Just had an email from Natwest telling me they're dropping the rate on my ISA from 0.5% to 0.01%!!
I'd be better off putting it under my pillow and hoping some more cash just shows up from somewhere
Put it in to Ovo, they pay 3%
Their electricity and gas prices are pretty good too
Same here. I've removed the money and invested it in a camper van. 😀
It's actually costing you money to keep the money in there with inflation.
(even at 0.5%!).
Tempted to put all our rainy day money in Premium Bonds.
What a joke, typical banks etc victimising savers whilst house owners sit pretty on 10+% gains to their wealth every year. Think I will take my small amount out and invest in a car/van as well, bound to work...
yeah got a bit stashed with NW, time to move it or spend it I guess
linky? lazy googling can only find energy sidePut it in to Ovo, they pay 3%
Tempted to put all our rainy day money in Premium Bonds.
I'm either incredibly unlucky, or something's lowering the odds of winning on them.
4 years ago, £3k got me about £125 over 12 months. This year, £13k (albeit depleting as time goes by for renovations) has netted me sod all!
And they're putting up my business banking charge too... 🙁
How much is in it? Bizarrely current accounts beat instant savings accounts for amounts up to about £5000.
When I worked in bank of scotland branches (ooh, 15 years ago now) they were trying to phase out passbook style accounts, and to achieve that they dropped the interest rate to 0.02%. And that was when an instant account could easily be pulling 3, 4%. But it was all old folks and banking incompetents that still had them so they just carried on, losing money. Absolutely terrible 🙁
I'm either incredibly unlucky, or something's lowering the odds of winning on them.4 years ago, £3k got me about £125 over 12 months. This year, £13k (albeit depleting as time goes by for renovations) has netted me sod all!
That's 4% - quite above their supposed average return of 1.3%. Seems like you're due a couple of lean years!
Increasingly think some of my money would be better served being turned into a series 1 Lotus Elise.
Apparently spending money on the house is what I should have said.
Which is fine, but I'm 40 soon and my midlife crisis can't consist of selecting kitchen flooring in Porcelanosa..!
We are in an era of ultra low interest rates, current accounts are very hard to run profitably for banks now - so many costs. They have to hold capital against them too, that's expensive. Sooner or later we should expect to be paying a fee for current accounts or even instant access savings. I'm old enough to remember the days when current accounts never paid interest and rates where much higher then.
Consider putting it in a stocks and shares ISA. There's a little more risk, but if you go with a reputable firm and are prepared to leave it there a while it's unlikely to leave you with a loss.
Cash ISAs or other alternatives are rubbish.
I get more than that in my TSB current account!
sadwest sent me a letter the other week to say that theyre going to start charging me intrest on my money, in my buissness account as intrest rates are so low, eg stealth charging
We are in the era of stealing from savers to pay-off the foolhardy.
This will continue for some time.
Had the same email even though I transferred mine to the Yorkshire Bank two years ago - that's only marginally better at 1% 🙄
linky? lazy googling can only find energy side
Yep it's their energy. We are about £1k in credit, getting 3% interest
the govt gave gave money to banks so cheaply that now they don't have to borrow from savers .its truly disgusting what has happened . i heard an economist on r2 say the main reason now that interest rates are so horrendous is that the govt want savers to spend their money to boost the economy.Goverments/bankers/estate agents etc all W*****S IMO . makes me sick when i see the phrases affordable housing on signs outside building sites ...oh yes .."affordable" ..starting at £250K for a shoebox. Also hearing the press and agents saying " hope for the housing market " meaning prices going up. Not much hope for your average Joe unless they're very lucky. Greed is everywhere.
rant over
Suggest you all watch the film The Big Short if you haven't seen it already.
Provides insight into exactly how much people care about the average joe and his house/savings/pension....
just looked at a summary of the film ...may avoid until i've had my blood pressure checked!