Fed up of crap rates

moneybuster

having money invested and the fact that it's working very little for us all at the moment with no re-leaf in sight, i am seriously thinking of starting a web site for disgruntled people to sign up to take there money out and stick it under the bed till the banks start paying us more interest, they are creaming it back but giving nothing out, well see if you can keep afloat with out our cash. bet they would give us a better rate:D

would need a few thousand to sign up but it could be done.


fed up

stringer_bell

some banks pay 6x the base rate, which seems pretty decent considering

YorkshireBoy

moneybuster wrote: »

no re-leaf in sight

I think you'll find that will all change come the spring time.

Sceptic001

moneybuster wrote: »

to take there money out and stick it under the bed till the banks start paying us more interest

No doubt you will have the full support of the British Burglars' Association.

jimjames

moneybuster wrote: »

would need a few thousand to sign up but it could be done.


fed up

I'd say it would need a few million to sign up to have any chance of an impact.

As said above there are accounts paying 3% which is 6x base rate, which I'm sure hasn't happened in the past.

ses6jwg

You have had high savings rates and thus high mortgage rates for the last decade.

Now it is the turn of those with mortgages to benefit.

The economy, and therefore interest rates, are cyclical and go up and down over time.

Sticking to one asset class such as cash savings is narrow minded and doomed to failure.

bandana999

ses6jwg wrote: »

You have had high savings rates and thus high mortgage rates for the last decade.

Now it is the turn of those with mortgages to benefit.

The economy, and therefore interest rates, are cyclical and go up and down over time.

Sticking to one asset class such as cash savings is narrow minded and doomed to failure.

Now that's a good one:rotfl:

IronWolf

ses6jwg wrote: »

You have had high savings rates and thus high mortgage rates for the last decade.

Now it is the turn of those with mortgages to benefit.

The economy, and therefore interest rates, are cyclical and go up and down over time.

Sticking to one asset class such as cash savings is narrow minded and doomed to failure.

Interest rates were pretty low over the last 10 years. Have you forgotten the 70s and 80s? Now that was high interest rates

wymondham

jimjames wrote: »

I'd say it would need a few million to sign up to have any chance of an impact.

As said above there are accounts paying 3% which is 6x base rate, which I'm sure hasn't happened in the past.

True, but six times of not alot is still ...not alot!

easteregg_2

The problem is that while banks need to boost their balance sheet after hefty losses, there is little competition for savers' money. With interest rates at a record low, and the fact that you have to pay 20% or 40% tax on the interest you can't beet inflation.

However, while you can't beet inflation, savers need to do the best they can to hold onto the money they have rather than let inflation eat it, so we should always move our money to the highest saving accounts and ensure that you have used your cash ISA allowance. In addition we should look at other asset classes such as NS&I bonds (when they are available), pensions (for those still young), property, peer-to-peer lending, and not keep (excuse the pun) all eggs in one basket.

competitionscafe

If you don't need the capital for 3 to 6 years you can beat inflation (just) without risking the capital:
http://www.ft.com/cms/s/2/bfcd799a-fbfd-11e0-b1d8-00144feab49a.html

Interest paid out at maturity though (on the Post Office bond at least) so also not ideal if you require the income now!
http://www.ft.com/cms/s/2/f034b484-f03d-11e0-96d2-00144feab49a.html#axzz1bhkmJ5tB