We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Banks get richer while the savers earn peanuts

BugsyBrowne
BugsyBrowne Posts: 5,697 Forumite
edited 19 July 2012 at 5:23PM in Budgeting & bank accounts
Deleted due to being a sh*t thread!!!!
«1

Comments

  • le_loup
    le_loup Posts: 4,047 Forumite
    So when was bank rate last at 0.5%?
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    edited 19 July 2012 at 5:24PM
    One of the worst threads in MSE history.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Was there any point in starting this thread? If you really want to make an issue of it perhaps the Vents board would have been a better place.
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    edited 19 July 2012 at 5:24PM
    agrinnall wrote: »
    Was there any point in starting this thread? If you really want to make an issue of it perhaps the Vents board would have been a better place.[/
  • rich11
    rich11 Posts: 184 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Whats fascinating about those figures is that they are averages so there will have been better rates on offer.Even as recent as 1998 you would have been able to beat 6% easily
  • le_loup
    le_loup Posts: 4,047 Forumite
    When base rate was, by your figures was 7.5%
    So, your point is what?
  • alanq
    alanq Posts: 4,216 Forumite
    1,000 Posts Combo Breaker
    edited 19 July 2012 at 1:37PM
    Though many accounts offer derisory rates, with inflation at its current level it is possible to get a real return on savings. During some of the periods of higher interest rates inflation more than negated the value of the interest.

    e.g. in 1975 inflation was running at nearly 25%. Bearing that in mind a savings rate of 12% doesn't look so good does it?

    I know that banks are charging high rates for unsecured loans but mortgages are currently very cheap for those who can afford a huge deposit. "HSBC is charging just 2.99pc for a five-year fixed rate mortgage and 3.99pc for a seven-year fixed rate mortgage." Even after adding the arrangement fee that is not going to be enough for the bank to pay a saver a decent rate.
  • callum9999
    callum9999 Posts: 4,443 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    When banks don't make enough money they get demonised for needing government help, now they allegedly make too much money...

    I don't know why they even bother having PR nowadays (though the Lloyds bus in the torch relay this morning was pretty forgetful compared to the others...). I'm sure a bank could announce they are donating £1bn to help stop world hunger and half the people would insist they should have donated more while the other half throw a strop saying something like "so they have money to throw away feeding the poor but I only get 3% on my savings"!
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    Don't even know why I started this thread as I don't even have any savings.
  • le_loup
    le_loup Posts: 4,047 Forumite
    Well, it gets your posting numbers up.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture