bradford and bingley 10% con???????

Wig

Not many read stickys, just like not many read T&Cs or user agreements.

There's two types of posteers, those that read all the stickys and search before posting and those who just post.

There's 2 types of respondents those who just answer a question and those who whinge about what they feel is the proper thing to do.

And never the twain shall meet.

masonic

Wig wrote:

Not many read stickys, just like not many read T&Cs or user agreements.

There's two types of posteers, those that read all the stickys and search before posting and those who just post.

There's 2 types of respondents those who just answer a question and those who whinge about what they feel is the proper thing to do.

And never the twain shall meet.

"Ignorance is bliss" is obviously another proverb in your repertoire.

And on the subject of whinging, I can't imagine what is it exactly that you think you've been doing in this thread other than whinging about what other people should and should not post.

Wig

Then we're two sides of the same coin ol' bean.

thor

Jake'sGran wrote:

Hello Karen, I am sorry about your Mum's disappointment. These accounts are misleading to so many people. I don't understand why it is not made clear in the advertising that the nett interest is quite low depending on the rate offered

What is so misleading? You get the advertised rate for your money while that bank/bs has it. You can't expect them to pay interest on money that you have not deposited with them can you? Also net interest is the interest you recieve after tax and is always applied except for accounts such as ISAs which are tax free.

Sapphire

albertross wrote:

Nah, they are intentionally misleading, headline grabbing rates to pull in the gullible. There is no reason for regular savers with high rates to exist, apart from to mislead people, and drag new business in.

Not worth the effort imo.

I agree that they are misleading - although obviously not to some long-standing members of these boards, who are financially aware. However, there are many people who are financially naive, e.g. they think banks are there to help them, and don't really understand how finances work. I say this because I was like this until relatively recently.

It is only when I got shares from a company I worked for a few years ago that I started to take an interest in the subject. Before that, I was living from month to month off my wages without a thought for the future.

I have to say that several members of these boards have been very helpful when I have posted here on a few occasions to ask questions, and I appreciate that. Yes, I did search the site for the answers to my questions, but receiving responses directly from savvy individuals makes you somehow more confident in dealing with specific issues.

RayWolfe

albertross wrote:

Nah, they are intentionally misleading, headline grabbing rates to pull in the gullible. There is no reason for regular savers with high rates to exist, apart from to mislead people, and drag new business in.
Not worth the effort imo.

What nonsense!
Of course they're there to drag in business, just like the bread and milk at Tesco. So we should avoid them because they are brilliant value?
I have at the end of December around 23K in monthly savers on which I'm getting an average rate of around 7.1% and that's without any of the 10/12% jobbies. Where else can I get that for cash?
Very worth the effort imo.

exel1966

There's absolutely nothing misleading about these accounts. You get exactly what the account says - 10%. No ifs, no buts, just 10% and not a penny more.

Those of us who are perhaps a little naive when it comes to finances should perhaps make the extra effort to assertain all the facts in full prior to signing up to such accounts.

thesaint

Hi all,
I think that altough it is best to read previous threads, it is quite difficult to go through dozens of posts looking for an answer to your question, and with financial products changing daily it is probably wiser to get up-todate information from people who are willing to give helpful advice.

Why go to the trouble of being rude and sarcastic, which clutters up the thread to the point where users new to the site can't be bothered to trawl through the one upmanship (although hilarious sometimes) and simply post a new thread and starts the cycle again?

masonic

albertross wrote:

My point was that they are an over complicated account, a marketing gimmick, aimed at the naive, and the best buy tables. If you don't think they are designed to mislead, you should either read the many posts from people who misunderstood, or work in a bank marketing department for a few months.

They are only over-complicated to those who have lump sums to invest in these accounts. They are not designed for this purpose. Anyone wanting to put away a slice of their monthly income will get exactly the same amount of interest as they would in a simple easy access account with the same rate.

Regular savers are not inherently bad. However, just like pretty much any product, their features can be misinterpreted/misrepresented by an over-eager buyer/seller.

Cypher

albertross wrote:

Not worth the effort imo.

Why are they not worth the effort.

The alternative would be to put the money in something like Icesave @ 5.45%, but for any new money you add to the account each month this effectively becomes a regular saver type account anyway. So you may as well use the higher rates on offer by the headline grabbing regular savers.