More bad news for savers.

jcb208

Gave up with investing cash in banks 2 years ago.Since I have averaged between 6-12% but with small risks I am prepared to take.No losses so far

jimjames

masonic wrote: »

Anyone with £50k in the bank isn't the norm. The average saver has about £1000 in savings.

So the average saver could be getting equivalent of 12.5% PA return. So much for low interest rates.

I get over 5% on all my savings.

jimjames

Glen_Clark wrote: »

But the highest rate in the link you posted is 5% gross and thats only for £4.5k

For someone who is a regular on these boards I can only assume you're being deliberately difficult. Read all the posts that explain it if you really don't understand.

Rich2808

masonic wrote: »

Anyone with £50k in the bank isn't the norm. The average saver has about £1000 in savings.

Ironically, a higher proportion of the people with over £50k in savings will tend to be non-taxpayers.[/QUOTE

Quite a compelling statistic there - as you say the majority of people have almost no savings and quite a lot have no pension provision either.

With average house prices at £250k and over £500k in London it does make you wonder how a lot of people are coping. A lot of people - particularly the young - are literally a pay cheque or two from homelessness and destitution.

Glen_Clark

jimjames wrote: »

For someone who is a regular on these boards I can only assume you're being deliberately difficult. Read all the posts that explain it if you really don't understand.

You assume wrong. 4 years ago I transferred my cash allocation into a 5 year Halifax 4.5% fixed ISA, so I haven't recently been looking where to put my own cash. More importantly for the benefit of others reading this thread, its helpful to add links to where you can actually get these deals.

Glen_Clark

Rich2808 wrote: »

With average house prices at £250k and over £500k in London it does make you wonder how a lot of people are coping. A lot of people - particularly the young - are literally a pay cheque or two from homelessness and destitution.

Its what they call a 'bouyant housing market' Those who are coping seem to be doing it on housing benefit. There is support for the young, the old, women, children, ex forces etc. The ones who aren't coping are those who fall outside these nets - usually single men of working age. The last 'Can't Pay? We'll take it away' TV programme I saw showed a 60 year old mechanic, who had worked all his life till he had a brain tumour making him unable to work. He was being evicted on to the street because his housing benefit didn't cover the rent on the tiny 2 bedroom terraced house he had lived in for the last 10 years. He was civil and polite, offered no reststance and walked out of the property, leaving the head baliff to face the camera and say 'This is appalling'

sevenonine

Glen_Clark wrote: »

I realised years ago this Government and their overpaid puppet Carney would never raise interest rates of their own volition....

I wonder whether anyone has considered the possibility that the Guv of BoE and his cohorts on the panel deciding the interest rate rise of the Bank rate may have their own personal agenda for keeping the rate low and, being independent, have continued for the 6th year to do so?

w1ntermut3

If you only have about 10-15 in cash, then sure. I was just replying to the guy earlier who seemed to imply you could be making more than 4% net on 50k in bank accounts.

masonic

w1ntermut3 wrote: »

If you only have about 10-15 in cash, then sure. I was just replying to the guy earlier who seemed to imply you could be making more than 4% net on 50k in bank accounts.

As far as I can see, nobody claimed you could make more than 4% net. If you move those goalposts around too much more they are going to collapse.

jimjames

w1ntermut3 wrote: »

If you only have about 10-15 in cash, then sure. I was just replying to the guy earlier who seemed to imply you could be making more than 4% net on 50k in bank accounts.

How much do you think is possible then? If you read the forum you might get some better information.

Glen_Clark wrote: »

You assume wrong. 4 years ago I transferred my cash allocation into a 5 year Halifax 4.5% fixed ISA, so I haven't recently been looking where to put my own cash. More importantly for the benefit of others reading this thread, its helpful to add links to where you can actually get these deals.

I find it very hard to believe that anyone would move ALL their cash into a 5 year fixed rate ISA with absolutely no easily accessible cash. Are you not using any of the 5% accounts?