whats the highest % you have ever been paid for your savings in your life

ffacoffipawb

Transferred from a Lambeth variable rate TESSA in November 1994 to "Lambeth TESSA Select - Guaranteed Increasing Rate Option":

Year 1: 7.00% (date of transfer to 31/12/1995)
Year 2: 7.50% (to 31/12/1996)
Year 3: 8.00% (to 31/12/1997)
Year 4: 9.00% (to 31/12/1998)
Year 5: 12.25% (to 31/12/1999)

A 10% bonus was paid on maturity in respect of the £3,000 paid in year 1.

The £9,000 invested matured for a total value of £11,881.33 in Feb 1997 and £9,000 carried on to earn the above rates until the end of Jan 2000 when I moved it to first direct to earn whatever they were paying at the time.

For interest the 15 Jan 1999 TESSA follow-on balance of £10,562.31 had £1,264.58 interest added on 15 Jan 2000 to give a balance of £11,826.89 transferred to first direct.

Those were the days. However, inflation was a lot higher than the current (alleged) level.

It was a fortunate decision to take this option in 1994 as prevailing rates in 1998 and 1999 were a lot lower than the rate paid by Lambeth on that issue.

I think I did get 15% on ordinary savings from first direct in 1992, but I have a letter confirming the above Lambeth rates in front of me as I write. The TESSA proceeds (excluding the interest) are all in my Lloyds 3.2% ISA now though.

willo65

opinions4u wrote: »

12%.


1. Branches cost money to maintain.
2. Call centres cost money to maintain.
3. Web sites cost money to maintain.
4. Staff tend to appreciate being paid a wage.
5. Marketing accounts costs money.
6. Incentivised pricing to attract new business (e.g. 0% credit card rates) have to be priced in.
7. Typical mark up on a mortgage is traditionally 2% more than a savings account will pay. While personal loans and credit cards carry higher rates, point 8 explains why.
8. On top of that, banks need to price in the risk of default - if your margin is only 2% and 3% of your loans don't get repaid, then you go bust.
9. Shareholders tend to like to see a dividend and a share price that increases.

No. It's a naive point of view. If they are paying you 3.55% in the current climate they are making a loss on your money. Other ISA customers with Nat West, who have been loyal to them, are only earning 0.1%. They are subsidising your high rate and could argue that you should give some of your interest to them.

Just to point out Natwest Cash ISA is 0.6% - 4% depending on how much you have in there and if you transferred into the account between the bonus periods last year. And any customers who already have ISA who haven't paid in this tax year can open ISA Plus also and get 3.51% or do E-Isa and get 3.51% by transferring ISA into it.

dave0000

G_M wrote: »

Most local authorities run evening classes in basic mathmatics - a good starting point to understanding the fundamentals of savings, investments, loans, %s etc.



They also often do literacy classes to help with punctuation.

thank you your so clever i never knew that you must be a scientist

bendix

I'm currently getting 8.55% on one term deposit account with the Bank of New Zealand. Eighteen month term which expires in Feb 2010. Plus, because I'm non-resident in NZ for tax purposes, I only pay 2% tax on the interest. It's currently netting me about £1000 a month - lovely jubbly.

dudenstumpy

" whats the highest % you have ever been paid for your savings in your life? "


20% ( or 19% ) in Australia, early 1980s

Nick_C

I'm currently getting 12% on my HBOS regular saver, as I put £5000 into their Guaranteed Saver in June last year. The rate on the GS at the time was "only" 6.25%, but as it was fixed and you can add to it, it turned out to be a lucky decision.

Sadly, comes to an end in 2 months, when I will put £1K a month into Scottish BS reg saver @ 4%, and a further £500 a month into Yorkshire BS reg saver (issue 1) @3.75.

opinions4u

Nick_C wrote: »

Sadly, comes to an end in 2 months, when I will put £1K a month into Scottish BS reg saver @ 4%, and a further £500 a month into Yorkshire BS reg saver (issue 1) @3.75.

Why not leave your standing order running on the Halifax one assuming it renews at 4%?

Wookey

I think the highest i ever received was 15% in a post office savings account during the late 70's or early 80's, i had won £200 on premium bonds that had been bought for me when i was born and the money was put into a notice account that the PO had at that time. Been a long time and i wasn't very old so can't be 100% sure.

Imposter67

Not specifically related but I borrowed a large sum of money off of my partner's family last April.

I am not paying it back after investing it all in Kaupthing (I got it out in time but with no interest) and have now earned an average of 2% interest for 5 months.

What do you think would be a fair return for their money over the 12 months, bearing in mind what has happened to savings rates? I am thinking that 3% would be ok but I do not want them grumbling about it.

Any advice really appreciated.

borosteve_2

I'm currently getting a whopping 64% from a Mister Nkwomo in Nigeria! Funny thing is I hadn't even heard of his bank until he emailed me out of the blue (he thought one of my relatives may have died in Nigeria leaving me some cash), but as it was I've wired him £20,000 and only have to wait until the end of March next year and I will be nearly £14,000 better off, and its Tax Free !!!

Between that and the BTL appartments I've bought in Chechnya I could well be a Gajillionaire by this time next year.