Saving Rates

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Millyonare said:

It has already been possible to get a 5% savings rate, via Natiownide or YBS, since Q3 2022. My guess is that we will see a (limited) 6-7% deal some time between Q4 2022 and Q1 2023.

Dyor, etc.

The audience must have been asleep not to challenge those figures.  

wmb194

Thumbs_Up said:

Millyonare said:

It has already been possible to get a 5% savings rate, via Natiownide or YBS, since Q3 2022. My guess is that we will see a (limited) 6-7% deal some time between Q4 2022 and Q1 2023.

Dyor, etc.

The audience must have been asleep not to challenge those figures. 

They're correct but only for regular savers and the occasional current account but obviously only on smaller sums of money.

kassy64

steampowered said:

Bigwheels1111 said:

If 5 year fixed hits 5% I’m all in, it will provide me a nice income and no tax to pay as a low earner.

If your interest rate is 5% and inflation is 5%, you are not getting an income. You are just breaking even.

The effect is the same as starting with £100 and withdrawing 5% per year, in a low interest rate environment - such as what we had the last 10 years.

Better than doing nothing though !!!