Nationwide reducing many Savings rates on 1st September

Over62

colsten wrote: »

This would be great news - where have they said this?

See their webpage http://www.nationwide.co.uk/support/support-articles/faqs/current-accounts-base-rate-change-faqs#xtab:what-does-this-mean-for-my-account

teddysmum

Over62 wrote: »

See their webpage http://www.nationwide.co.uk/support/support-articles/faqs/current-accounts-base-rate-change-faqs#xtab:what-does-this-mean-for-my-account

The Flexdirect account has a guaranteed rate of 5% anyway (though for just one year).

Sapphire

msallen wrote: »

Utter drivel

Thank you m'dear. :T:rotfl::beer:

Sapphire

Kim_13 wrote: »

If they ever needed our money, they won't do now with the latest BoE package.

Jolly good – then I'll remove it and place it elsewhere of my choosing that will give me better returns, and security. :T

I don't suppose you've heard of any looming banking crisis, of the one in 2008 merely being kicked down the road, of Deutsche Bank being in serious trouble, not to mention banks in Italy and other Eurozone countries, and of massive amounts of debt incurred by both individuals and countries? Trouble in the Eurozone, for example, will reverberate around the world, and the UK can't remain immune to it. I hope all will be OK, as you believe it will be…

bigadaj

Sapphire wrote: »

Jolly good – then I'll remove it and place it elsewhere of my choosing that will give me better returns, and security. :T

I don't suppose you've heard of any looming banking crisis, of the one in 2008 merely being kicked down the road, of Deutsche Bank being in serious trouble, not to mention banks in Italy and other Eurozone countries, and of massive amounts of debt incurred by both individuals and countries? Trouble in the Eurozone, for example, will reverberate around the world, and the UK can't remain immune to it. I hope all will be OK, as you believe it will be…

So how much are you removing from the bank and stuffing under your mattress?

You'll need to spend some of it on tinned goods, a water purifier and some armament given your view of the future.

What is your strategy for dealing with burglars, house fires, cash limits on house insurance are generally pretty low, and may be hard to justify if destroyed?

Pincher

Started a

Halifax Fixed Saver 5Yr Annual Interest

in March 2016. 1.75% gross, pays annually.

No sign of it now.

Ironically, will be paying 20% tax on the 1.75% interest, but only 7.5% tax on dividend, elsewhere, which should be 3~5% for money invested. But can't have it all in the stock market. Being punished for prudence?

If I win the £100k prize (Halifax Saver Prize Draw), that will certainly be the best investment ever.

Sapphire

bigadaj wrote: »

So how much are you removing from the bank and stuffing under your mattress?

You'll need to spend some of it on tinned goods, a water purifier and some armament given your view of the future.

What is your strategy for dealing with burglars, house fires, cash limits on house insurance are generally pretty low, and may be hard to justify if destroyed?

Predictable response – don't worry, I'm already aware of the issues/suggestions you mention, as well as many others. :T

I'm curious: what is your response to the growing signs of severe financial cracks in the Eurozone – and worldwide – and to the fact that, for example, we have massive debts and little to keep us going apart from London house prices and the financial sector, given how much has been sold to foreign investors, and that we have lost the skills we once had? How do you think we are going to get out of this? Or haven't you even noticed it, or do you not think there is any threat? I'm not trying to start any tit-for-tat spat, but would genuinely like to know (in fact would like reassurance). Thank you.

bigadaj

Sapphire wrote: »

Predictable response – don't worry, I'm already aware of the issues/suggestions you mention, as well as many others. :T

I'm curious: what is your response to the growing signs of severe financial cracks in the Eurozone – and worldwide – and to the fact that, for example, we have massive debts and little to keep us going apart from London house prices and the financial sector, given how much has been sold to foreign investors, and that we have lost the skills we once had? How do you think we are going to get out of this? Or haven't you even noticed it, or do you not think there is any threat? I'm not trying to start any tit-for-tat spat, but would genuinely like to know (in fact would like reassurance). Thank you.

There are significant problems which are predominantly related still to the financial crisis a decade ago.

There are huge problems but the response to that logically isn't to cash everything in and hide it away; in fact that's one of the worst things you can do. As well as the risks I raised above the real elephant in the room is that the aim of virtually all governments currently, despite what they might publicly declare, is to inflate debts away. A weak currency is attractive for this reason and inflation erodes the value of the debt so is a primary aim of monetary policy. Therefore inflation is the target, which eats away at the money you've hidden under the mattress, if your view is of economic Armageddon then precious metals rather than cash would be the way to go.

The target of the wealthy is always wealth preservation rather than profits or growth, and following that lead seems sensible to me. So my strategy is diversification, I'm currently heavy in cash compared to soem people, equities look at near all time highs but are yielding amounts that you can only dream of in cash so form the backbone of my approach. I'm moving money into p2p, not keen on direct and residential property though did pick up soem commercial property in the slump following Brexit.

Diversification is key, for example with p2p if you have 100 loans of £100 each and earn 12%, which is an average for a number of platforms with security offered, you'd gross £1200 on your £10k capital. However you can't assume there won't be any defaults, though with security you will get a percentage of your capital back after some delay to liquidate assets, so assume there are 5 defaults, this will give a loss of £500, meaning that you are now only earning 7%. All looks good, though the number of defaults could be higher, but again it's the persistent theme of spreading risk on the basis that your losses will be compensated by growth and or returns in other areas.

Everyone is being pushed towards higher risk to avoid erosion of capital and poor returns, and it's very much a case of managing that risk as best you can.

Kim_13

Nationwide have now updated their rates online: http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

Westie983

Kim_13 wrote: »

Nationwide have now updated their rates online: http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

See both the regular saver has gone down, ;(