Interest Rates For Savers

wmb194

RG2015 said:

It sounds a bit like the energy companies and may explain the suggestion that banks should also be subject to a windfall tax. 

Banks and BS' already pay an additional tax on their balance sheets - the "bank levy" - AND an additional 8% surcharge on corporation tax. Particularly as we're probably heading into a recession and their bad debts will likely increase, please, please, please don't heap even more on them. We really, really need them to stay solvent and lending.

https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/bank-levy/

https://www.gov.uk/government/publications/bank-corporation-tax-surcharge

RG2015

wmb194 said:

RG2015 said:

It sounds a bit like the energy companies and may explain the suggestion that banks should also be subject to a windfall tax. 

Banks and BS' already pay an additional tax on their balance sheets - the "bank levy" - AND an additional 8% surcharge on corporation tax. Particularly as we're probably heading into a recession and their bad debts will likely increase, please, please, please don't heap even more on them. We really, really need them to stay solvent and lending.

https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/bank-levy/

https://www.gov.uk/government/publications/bank-corporation-tax-surcharge

You misunderstand. I wasn’t advocating this, just commenting. And loading banks with extra burdens will eventually be to the detriment of the customer.

I have no problem with some banks offering poor interest rates as long as others offer decent rates. 

london21

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Bigwheels1111

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

cricidmuslibale

Bigwheels1111 said:

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

Fixing for any length of time is very risky right now if you don’t want to lose out significantly in the next year or two imo!

Bigwheels1111

cricidmuslibale said:

Bigwheels1111 said:

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

Fixing for any length of time is very risky right now if you don’t want to lose out significantly in the next year or two imo!

I know but some want to fix and it’s the best deal so far.
Im holding out for 5% for five year and annual payout.
To provide me an income.
Anything over 5% would be good, but how long do I wait and all the time loosing money on the bulk of my savings.
January or February is my cut off.

cricidmuslibale

Bigwheels1111 said:

cricidmuslibale said:

Bigwheels1111 said:

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

Fixing for any length of time is very risky right now if you don’t want to lose out significantly in the next year or two imo!

I know but some want to fix and it’s the best deal so far.
Im holding out for 5% for five year and annual payout.
To provide me an income.
Anything over 5% would be good, but how long do I wait and all the time loosing money on the bulk of my savings.
January or February is my cut off.

I’m in a similar position; I’m looking for a fixed rate cash ISA, for a minimum of 3 years and a maximum of 5, at close to if not the highest available interest rate when rates start to plateau. Clearly though I’m hoping to have opened and funded this ISA by April 5 2023 in order to use at least some of this tax year’s ISA allowance!

Albermarle

cricidmuslibale said:

Bigwheels1111 said:

cricidmuslibale said:

Bigwheels1111 said:

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

Fixing for any length of time is very risky right now if you don’t want to lose out significantly in the next year or two imo!

I know but some want to fix and it’s the best deal so far.
Im holding out for 5% for five year and annual payout.
To provide me an income.
Anything over 5% would be good, but how long do I wait and all the time loosing money on the bulk of my savings.
January or February is my cut off.

I’m in a similar position; I’m looking for a fixed rate cash ISA, for a minimum of 3 years and a maximum of 5, at close to if not the highest available interest rate when rates start to plateau. Clearly though I’m hoping to have opened and funded this ISA by April 5 2023 in order to use at least some of this tax year’s ISA allowance!

A lot can happen in 5 years, Personally I would be wary of fixing that long.

Also when offering longer fixed terms the provider is trying to guess the future rates. If they think that rates will come down, then it is quite possible at some point that a one or two year fix will have a better rate than a 5 year one.

cricidmuslibale

Albermarle said:

cricidmuslibale said:

Bigwheels1111 said:

cricidmuslibale said:

Bigwheels1111 said:

london21 said:

Finance and investment are not emotional.

You can move some of your money to a better paying savings account.

A lot of the bank banks offer crap rates and lend at crazy rates making huge profits. 

I am considering this myself, Savings accounts: 2.5% easy access or up to 4.16% fixed (moneysavingexpert.com) 

Investec is offering 4.25% for 2 years via Raisin.

Fixing for any length of time is very risky right now if you don’t want to lose out significantly in the next year or two imo!

I know but some want to fix and it’s the best deal so far.
Im holding out for 5% for five year and annual payout.
To provide me an income.
Anything over 5% would be good, but how long do I wait and all the time loosing money on the bulk of my savings.
January or February is my cut off.

I’m in a similar position; I’m looking for a fixed rate cash ISA, for a minimum of 3 years and a maximum of 5, at close to if not the highest available interest rate when rates start to plateau. Clearly though I’m hoping to have opened and funded this ISA by April 5 2023 in order to use at least some of this tax year’s ISA allowance!

A lot can happen in 5 years, Personally I would be wary of fixing that long.

Also when offering longer fixed terms the provider is trying to guess the future rates. If they think that rates will come down, then it is quite possible at some point that a one or two year fix will have a better rate than a 5 year one.

Thank you very much for this very good advice! I'm going to take that on board and thus look for either a minimum (cash ISA) fix of 2 years or a maximum of 3 years instead, at the best possible interest rate that I can find before the end of this tax year.

badmemory

If you think the Nationwide is bad you should look at Halifax!!!!!