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Are interest rates going to go up anytime soon?
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No. They should do to combat over-target inflation. But HMG figues that there's more political capital in helping younger voters with mortgages than older voters with savings.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
oh poo.
Yes the savings are supposed to be for a deposit. But I will potentially need a fair few thousand for furniture and whatever else. I will also need to keep a fair few thousand in the bank incase anything goes wrong, I'd say at least £5000. So really only got £16k to put down as an actual deposit which isn't enough as I earn bugga all. I am single which doesn't help either.
Could do with finding a nice lady, a nice lady with a similar deposit would be a bonus....then I think I may be ok, as long as I don't get married and end up divorced
. I can see the money sitting in my bank for a while yet....not doing much. This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Nicholas-bloody-Parsons wrote: »Why they think ultra-low interest rates will solve the economys problems i dont know, its really worked well so far. hasnt it?
Seem to be making good progress. A couple more years and the banks should be back on a sound footing.0 -
Thrugelmir wrote: »Seem to be making good progress. A couple more years and the banks should be back on a sound footing.
you seem to have confused the economy's problems with the banks' problems 0 -
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Can't see savings rates going up whilst the finance houses can borrow so cheaply off the government.
Can't see the government putting up rates that would cripple a broken banking sector.
Can see rates to borrowers going up in order for banksters to make more profit.
Anyway that was the sixth christmas it was all going to be over by, better get ready for the 2013 production of 'Groundhog Day Recession'
..._0 -
oh poo.
Yes the savings are supposed to be for a deposit. But I will potentially need a fair few thousand for furniture and whatever else. I will also need to keep a fair few thousand in the bank incase anything goes wrong, I'd say at least £5000. So really only got £16k to put down as an actual deposit which isn't enough as I earn bugga all. I am single which doesn't help either.
Could do with finding a nice lady, a nice lady with a similar deposit would be a bonus....then I think I may be ok, as long as I don't get married and end up divorced . I can see the money sitting in my bank for a while yet....not doing much.
Actually what you really need is finding a lady who is either single or divorced with a house already,like our son did.And not only did he gain a house but a lovely little girl as well,who we are proud to call our grand daughter.
Though to be fair to him he does pay the mortgage as they are now married!0 -
I think I was definately born at the wrong time.....
Just turned 28. Unemployment is rife, buying a house is impossible, interest rates are awful.
I have £24k savings which helps.....but I can't do anything decent with it.
I get a massive £45 interest a month.
Anyone have any advice on what I could do with my savings to get the best out of them?
Really?
I'd say being born when your mortgage rate was 15% was a pretty bad time and you then lost 30% on your house price was even worse.
Interest on your savings isn't ever likely to be much of a return to help with buying a house.
My personal view is that rates won't rise before the end of 2014 and even then by 0.25%.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Looks like the yield curve is predicting a short term fall in interest rates rather than an increase which may signal a reduction in base rate to 0.25%. See the Bank of England website in particular the instantaneous nominal forward yield curve shown below (which reflects the nominal interest rates implied by gilt prices but which is strongly correlated with savings rates)
From that a 0.5% rise in interest rates is not forecast to take place for about 3 years.I came, I saw, I melted0 -
For them it has, YesNicholas-bloody-Parsons wrote: »Why they think ultra-low interest rates will solve the economys problems i dont know, its really worked well so far. hasnt it?“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0
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