MSE News: New savings blow as top rate disappears

FATBALLZ

I put a 5 figure sum into NS+I index linked bonds last month, its a good a bet as any of these piddly crap savings accounts around at the moment. It's a shame savers are so inert, if most people looked around for good deals every 6 months or so there'd a better savings market, and banks wouldn't be so keen to rip savers off to pay for people to borrow far too much on cheap mortgages.

wizk1

aleph_0 wrote: »

The staff in Barclays told me today that their monthly saver going down from 4.25% to 3.25% on Monday for new applications too.

I'm quite fortunate I set up my regular savings account last week when the int rate was 4.25%. But all these rate drops make the idea of savings more and more demoralising.

evenasus

KTF wrote: »

Depending on the definition of 'large' you could always open a Lloyds TSB Vantage current account and get 4% on 7k if you push 1k through the account per month. You can open 3 (sometimes more) of them as well.

£300+K - Our lifetime savings.
I really couldn't be bothered with opening more current accounts.

Mids_Costcutter

I read that CPI inflation reached 3.5% in January, the highest in 14 months. A main factor in this was the VAT reduction coming to an end. While this may be hitting savers hard right now, do the financial experts expect it to remain at this level? The Bank of England do expect it to slow later this year.

Trying to add a positive angle here!

innovate

Angelfeathers wrote: »

I have to admit, at this point I'm intending to get either the Santander or A&L current account for my savings, since they have interest rates of 6%. It may be only for one year, but it's a hell of a lot better than any of the savings accounts!

It's also max £2.5K on which you get the 6% - anything above it is some paltry small rate (so small I can't even remember what it is).

Lloyds do a 4% AER current account on balances of £5K - £7K, and you can have 3 of these, i.e. you can stash £21K away at 4% with instant access, which isn't bad at all these days.

Old_Wrinkly

Mickygg wrote: »

Next best one is the AA internet account at 3.0% with a 2.5% fixed bonus.

Not any more ...
See :
http://www.theaa.com/savings/rates.html