)
:ABeing Thrifty Gifty again this year:A
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Millionaire wrote: »Me! They are now under my mattress!
:rotfl: if your username and amount of cash your have is the same, then I guess it would be a nice sizeable matress0
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