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Fix you savings at ... 0.1%!

This one made me giggle:
FIXED RATE EASY ACCESS launched w.e.f. 1.4.09: an instant access account with a minimum investment of £50 paying a fixed rate of 0.10% yearly. Minimum operating balance £1. Passbook available.
At least it'll protect against any further rate drops :confused:

And MoneyFacts' comment...
This is an unusual account to be launched in the savings market....
https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=184446
«1

Comments

  • In Japan in the past their reaction to this kind of thing was to take their money abroad to places like Iceland and government bonds

    As of last summer that policy was a failure as the Yen strengthened alot apparently. If we're sure the pound will be crap for a while then people might do the same here
  • bagsacash
    bagsacash Posts: 194 Forumite
    Is that 0.1% with bonus? :eek:
  • LesU
    LesU Posts: 338 Forumite
    This one made me giggle:At least it'll protect against any further rate drops :confused:

    And MoneyFacts' comment...
    https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=184446
    I think I might take one of these out and leave just a £1 in, just to teach them a lesson.:D
  • cos69
    cos69 Posts: 413 Forumite
    Must be new trend in savings accounts - give us your money for free :eek:
    :rotfl::rotfl::rotfl::rotfl:
    "How could I have been so mistaken as to trust the experts" - John F Kennedy 1962
  • gozomark
    gozomark Posts: 2,069 Forumite
    In Japan in the past their reaction to this kind of thing was to take their money abroad to places like Iceland and government bonds

    As of last summer that policy was a failure as the Yen strengthened alot apparently. If we're sure the pound will be crap for a while then people might do the same here

    well, thats what many people were saying last Dec, and so far in 2009 £ has been the strongest major currency in the world

    yen+13.6%,
    $ +3.0%
    SF +9.8%
    +6.7%
    C$ +3.3%
    A$ +0.4%
  • bagsacash
    bagsacash Posts: 194 Forumite
    After tax this account is paying 0.08% .
  • baby_boomer
    baby_boomer Posts: 3,883 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Low savings rates are the best way for banks and building societies to rebuild much needed capital and pay off the Financial Services Compensation Scheme over the next decade. Expect more of the same.
  • Geoffo_M
    Geoffo_M Posts: 1,161 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I'm surprised it was from Kent BS - they usually offer good rates
  • bristolleedsfan
    bristolleedsfan Posts: 12,431 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Geoffo_M wrote: »
    they usually offer good rates


    They still do compared with Nationwide BS :rotfl:

    http://www.krbs.com/saveinterest.aspx
  • Myrmidon_J
    Myrmidon_J Posts: 287 Forumite
    bagsacash wrote: »

    After tax this account is paying 0.08%.

    Not really worth filling out the old R85, is it? :p

    And what if you're a higher rate taxpayer? You'd have to account for the additional 0.02% on your tax return! :rotfl:
    For the avoidance of doubt: I work for an IFA.
This discussion has been closed.
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