Anyone withdrawing savings due to 1% base rate?

Pssst

apt wrote: »

Ok, so having missed plenty of chances to fix your savings at 6% or better you're so angry at the prospect of 2% that you want to stick your money under a mattress where you'll get 0% and it won't be insured if it's lost. That's hardly the thinking of an Einstein is it? Makes far more sense to move the money to the few remaining decent accounts and for savers to make it clear to politicians that they are going to lose millions of votes if they keep pressing for near zero rates when the economic problem is the availability of loans not their cost.

I doubt there are many decent rates any more unless one of the banks breaks ranks and they wont do that unless savers cash starts to disappear and they need to attract it back into the system.

I have fixed some amounts but they will run out.

Loans are available and i am signing up to the debtors generation.

People like myself can get loans anytime.

Fact is that banks are holding on to savers cash for free and lending it out for good profits in these times of falling rates.

They want ot have their cake and eat it. I will be keeping my own cake from now on and they will have to pay for a slice of it.

I might even convert to dollars.

I have already got myself a 0% interest credit card which i am going to max out.

There are those who think that savers are mean m,minded penny pinching scrooges who dont know how to enjoy life.

some might be but others have just worked damned hard for what they have and maybe have had a bit of luck also so why should they sit back and let others abuse them?

[Deleted User]

I am not going to have large amounts of cash in the house but I am going to double my already large stockcupboard. Tins and long dated dried foods as they are constantly going up but there is a limit to how much I can store.

I am very annoyed and frustrated and can`t wait for thr general election

gozomark

tradetime wrote: »

Not disagreeing with that mate, but do you have a source, preferably with an explanation as I'm having a little trouble getting my head round that statistic.

I just took closing 2008 fx rates taken from BOE, latest spot rates as of now - I think I've got all the major ones


Yen 130.17 to 133.17 +2.3%
$ 1.4376 to 1.4653 +1.9%
SF 1.5298 to 1.71795 +12.3%
Euro 1.0342 to 1.14765 +11.0%
C$ 1.7744 to 1.812 +2.1%

trade weighted 73.77 to about 80 (was 78.41 on 4/2) +8.4% (not the 10% I posted above)

97trophy

It does seem possible that the Pound may actually have a good 2009.

tradetime

Cheers for that, early morning, hadn't read your post properly, Doh!

How does it stack up over 6, 12, 24, 48 months? That would be a little more interesting, or even meaningful, in fact I should probably exclude the 6 months because I can guess what that shows.

gozomark

I think its the worst of all those listed on all those time periods

tradetime

There's a lot of "Stamp my feet, and scream and shout!" on these savings interest threads.
I'm taking my money out "because I'm not bailing out the banks."
If there was no capital in the banks because everybody took it out and the government wants to prop them up then they will do it with taxpayer money, or they will print what they need to do it, thus devaluing the money under your mattress.

Screaming shouting and stamping feet usually just leaves you with a sore throat and sore feet.

Aegis

apt wrote: »

Ok, so having missed plenty of chances to fix your savings at 6% or better you're so angry at the prospect of 2% that you want to stick your money under a mattress where you'll get 0% and it won't be insured if it's lost. That's hardly the thinking of an Einstein is it? Makes far more sense to move the money to the few remaining decent accounts and for savers to make it clear to politicians that they are going to lose millions of votes if they keep pressing for near zero rates when the economic problem is the availability of loans not their cost.

I think this one sums up what I think nicely.

Of course, things will only get much worse if people decide to take their money out of the banking system en masse, and it will likely lead to much worse measures being implemented which will see that cash exposed to inflation without even the partial protection afforded by credited interest, so this makes it an even worse idea than previously stated. In the end it will harm all of us, not the government and not the Bank of England. "Cutting off one's nose to spite one's face" comes to mind...

Stavros_3

I have switched every penny in my cash Isa's to stocks and share Isa's.
The sooner Brown and co and kicked out the better, Savers have been shafted at the ineptitude of the banking industry and government
VOTE BROWN OUT....VOTE BROWN OUT....VOTE BROWN OUT

poppysarah

I'm reluctant to take cash out of the bank or encourage others to do so - but I am looking at where it is in the banking system and am about to go and trawl some building society sites to see which of them is going to have the pleasure of my cash.

I would like to see a protest by savers though - a national campaign - maybe where we go and open accounts en masse at a certain bank and tell the world why we're moving our cash.