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More bad news for savers.
Comments
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w1ntermut3 wrote: »You can average about 3.8% GROSS on 50k using bank accounts.
This is a far cry from 3% above inflation unless your maths is very bad or you don't know what inflation is.
In that case I mustn't understand what inflation is. Care to educate?0 -
He may be referring to RPI inflation, currently 1.1% ...
Because CPI is 0.3% at the momentHello There. :beer:0 -
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Yes RPI
On 50k you can make about 2.76 and 2.07% lower/higher. Lower rate taxpayers with over 50 grand in the bank aren't usually the norm?0 -
Anyone with £50k in the bank isn't the norm. The average saver has about £1000 in savings.w1ntermut3 wrote: »Yes RPI
On 50k you can make about 2.76 and 2.07% lower/higher. Lower rate taxpayers with over 50 grand in the bank aren't usually the norm?
Ironically, a higher proportion of the people with over £50k in savings will tend to be non-taxpayers.0 -
w1ntermut3 wrote: »Yes RPI
On 50k you can make about 2.76 and 2.07% lower/higher. Lower rate taxpayers with over 50 grand in the bank aren't usually the norm?
They aren't. But the less you have, the higher the interest rate. About 4.5% if you cycle money between 3% current accounts and 5-6% Regular Savers.0 -
Open all these.... I get 6% on regular savers fed from an account earning 3%.
http://www.moneysavingexpert.com/savings/savings-loophole
But the highest rate in the link you posted is 5% gross and thats only for £4.5k“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Its a sad fact that those who have all their savings in cash (presumably because they can't afford to lose them and think they aren't taking any risk with cash) have lost the most through QE because they have missed the rise in asset prices. Wheras the wealthiest have gained the most through QE.Ironically, a higher proportion of the people with over £50k in savings will tend to be non-taxpayers.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
That link doesn't include the regular savers, which are summarised here: http://forums.moneysavingexpert.com/showpost.php?p=6932833&postcount=5Glen_Clark wrote: »But the highest rate in the link you posted is 5% gross and thats only for £4.5k0 -
It is quite possible to be a non- taxpayer with £50,000 in the bank - non earning spouse for example?
A pensioner could quite easily be a non or low rate tax payer and have £50,000 in the bank - inheritance for example?0
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