Got a letter from the bank today

[BTB 500]

From December the interest rate on my savings account is changing to (drum roll) ... 0.05% PA. Gross.

Really? Why not just say "we've decided not to give interest any more"?!

 

[whitenemesis]

When it finally dips below 0%, you will be paying them for the privilege of them looking after your hard earned...

 

[Deleted member 6183]

When it finally dips below 0%, you will be paying them for the privilege of them looking after your hard earned...

Which when you think about it isn't that preposterous.

You have to pay to put other stuff into storage.

 

[whitenemesis]

Except of course the bank is still making money from your money.

 

[Deleted member 6183]

Except of course the bank is still making money from your money.

True but how much and for how much longer?

I was looking at the business model employed currently by a building society recently, they have done away with regulated investment advice, 90% of their lending is done by the broker market and they are relying on the margin between paying savers and lending to borrowers almost exclusively.

That margin is tighter than it ever has been while overheads are higher than ever before you factor in any potential PRA/FCA fines for historic conduct risk.

Large capital reserves will keep the ship afloat but this is timebound.

 

[moonloops]

From December the interest rate on my savings account is changing to (drum roll) ... 0.05% PA. Gross.

Really? Why not just say "we've decided not to give interest any more"?!

You're probably better off "investing" in premium bonds at that rate.

 

[nick mercedes]

Time to buy a safe.

 

[MCFastybloke]

RCI are paying 1%

 

[moonloops]

Time to buy a safe.

Or a biscuit tin

Millions have less than £100 in savings, study finds - BBC News

 

[nick mercedes]

Or a biscuit tin

Millions have less than £100 in savings, study finds - BBC News

Its like someone drew a line across the UK, south has savings, everyone else skint.

How did the UKs wealth become so skewed?

 

[whitenemesis]

"Roughly a quarter of adults with household incomes below £13,500 have more than £1,000 in savings.
And 40% of people in that income bracket manage to save something every month."

Priorities??

 

[A250 Bennyboy]

Was reading the other day on the best way to make money from your hard earned dosh, and it advised to invest in antiques.

 

[Wheelsnuts]

Was reading the other day on the best way to make money from your hard earned dosh, and it advised to invest in antiques.

As a valuer, I would not look at antiques as a reliable financial investment. The market is volatile, subject to fashion and, more than some alternative investments, unpredictable over the medium to long term. My advice is always to buy the best quality you can afford and do your research but, above all, buy something you really like and will enjoy owning. Do not buy purely for investment: you may be lucky but be prepared to be disappointed. If I had any spare cash I would prefer a classic car to a collection of Clarice Cliff or Victorian watercolours, both of which have taken a dive. At least I would be investing in my enjoyment and might even turn a profit.

 

[artyman]

I would enjoy the Victorian watercolours.

 

[Wheelsnuts]

I would enjoy the Victorian watercolours.

So if you enjoy them, as I do as well, it's a great time to buy. Personal appreciation is not the same as financial gain. Our walls are covered with works by Victorian and later Northern artists. The current minimalist trend has meant that they cost me more money than they would realise now. However, my point is that their enjoyment more than compensates for their financial depreciation and will continue to do so. The other compensation is I can now afford to buy a Birket Foster without feeling guilty.

 

[moonloops]

I'm currently collecting late victorian prints and watercolours, but just for fun - not for investment. North east coastal scenes and I quite like scotch highland stuff with the coos in