Negative Savings Interest Rates ?

mickthechippy

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

i got letters of both HSBC and First direct a couple of weeks ago stating theres a reduction in interest on all thier savings accounts
 

Dave

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Chervil

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Lloyds Vantage current account 3%. Linked regular saver, 2.5% maximum £400 a month.
 

genesis

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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
Silver was at it best a long time ago. Not a big earner now though. Gold on the other hand is safe. It is the currency of all countries and they all stock pile it. No matter what happens with interest rates, financial crisis or recession it won't let you down. It did peak in the 2010 recession at 1880 USD per oz as countries bought more of it then it gradually dipped, but now back up to 1760 USD and steadily climbing. With a World wide recession happening now it can only keep going up. BUY BUY BUY.
 

JohnLondon

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The reality is, the BOE rate bears no resemblance to what banks lend money at & actually does not help out many people at all. The vast majority of mortgage holders are on a fixed rate mortgage so any change in the BOE rate doesn’t impact them at all. The only mortgage holders who would benefit are the very few that are on base rate tracker mortgages that were taken out before the financial crash in 2008. You’ll find that all mortgages available now & probably over the last 7 or 8yrs or so have a minimum rate stipulated meaning that the rate charged cannot go below a certain level. This was put in place as prior to the financial crash, there were tracker mortgages available that offered rates below the BOE rate for a fixed number of years so some people were being charged nothing for there mortgage. What it actually does is penalise people who rely on interest from their savings.
 

pies

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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)
Nope if investing in gold buy sovereigns or other uk gold coins. They dont incur any vat or capital gains tax on sale
 

genesis

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Nope if investing in gold buy sovereigns or other uk gold coins. They dont incur any vat or capital gains tax on sale
WRONG If you check correctly there is no VAT on any coins bought in the UK and EU. I buy all my Krugerrands from a dealer in London and there is NO vat

"Currently, investment gold is exempt from VAT , this includes all gold bullion bars and coin purchases in the UK and EU"

 

pies

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WRONG If you check correctly there is no VAT on any coins bought in the UK and EU. I buy all my Krugerrands from a dealer in London and there is NO vat

"Currently, investment gold is exempt from VAT , this includes all gold bullion bars and coin purchases in the UK and EU"

You missed of the capital gains tax. Uk coins are exempt others not

 

davylad

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I got 2% in a couple of savings accounts I opened at Lloyds earlier this year, maximum though is £400 per month. It's not a lot but certainly better than nothing.
 

Chervil

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We buy some every month, every now and them my wife will cash them in and them re buy so all the numbers are consecutive. It means we can't be in the draw, for I think a month, but, evidently, increases your chances of winning. I just do as I'm told.
 

62tucker

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I win ££25 to £125 nearly every month on premium bonds. If I get time I look see how much I have won in a year.
My son is luckier than me. If I win £50 he will win £75.
 

62tucker

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We buy some every month, every now and them my wife will cash them in and them re buy so all the numbers are consecutive. It means we can't be in the draw, for I think a month, but, evidently, increases your chances of winning. I just do as I'm told.
Exactly what I do every couple of years. Cash half in then buy new. 1 month. Then do same next month.
So I have 2 blocks instead of bits and bobs all over. Definitely winning more since doing that. Just waiting for the big win.
 

SpenBeck

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I bought a £10 premium bond with all my savings from the Post Office in 1970.

Can you believe it, I never won a sausage with it!
 

acart8426

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Just buy premium bonds , best investment . I work in all banks and hear staff promoting isa's with a rate of 0.3 % lol . I can make 4 times as much in a month than people acrue in 5 years with an isa , its a no brainer . However you need to have 20k plus , well worth it in the end though .
 

dave the fish

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I bought a £10 premium bond with all my savings from the Post Office in 1970.

Can you believe it, I never won a sausage with it!

With average luck you should win a prize every 204 years.:unsure:. only another 154 years to wait.;)
 
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