Where to save your money - Channel 4

LXdaddy

So basically, savings accounts have rubbish interest rates, banks change the interest rate downwards on products without a lot of publicity, banks convert from one savings account to another at a lower interest rate, some comparison websites don't give the full picture across the market, investing in a single peer to peer investment is risky.

Not a great programme at all.

Doshwaster

LXdaddy wrote: »

So basically, savings accounts have rubish interst rates, banks change the interest rate downwards on products without a lot of publisity, banks convert from one savings account to another at a lower interest rate, some comparison websites don't give the full picture across the market, investing in a single peer to peer investment is risky.

Not a great programme at all.

Plus the shocking revelation that people working in bank call centres aren't experts in financial services and banking regulations. I'd no sooner take financial advice from a bank call centre as I would dietary advice from someone on the checkout at Tesco.

Archi_Bald

Drp8713 wrote: »

Didnt mention interest paying current accounts

that's just as well as I think we are nearing the crunch point when the banks say enough is enough and drop their rates and/or max amounts they pay interest on. Last thing we need is a stampede on current accounts for the billions of money that sit in low interest savings accounts.

Drp8713 wrote: »

didnt mention tax efficent investing in ISAs or Pensions.

Given the quality of the rest of the programme, it's probably best that they didn't talk about investment ISAs and pensions.

Glen_Clark

Archi_Bald wrote: »

....inflation is very low

..because they count rent increases as 'Growth' instead of Inflation.

Glen_Clark

I didn't see the programme, but presumably it was aimed at people with little financial knowlege, rather then the readers of financial forums like this who are supposedly better informed?

kevin52

I missed the first half, but the second half did set alarm bells ringing about P2P lending.

Archi_Bald

Glen_Clark wrote: »

I didn't see the programme, but presumably it was aimed at people with little financial knowlege, rather then the readers of financial forums like this who are supposedly better informed?

You can watch it on catch up for the next 29 days if you need to kill half an hour.

You are sort of right, it was aimed at people with little financial knowledge but as Drp8713 pointed out, the programme totally failed its own title (Where to Save Your Money) as it did everything but tell people where to save their money. It was all one big ad for savings champion.

Archi_Bald wrote:

I reckon they will not mention that loans and mortgages are to be had at rock bottom rates, too

Actually, I was wrong - they did say at the very start that low savings rates are "the flipside of low interest rates". WOW.

gadgetmind

kevin52 wrote: »

the second half did set alarm bells ringing about P2P lending.

I'm afraid that I'd given up by then. What did they flag?

coyrls

gadgetmind wrote: »

I'm afraid that I'd given up by then. What did they flag?

You can lose your money if you lend to a single high risk business.

mel48rose

Thought the programme was boring and a let down. Nowt I didn't already know