Absolutely disgusted with interest rates - is this right?

rb10

grumbler wrote: »

To be fair to Natwest, I don't think that any bank is paying more than 0.5% on pure instant access saving accounts. E.g. it's 0.45% at Nationwide.

Nationwide pays 1.4% if you've been a member for 15 years or have a current account with them.

But on £100, the difference is tiny.

JustAnotherSaver

Does it really matter what interest you're getting back on £100 anyway (unless the rates are daft like 80%)?

If we were talking thousands then yeah, but £100?

Gromitt

rb10 wrote: »

Nationwide pays 1.4% if you've been a member for 15 years or have a current account with them.

If you've had certain products with them last year, you can get a whopping 2%.

and if your willing to put away between £500 and £1000 per month, you'll get an amazing 2.5% !!!

YorkshireBoy

rb10 wrote: »

Nationwide pays 1.4% if you've been a member for 15 years or have a current account with them.

Is this the Loyalty Saver Issue 4? Because it looks like you get that rate after only one year.


For 15 years membership they appear to pay 1.7% AER.


http://www.nationwide.co.uk/savings/instant_access/loyaltysaver/introduction.htm

JuicyJesus

The Bank of England base rate has been 0.5% for four and a half years, and apparently it's STILL news to people.

ColdIron

Could be worse, on £3,000 to £49,999 First Direct's Bonus Savings account pays 0.08% net on months you don't withdraw and 0.04% on months you do

Widelats

Yes its news to me, i honestly could not believe what i was reading, i remembered having a post office account with £5 in it and i got interest of 75p when i was young within a month i think, and was just shocked at this pathetic, insulting interest rate rate of today.

Then i read their charges and could not believe it, a whole lot of cash they charge on small amounts of money.

JuicyJesus

Widelats wrote: »

Yes its news to me, i honestly could not believe what i was reading, i remembered having a post office account with £5 in it and i got interest of 75p when i was young within a month i think, and was just shocked at this pathetic, insulting interest rate rate of today.

If you got 75p interest on a fiver over the course of a month, that would mean you were getting a rate of 180%. That's assuming that was gross; net you would be getting a rate of 225%.

For comparison, the highest rate the last Tory government "achieved" was in the region of 15%, earning you a cool £0.06 for your fiver in a month.

I think you are maybe a tad mistaken as to how much interest one actually earns on cash deposits.

Hazzanet

This is what we need.

http://www.youtube.com/watch?v=eanlru8HkOI

JuicyJesus

Hazzanet wrote: »

This is what we need.

http://www.youtube.com/watch?v=eanlru8HkOI

To stick all your money into greyhound racing?

A risky investment strategy to say the least.