The Top Easy Access Savings Discussion Area

Mr._H_2

incandescent wrote: »

There is no reason or excuse for the banks to keep reducing their already rock-bottom rates.

Yes there is. There is no mystery about it; the reason is the government's Funding for Lending Scheme. You are misdirecting your anger - current rock bottom rates are directly caused by government policy.

incandescent

innovate wrote: »

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.

I've never taken out a personal loan. I've always paid my credit card bills in full each month. I took a mortgage I could afford.

I've always lived within my means and bought things when I've had the money to do so rather than borrowing, even when that's meant going without.

I took full responsibility for my own finances and planned and saved for decades so that I would be able to retire securely.

What exactly did I do wrong?

AlwaysLearnin

On face value, not much, although you could argue you missed some opportunities that were available to help futher increase your wealth to aid your retirement plans (e.g. stoozing etc) .

You're posting on a savings board and therefore I would suggest that the vast majority of people here aren't exactly overjoyed with the the current situation either (myself included). As frustrating as it may be, many are having to adapt their plans and/or approaches, e.g. you'll note from the boards a shift to usage of current accounts to make the most of rates available (again, myself included). It's certainly not ideal, and arguably takes more effort than it did previously for less return, but it's where we are, and dare I say venting at people in the same boat won't really change that...

incandescent

My original post on this thread was merely agreeing with someone else. It was "innovate" who lowered the tone by having a go at me.

gadgetmind

incandescent wrote: »

like all savers I am paying the price.

Not all savers. Like many canny savers, our rainy day money is beating inflation, which is all we can really ask of it.

incandescent

gadgetmind wrote: »

Not all savers. Like many canny savers, our rainy day money is beating inflation, which is all we can really ask of it.

Some of my money is, via my stocks and shares ISA and via RPI-linked bonds I managed to get before the NS&I withdrew them.

But most of my money is not, because I can't afford to risk it on the stock market at my stage in life.

I really need those savings because of the state of the annuity market

innovate

I didn't lower the tone - I merely pointed out that you had ignored things like FFL, and I noticed that you are blaming "other people".

Anyway, as I said before, everyone's entitled to their own opinion. We have both voiced our respective ones now.

typistretired

I am upset about the low interest rates too, but console myself by accepting that my children are not paying the interest rates that I had to pay on my mortgage, 13% comes to mind!!!

murphydavid

Sorry to butt in but I just wondered. Did you take a shares hand out to vote your building society into becoming a bank just to cash it in and leave your interest generating machine in the hands of gamblers? Opps speculators I mean. If so: who was to blame?
BTW
These speculators are still using your money in the same way and we are perpetuating it because we still lend them up to £85,000 each knowing full well they will speculate with it but we are safe because when (if) they loose it you will get the £85,000 from the tax payers. The rub is - we are all tax payer's so we all are caught in this fools trap. Like the un-payable mortgages wrapped up in the indecipherable financial instruments that go up in value each time they change hands to most it is invisible for years then BANG.

2010

typistretired wrote: »

I am upset about the low interest rates too, but console myself by accepting that my children are not paying the interest rates that I had to pay on my mortgage, 13% comes to mind!!!

Yes, but you were probably paying 13% on a £90k house but your "children" are now paying 4% on the same house but the price is now £250k !!!!!!!!!!!!!!!!!!