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Babycakes

innovate wrote: »

Are you after saving or investing?

It is possible to get 3% AER in the UK for savings, though you could only do about £110K per person safely (i.e. with FSCS protection).

It is easily possible to make 3% AER (and more) in investments, without having to go outside the UK and assume currency risks.

I have sold my house and need to keep the cash earning interest so that I can pay rent on the house that I am in. Its a short-term account that I need ideally.

I am very interested to make 3% AER or more.

murphydavid

[QUOTE=It_is_possible_to_get_3%_AER_in_the_UK_for_savings, though you could only do about £110K per person safely (i.e. with FSCS protection).
[/QUOTE]

How do you do that? i.e. which bank or building society has a 3% savings rate.

Thanks

dtaylor84

Just received a letter from Tesco:

"For the past four years, we have maintained the standard variable rate on your account at 1.25%. However, with savings interest rates falling in the last year, we are reducing the standard variable rate on your account to 0.75%. The new rate will come into effect on 1st August 2013."

So, with the fixed 1.15% bonus until 5th December 2013, that will be a 1.90% AER... And I have only had the account 6 months...

luv_my_brass

I have rreceived the same letter - now looking for a higher rate of interest - if there is one. :mad:

incandescent

I got that letter too.

They had the cheek to say "and that's why we are committed to providing you with long term sustainable returns", which is just insulting.

I'm beginning to think I'd rather stick the cash under my bed than leave it with any of the banks - they have collectively decided to rip off depositors in an unprecedented way.

:mad:

innovate

incandescent wrote: »

...they have collectively decided to rip off depositors in an unprecedented way.

To be fair, it isn't the banks that have "collectively decided" anything. For starters, they do not have any such powers.

If there is any rip-off involved, it's the rip-off that people in the Western World at large have brought onto themselves by being too greedy for their own good.

Nobody forced people to take on mortgages they couldn't afford to pay back.

Nobody forced people to clock up huge credit card debts that they couldn't pay back.

Nobody forced shareholders in banks (and many other corporates) to press for ever higher , and eventually unsustainable, dividends.

Nobody forced successive UK Governments to print vast amounts of money - though you could, and some do, argue that this has been saving the UK from bankruptcy.

Nobody forced banks to lend irresponsibly. But you can't blame them for everything.

incandescent

innovate wrote: »

To be fair, it isn't the banks that have "collectively decided" anything. For starters, they do not have any such powers.

If there is any rip-off involved, it's the rip-off that people in the Western World at large have brought onto themselves by being too greedy for their own good.

Nobody forced people to take on mortgages they couldn't afford to pay back.

Nobody forced people to clock up huge credit card debts that they couldn't pay back.

Nobody forced shareholders in banks (and many other corporates) to press for ever higher , and eventually unsustainable, dividends.

Nobody forced successive UK Governments to print vast amounts of money - though you could, and some do, argue that this has been saving the UK from bankruptcy.

Nobody forced banks to lend irresponsibly. But you can't blame them for everything.

So you think I - as a saver - deserve to be punished because other people behaved recklessly? People who, on the whole, have benefitted from the financial chaos they caused?

I have saved prudently for many years and would be in a position to retire now if it were not for other people's recklessness.

The base interest rate has not changed in years. There is no reason or excuse for the banks to keep reducing their already rock-bottom rates. As far as I am concerned they are operating as a cartel and deserve to be taken apart and rebuilt to serve the country not a tiny number of very rich, greedy and stupid businessmen.

innovate

Seems you like to use just selective information rather than look at the complete picture. For instance, you seem to ignore major happenings, such as Funding for Lending.

Anyway, glad to hear that you are one of the few lucky people who have not achieved what they would like to have achieved because of "other people".

incandescent

innovate wrote: »

Seems you like to use just selective information rather than look at the complete picture. For instance, you seem to ignore major happenings, such as Funding for Lending.

Anyway, glad to hear that you are one of the few lucky people who have not achieved what they would like to have achieved because of "other people".

Oh, well I am so sorry. Clearly it was just incredibly selfish of me to be careful with my money, work hard and do everything in my power to be self sufficient.

Obviously I should have gone out and borrowed myself up to the hilt with no intention of paying it back. Or maybe you think I should just lend all my savings to the banks for no return at all?

I honestly don't understand why you are having a go at me. I didn't cause any of the financial problems, but like all savers I am paying the price.

If you think that is fair or right then frankly your opinion is of no worth whatsoever.

innovate

incandescent wrote: »

If you think that is fair or right then frankly your opinion is of no worth whatsoever.

You are entitled to your opinions as am I.

My opinion is that absolutely none of the over forties (which I presume includes you, and it certainly includes myself) is blameless because we all happily participated, directly or indirectly, in the gravy train over the last 20-odd years.

Some made more than others whilst the going was good, some have been hit harder than others when things turned a bit sour. But nobody who was of working age in the eighties/nineties/naughties hasn't quite happily participated in the good times. E.g. can you recall any campaigns against the "by now pay later" culture that used to scream at you at every street corner? Credit was hip, having 95% mortgage 4-6 times your salary was hip, building otherwise useless towers and bridges to celebrate the millenium was and so the list goes on.

Anyway, you will probably not share my opinion any more than I will share yours, so we will have to agree to disagree on the matter.