interest rate rip off

bendix

michaels wrote: »

The level of financial illiteracy on this board still manages to surprise me sometimes.

This.

Multiplied manifold.

Percy1983

I have already accepted this, by all means I will see whats happening with mortgages closer to applying, but right now I just accept that I am not going to get a good deal due to low base rates and a tracker could be very dangerous (base +4.5% in many cases).

In short I would love a rate of 3.99% so stop complaining.

Blacklight

It's still cheap as chips whichever way you look at it.

Loughton_Monkey

michaels wrote: »

The level of financial illiteracy on this board still manages to surprise me sometimes.

... and it will not change.

- bought a 2.8% cash ISA yesterday. Can I cash it tomorrow, get my 2.8%, and do the same next tax year?
- Can I sell my pension?
- My regular saver said 5%. I saved £3,600 over the year but didn't get anything like £180!
- House prices set to fall 90%....
........

The_White_Horse

Conrad wrote: »

Whitehorse, to be rational you have to see an argument from all sides, not simply the side that happens to dovetail with your needs.

it doesn't bother me - i am fixed for 5 years at 3.99 with yorkshire.

i am just saying that there does not seem to be a free market operating here, simply a cartel.

The_White_Horse

this is also my view on trains. they should not be privatised as there is no competition on the line. i can't use another operator, so it is pointless. if i want to go from my house to work, i have the option of one provider. that is it. if i want to fly from london to new york, i can choose from many operators.

how can you have a free market when there is only one provider of a service (or in the banks case - a cartel)???

I think I will open a bank tomorrow - oh look, I can't.

bendix

The_White_Horse wrote: »

this is also my view on trains. they should not be privatised as there is no competition on the line. i can't use another operator, so it is pointless. if i want to go from my house to work, i have the option of one provider. that is it. if i want to fly from london to new york, i can choose from many operators.

how can you have a free market when there is only one provider of a service (or in the banks case - a cartel)???

I think I will open a bank tomorrow - oh look, I can't.

Buy bank shares, and stop whining.

You're starting to sound like a dole bludger or a public sector employee, blaming everyone else and screaming 'It's not fair.'

Boo bloody hoo.

The_White_Horse

i have never said it is not fair. I just asked !!!!!! is going on. it is a reasonable question. You have a supposed free market, yet all the rates are almost identical. Surely, in a true free market, one bank would be aggressively undercutting rates to obtain business/market share. They are not. They seem to be working in collusion to keep rates, just so. I think this not right.

bendix

Of course they're not in collusion, you big woos.

The banks are pretty much the same size. They pretty much have the same operating costs and margins. It stands to reason that when wholesale rates are the same for all banks, then their margins will be the same . . ergo the retail rates will be broadly in line with each other.

I'm disappointed in you. Your anti-business socialist petticoats are showing.

mbga9pgf

Thats why you need a mahoosive deposit. 2% over base for the duration, not perfic, but as near as goddamn it with a 30% deposit.