Savings account - thank you Mr Barclays!

[Ozzie Osmond]

Savings account rate reducing to .... wait for it, wait for it ....

v
v
v
v
v
v
v
v
v

0.05% (Five one hundredths of one percent.)

So if you have savings of £1,000 you will receive interest of ........ 50p a year!

Gotta love banks.

[Ste1987]

Still free money at the end of the day (or year, rather). Could be worse; they could start charging you to save your money

[V8mate]

Ozzie Osmond said:

Savings account rate reducing to .... wait for it, wait for it ....

v
v
v
v
v
v
v
v
v

0.05% (Five one hundredths of one percent.)

So if you have savings of £1,000 you will receive interest of ........ 50p a year!

Gotta love banks.

30p after tax

[Zoon]

And there's me moaning about getting 1.5%

[Ozzie Osmond]

Thanks guys, I'm feeling much better now.

[Simpo Two]

I'm going to start mattressbank.com...

[C0ffin D0dger]

V8mate said:

30p after tax

Not so, no tax on personal savings interest after April this year, up to a limit of course and dependent on your tax bracket: https://www.gov.uk/government/publications/persona...

[5pen]

C0ffin D0dger said:

V8mate said:

30p after tax

Not so, no tax on personal savings interest after April this year, up to a limit of course and dependent on your tax bracket: https://www.gov.uk/government/publications/persona...

Well that's a relief. In more ways than one.

[Foliage]

I get 5% what are you guys moaning about?

[soad]

My interest rates will be halved from the 1st of December. At present, they're low enough.

I'm off to spend!

[DonkeyApple]

Ozzie Osmond said:

Savings account rate reducing to .... wait for it, wait for it ....

v
v
v
v
v
v
v
v
v

0.05% (Five one hundredths of one percent.)

So if you have savings of £1,000 you will receive interest of ........ 50p a year!

Gotta love banks.

Ozzie. Borrow a couple of hundred K, buy an old 911, sell it in 6 months. Pocket the tax free profit.

Saving's for hoes.
Porsche's for pros.

Nothing can go wrong. Everyone's doing it. It's free money.

[Ozzie Osmond]

C0ffin D0dger said:

V8mate said:

30p after tax

Not so, no tax on personal savings interest after April this year, up to a limit of course and dependent on your tax bracket

Hmmm, that's a very good point. I can have personal savings with Barclays of up to £10,000,000 completely tax free. Get in!!

[Ozzie Osmond]

DonkeyApple said:

Ozzie. Borrow a couple of hundred K, buy an old 911, sell it in 6 months. Pocket the tax free profit.

Saving's for hoes.
Porsche's for pros.

Nothing can go wrong. Everyone's doing it. It's free money.

Darn, you can find some great advice on this forum! Knocks into a cocked hat my previous "double or quits" idea of lending P2P to people with poor credit ratings who want to get into BTL.

Fanks mate, innit.

[The_Doc]

Ste1987 said:

Still free money at the end of the day (or year, rather). Could be worse; they could start charging you to save your money

11Euros a month for my current account in France, pays 1.0% interest.

Santander123 account is leading us into Europe, currently £5/month up from £2/month

what Brexit?

[Targarama]

I got the same notification from Barclays. Think I'll buy a supercar instead of lending money to Barclays (seriously, I'm thinking of chopping the TVR for a McLaren).

[Ozzie Osmond]

Targarama said:

seriously, I'm thinking of chopping the TVR for a McLaren.

In my opinion that's the "£100k+ car of choice" right now. 570/540 should give the other players a good thrashing out of the showrooms. No way would I spend that money on a Porsche despite the fact one of their more basic cars is sitting in my garage and works very nicely.

[Targarama]

Ozzie Osmond said:

Targarama said:

seriously, I'm thinking of chopping the TVR for a McLaren.

In my opinion that's the "£100k+ car of choice" right now. 570/540 should give the other players a good thrashing out of the showrooms. No way would I spend that money on a Porsche despite the fact one of their more basic cars is sitting in my garage and works very nicely.

Yep 570 is my thought, S or GT. But I also just got distracted by a 599 in TDF blue, prob a good investment. Think I'll wait a few months then go looking in anger. Need to make sure I fit and pick what I like.

[Simpo Two]

Just realised that maybe one reason why the markets are doing well is because interest rates are so low - making shares more attractive that perhaps they really deserve to be. Something has to go horribly wrong sometime, but I can't predict what or when. Which makes me as accurate as every financial pundit!

[anonymous-user]

DonkeyApple said:

Ozzie. Borrow a couple of hundred K, buy an old 911, sell it in 6 months. Pocket the tax free profit.

Saving's for hoes.
Porsche's for pros.

Nothing can go wrong. Everyone's doing it. It's free money.

Exactly, the government HATE people that hoard money, they want you out there spending it. Best interest rate I can find right now is 1.36% with charter Savings Bank on a 95 day access account. Santander was great, paying 3% on balances up to £20K, but this is going down to 1.5% (1.2% when you take out the £5 a month account charge) on November 1st.

Much better off buying some shonky old 90s Ferrari that you couldn't give away for £30K 5 years ago for £150K and then sell it on for £200K in six months.

Just make sure you are not the one still holding the car when this Ponzi game of musical chairs comes to an end......

Surprised the government haven't just allowed inflation to run away to inflate all the debt away and REALLY p*** savers off.

Seriously it is getting to the point where there is no point having any kind of cash savings anymore.

[V8mate]

Ozzie Osmond said:

C0ffin D0dger said:

V8mate said:

30p after tax

Not so, no tax on personal savings interest after April this year, up to a limit of course and dependent on your tax bracket

Hmmm, that's a very good point. I can have personal savings with Barclays of up to £10,000,000 completely tax free. Get in!!

I think that the fiscal policy change has actually been something of a windfall for banks. Not sure if it was intended as such - depends on your level of cynicism, I guess.

If you're a bank, and pay a saver £1 of interest, in the knowledge that they will then pay 20% or 40% of that over to the government, thereby leaving them with 80p or 60p as a net position... and then savings aren't taxed anymore... why wouldn't you reduce your interest rate to, say, 70% of your previous rate, as the savers will be equally well off as before, you'll have cut your out-goings, and the only party worse off is the Exchequer.

Rates on low level accounts are dropping everywhere. The (unused) savings account which comes automatically alongside my current account dropped its rate from 1.03 to 0.71 today.