Savings accounts

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Through the many years of saving and investing and going through many, so called economic collapses, I noticed that during labour governments interest rates on savings were high and under the tories were low but investments were high. This recent collapse has savings and investments as low as they could be, what is next? negative interest rates? some savings account are already on 0%. Ok, we know investments can go down as well as up, my financial advisor has shone, but cash in a savings account is at the most vulnerable. People are complaining about Santander halving their interest rates on 123 etc. and Banks and building societys use the excuse of the base rate halving but what about Santanders easy saver account which has just been reduced ten times! from its previous low of 0.1% to 0.01%. Not just BREXIT causing it, we aint seen nothing yet, since 2010 its been, steal from the poor and give to the rich. :wall:

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  • Elijah_Bailey
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    But on the bright side........at least your financial adviser has shone.

    That's good news.
  • eskbanker
    eskbanker Posts: 31,489 Forumite
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    Through the many years of saving and investing and going through many, so called economic collapses, I noticed that during labour governments interest rates on savings were high and under the tories were low
    That viewpoint isn't supported by the facts - if you look at historic data at sites like http://swanlowpark.co.uk/savingsinterestannual.jsp you'll see that there's no such correlation between savings rates and which party's in power....

    And if you think the reference to ten times (in "what about Santanders easy saver account which has just been reduced ten times! from its previous low of 0.1% to 0.01%") is in any way a meaningful statistic then a career in tabloid journalism awaits you!
  • bobobski
    bobobski Posts: 771 Forumite
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    But on the bright side........at least your financial adviser has shone.

    That's good news.

    Sounds like he WAS the bright side.
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