Interest rates cut to 0.25% from 0.5% discussion

Nick_C

tommysaver wrote: »

Well, this is rather depressing.

Check this out: http://swanlowpark.co.uk/savingsinterestannual.jsp

Annual interest over the years.

That's unreal ...

You're right. It is unreal. Because it doesn't take account of inflation. Just headline rates. Not real rates of return.

BOBS

Nick_C wrote: »

Not a savings account, but a portfolio of current accounts, it most certainly is. With RPIx inflation at 1.7%, and interest at up to 5% tax free, savers have never had it so good.

beyond my understanding :eek:
though any links would be appreciated :cool:
Thanks

Nick_C

BOBS wrote: »

beyond my understanding :eek:
though any links would be appreciated :cool:
Thanks

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

http://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/chmk

AlanP_2

What is being referred to is spreading your savings across multiple High Street Bank Current & Regular Saver accounts at between 3-6% pa. Various threads on this board cover best deals on offer and discussion about the options.

As for RPI & Savings Interest Rate - Being able to get between 2 and 3 times the current inflation rate paid on savings is unprecedented.

When interest rates were 11+ percent you could not get 22 -33% on your savings.

castle96

Just opened (yesterday) HSBC/Leeds/Cambridge/Lloyds Savings a/cs, all drip fed by Santander, just in case Sant's rate drops. Already got all the others bar FD.Not all fixed but still better than the 'probable' 2% from Sant.

beecher2

I am sick of having to continually work out where to put my money, and having deals come to an end after a year.

Talk of another rate cut later in the year

bristolleedsfan

[QUOTE=Kim_13;71094921

Wasn't Brexit supposed to put interest rates up, not down?[/QUOTE]


[FONT=&quot]We were told that in the event of brexit interest rates would rise sharply, increasing mortgage and debt costs and leading to mass unemployment and huge tax rises.

Now we have a cut in interest rates and it is the fault of people who voted for something which the bank of England said would lead to rate rises?


[/FONT]

Doshwaster

As a saver it really doesn't bother me as most of my long term money is in equities. I only keep a few thousand in Cash ISAs for emergencies so the difference in interest isn't that significant.

As a mortgage borrower, my fixed rate of 2.99% comes to an end in 6 months so hopefully my repayments will come down a little on my next deal.

Nick_C

Doshwaster wrote: »

As a saver ...

As a mortgage borrower ...

We are a rare breed but in the same club. I'm currently borrowing money from Santander at 2.5% and lending it back to them at 3% :-)

As I have a tracker mortgage, today's cut will save me about £23 a month on my mortgage payments.

Kit1

ajdj wrote: »

I can only assume you are not old enough to remember 1990. Interest rates of 14% were not good times!

I remember having to work harder to pay my mortgage when it was 14/15/16% and there was no help then. Now l have paid of my mortgage and again l have to suffer, We are the generation who have been stuffed by the government every time. We have to work longer for our pension when will we get our break?