Fix you savings at ... 0.1%!

BruceyBonus

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

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

sabretoothtigger

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

Is that 0.1% with bonus? :eek:

LesU

BruceyBonus wrote: »

This one made me giggle:At least it'll protect against any further rate drops

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

Must be new trend in savings accounts - give us your money for free :eek:
:rotfl::rotfl::rotfl::rotfl:

gozomark

sabretoothtigger wrote: »

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

After tax this account is paying 0.08% .

baby_boomer

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

I'm surprised it was from Kent BS - they usually offer good rates

bristolleedsfan

Geoffo_M wrote: »

they usually offer good rates

They still do compared with Nationwide BS :rotfl:

http://www.krbs.com/saveinterest.aspx

Myrmidon_J

bagsacash wrote: »

After tax this account is paying 0.08%.

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

And what if you're a higher rate taxpayer? You'd have to account for the additional 0.02% on your tax return! :rotfl: