apart from under the bed

Ray_Singh-Blue

Joe_Bloggs_1 wrote: »

It would seem the only way to get interest on savings is to hug a tree while being whipped with 3 blades of grass in a field full of mushrooms or dare I say it open 10 separate bank accounts

Lord Blackadder:
[sarcastically] Perhaps Lord Melchett would like to whip me naked through the streets of Aberdeen?

Lord Melchett:
Oh I don't think we need go that far, Blackadder...

Lord Blackadder:
[sarcastically] Oh too kind!

Lord Melchett:
No, Aylesbury's quite far enough...

coastline

Base rates were above inflation for years and probably most of the time since 1900..

http://www.economicshelp.org/wp-content/uploads/blog-uploads/2012/01/inflation-interest-rates-1900-2011.png

Its plain to see the link was broken in 2008 after the financial crisis..

http://www.economicshelp.org/wp-content/uploads/2014/04/inflation-base-rates-since-03-600x471.png

http://i.dailymail.co.uk/i/pix/2013/08/09/article-0-1B341A9C000005DC-66_634x440.jpg

It certainly helps the government to keep down its payments..

http://www.economicshelp.org/wp-content/uploads/blog-uploads/2012/07/uk-debt-interest-payments-total.png

I'm not sure banks offer "free services" such as cash points as posted earlier...
Its not that many years ago branches were closed in their thousands leaving many customers stranded.
Yes many people operate online but this has come at a cost to the general public and decent jobs lost.
If interest rates were held to the links above cash savers wouldn't be shouting as they are.
Surely you can see why loyal customers are a bit upset when their fixed rate bonds are offered at poor rates and unfortunately things ain't going to change in a hurry.

atypical

The IMF thinks banks don't make enough profit and that represents a "looming financial stability challenge”.

http://ww2.cfo.com/banking-capital-markets/2016/10/imf-warns-weak-bank-profits-fueling-instability/

Eco_Miser

coastline wrote: »

I'm not sure banks offer "free services" such as cash points as posted earlier...

It's quite obvious that they do.
They offer cash points and do not charge for withdrawals from them.

It's also obvious that someone pays for the services somewhere, probably in the differential between borrowing and lending rates.

steampowered

coastline wrote: »

I'm not sure banks offer "free services" such as cash points as posted earlier...

Who do you think pays for bank branches, staff, cash machines, IT systems and the other things banks provide? Pixies?

Yes some branches have closed, but the remaining expenses still have to be paid for!

coastline

steampowered wrote: »

Who do you think pays for bank branches, staff, cash machines, IT systems and the other things banks provide? Pixies?

Yes some branches have closed, but the remaining expenses still have to be paid for!

The customers will be paying somewhere which is pretty obvious.

More than some branches closed its thousands..

http://home.bt.com/lifestyle/money/savings-banking/which-banks-have-closed-the-most-high-street-branches-11364056216914

http://www.bbc.co.uk/news/business-36268324

EdGasket

nb0825 wrote: »

I think p2p is the way forward. Why go to the bank when you can go direct to the borrower (the general public).

Because in the bank your money is protected by FSCS up to £75K, soon to be £85K again. With p2p you can lose the lot.

geoff2

I'm 65 and entitled to state pension but as I'm still working, I've deferred it. I'll probably work for a couple more years. I've just used fundexpert.co.uk to suggest funds to buy in my SIPP, which is currently 127k cash. Even though I said I wanted "Growth" rather than "Income", nine out of the ten suggested funds are Income (presumably reinvested). Is that sensible? Could it be assuming I might want to change to income relatively soon? (I had to input my age). Most of the suggestions have an Acc equivalent fund.

Joe_Bloggs_1

The banks are in a mess because they loaned money to bad risks and now they want all the bonny coloured marbles to use savers money to offer loans but not give a return them. Someone says complain by walking to another bank, where do I take the exam for office management to keep track of the suggested 10 bank accounts. 5% interest sounds great until you find it has a £5k limit. Possibly a good computer program challenge to someone to get savings onto the banking merry go round

chockydavid1983

Plenty on here do it.
Takes a bit of time to open accounts and set up standing orders but after that it takes care of itself.