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Negative Interest Rate - I have one!
KeepOnKnitting
Posts: 862 Forumite
On a savings account that I don't use very much, I was charged 1p interest on the 31st March. It actually happened!
Now they are threatening to close the account as the balance is below £1.
Now they are threatening to close the account as the balance is below £1.
Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 12
April take lunch to work goal - 3 of 12
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Comments
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Interesting
Whats the account ?
I still have multiple legacy savings accounts that I should now start to check.0 -
Mortgage started 2020, aiming to clear 31/12/2029.0
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To be honest I think it is just an error, as the interest rate is actually 0.05 or something. I don't want to be negative as actually they are great for my other savings. I actually just thought it was hilarious as I have seen questions so many times about whether interest rates will become negative.
I have reported it to the bank and they are investigating, so I will update when I know more.Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 121 -
Which bank?KeepOnKnitting said:To be honest I think it is just an error, as the interest rate is actually 0.05 or something. I don't want to be negative as actually they are great for my other savings. I actually just thought it was hilarious as I have seen questions so many times about whether interest rates will become negative.
I have reported it to the bank and they are investigating, so I will update when I know more.I consider myself to be a male feminist. Is that allowed?0 -
surreysaver said:
Which bank?KeepOnKnitting said:To be honest I think it is just an error, as the interest rate is actually 0.05 or something. I don't want to be negative as actually they are great for my other savings. I actually just thought it was hilarious as I have seen questions so many times about whether interest rates will become negative.
I have reported it to the bank and they are investigating, so I will update when I know more.
The bank of no interest
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Weird clickbait.1
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4
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Well it won't be the first time I have been amused by something that no-one else found funny. I just wanted to share. I'll be over here on my own entertaining myself. See you later.
Edit to clarify without updating: No, until they have had a chance to rectify the situation, I will not be naming the bank. I happen to believe that genuine mistakes happen and I see no reason to give them negative publicity unless they decide not to rectify the error. I do not know what purpose it would serve other than maliciousness at this point.Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 12-1 -
Still no info for which account? Waste of space.2
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Slightly negative is scarcely worse than slightly positive in my book. In real terms you're losing either way.0
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