Savings accounts
Discussion
The way I see it, interest rates could well go down again further early next year, so if banks fall inline with Gordy and reduce their lending rate, they'll reduce their savings rate as well.
If a fair few banks do this, then there's little incentive to save and more encouragement to spend.
I dont want to do this, I'd rather have a lump sum ready for the end of my mortgage and I dont care what that one eyed
says. There's also the chance of a run on Sterling if Gobste Peston is to be believed.
So anyway - without wanting to give my money to another Icesave is there a benefit in starting up a € or $ savings account?
Not talking massive amounts, say under £10k
ETA - the reason I picked those currencies is if things get a lot worse I'd be off to one that has that currency
If a fair few banks do this, then there's little incentive to save and more encouragement to spend.
I dont want to do this, I'd rather have a lump sum ready for the end of my mortgage and I dont care what that one eyed
says. There's also the chance of a run on Sterling if Gobste Peston is to be believed.So anyway - without wanting to give my money to another Icesave is there a benefit in starting up a € or $ savings account?
Not talking massive amounts, say under £10k
ETA - the reason I picked those currencies is if things get a lot worse I'd be off to one that has that currency
Edited by andy-xr on Friday 5th December 08:32
Dollar interest rates are very low, I'm getting only 1% on my USD account. I'm waiting to see what happens re the GBP/USD exchange as I intend to convert to GBP when it bottoms out. Then what to do with the GBP?
It is difficult to know what to do with a lump sum at the moment. You can still get 4%/5% return in a bond or fixed term account. Not great but it beats inflation, just.
No point in paying a lump off a mortgage as the interest rates are so low, my rate is now 2.6% and will come down again next month probably.
Maybe I should by a new car!
It is difficult to know what to do with a lump sum at the moment. You can still get 4%/5% return in a bond or fixed term account. Not great but it beats inflation, just.
No point in paying a lump off a mortgage as the interest rates are so low, my rate is now 2.6% and will come down again next month probably.
Maybe I should by a new car!
allgonepetetong said:
Where can information on these bonds of which you speak be found?
Have a look herehttp://www.thisismoney.co.uk/bestsavingsrates
cjs said:
shakotan said:
I don't have a mortgage, so I'm worse off with Base Rate cuts.
My savings interest decrease, my Credit Card interest stays the same.
Thanks then!
Maybe you should pay off the Credit Card with your savings??My savings interest decrease, my Credit Card interest stays the same.
Thanks then!
Right, so lets look outside GBP for a bit
Anything there worth taking a punt with? I'm happy to lsoe a bit if I need to convert into Sterling at some point, and because I'm paid in Sterling I know I'd lose a bit putting away each month
So, something that gives amazing interest rates, in a main currency, and isnt Icelandic or Bank Of Jappur would be great
Anything there worth taking a punt with? I'm happy to lsoe a bit if I need to convert into Sterling at some point, and because I'm paid in Sterling I know I'd lose a bit putting away each month
So, something that gives amazing interest rates, in a main currency, and isnt Icelandic or Bank Of Jappur would be great
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff