Negative Savings Interest Rates ?

mickthechippy

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I read the following article, and am now wondering wether it is worth keeping any savings in instant access savings accounts

being as the interest rate offered by a couple of accounts I hold is already below 0.10%, it seems its cheaper to borrow nowadays than stash loot away,

Im not sure if I would keep any money in a bank if it returned a negative interest rate that would cost me money to keep it in the accounts and Im sure I wouldnt be the only one to think likewise

think they would be shooting themselves in the foot and your average joe saver would be looking to remove his capital and maybe invest it in other markets

seriously toying with increasing the amount of premium bonds, no interest but safe and the occasional win on them is better than the interest paid at the moment, and relatively easy to change back to coin if needed

strange times we are living through

 

Neil ofthe nene

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You could hire a storage locker to keep your stash in instead of paying a bank to do it.:p
 

Dave

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Do you want me to look after it for you?

:D
 

brian carragher

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If everyone took their money out of the banking scheme then banks would be deep in the doo doo

They would do well to remember that in the majority of cases the money they lend out is not theirs but deposit account money belonging to the public
 

Markywhizz

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The base rate is likely to go negative but the banks won’t apply negative rates. If they did everyone would draw their money out and they’d have nothing to lend.

Premium bonds are a good investment although they’ve reduced the amount or frequency they pay out thus lowering the effective yield. There’s always a possibility you’ll hit the jackpot although £25 every few months is better than what you’re currently getting. Mrs Whizz will get her retirement lump sum soon and we’ll be buying PBs with that. It’s also more secure than the banks as the government won’t go bust.
 

Stephen

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Marcus (part of Goldman Sach) have an online instant access account paying 1% not brilliant but better than negative.
 

mickthechippy

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Godber

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I've been looking to put money into savings accounts for my two boys but the premium bonds idea has got me thinking. Whats the maximum you can put into them and is the money easily accessible.
 

dave the fish

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They were going to reduce the effective yield from 1.4% to 1.3% from May but that has now been cancelled.
The chances of winning are 24500 to 1 so with average luck you should win a minimum £25 per month (300 a year) with an investment of £24500 which is better than most interest rates.
 

mickthechippy

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there yer go mick

 

Chervil

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I've been looking to put money into savings accounts for my two boys but the premium bonds idea has got me thinking. Whats the maximum you can put into them and is the money easily accessible.
£50,000 max per person, each bond is £25 and it takes about 4 days to get your money back. I think we have had a return of £125 this year.
 

genesis

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I read the following article, and am now wondering wether it is worth keeping any savings in instant access savings accounts

being as the interest rate offered by a couple of accounts I hold is already below 0.10%, it seems its cheaper to borrow nowadays than stash loot away,

Im not sure if I would keep any money in a bank if it returned a negative interest rate that would cost me money to keep it in the accounts and Im sure I wouldnt be the only one to think likewise

think they would be shooting themselves in the foot and your average joe saver would be looking to remove his capital and maybe invest it in other markets

seriously toying with increasing the amount of premium bonds, no interest but safe and the occasional win on them is better than the interest paid at the moment, and relatively easy to change back to coin if needed

strange times we are living through

Get it into gold Mick preferably 1oz Krugerands. Yes the price can fluctuate but it generally keeps going up. We are mining it at an alarming rate and when it's all gone it's gone. There won't be anymore made in our lifetime (y)
 

mickthechippy

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Get it into gold Mick preferably 1oz Krugerands. Yes the price can fluctuate but it generally keeps going up. We are mining it at an alarming rate and when it's all gone it's gone. There won't be anymore made in our lifetime (y)

we have a bit in gold and silver, not a massive amount, coin and wenches prettys

the gold is reasonably good, but the silver aint done so well
 

Chervil

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I read the following article, and am now wondering wether it is worth keeping any savings in instant access savings accounts

being as the interest rate offered by a couple of accounts I hold is already below 0.10%, it seems its cheaper to borrow nowadays than stash loot away,

Im not sure if I would keep any money in a bank if it returned a negative interest rate that would cost me money to keep it in the accounts and Im sure I wouldnt be the only one to think likewise

think they would be shooting themselves in the foot and your average joe saver would be looking to remove his capital and maybe invest it in other markets

seriously toying with increasing the amount of premium bonds, no interest but safe and the occasional win on them is better than the interest paid at the moment, and relatively easy to change back to coin if needed

strange times we are living through

Mick, My wife just informed me that as of 14th July, savings accounts rates are going down to 0.001%. I did say that doesn't seem right, but she says it is.
 
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