Ripped-Off Britain

* THE ONE AND ONLY, TRUE AND ORIGINAL, 'RIPPED-OFF' WEBSITE ON THE INTERNET *

SEE THE NEW "INTRODUCE YOURSELF" THREAD: HERE - - and - - LOOK AT OUR NEW "CAR-BUYING GUIDE" SUB-FORUM: HERE

    Britain's meanest savings accounts.

    Share
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 11956
    Points : 17980
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Britain's meanest savings accounts.

    Post by papa_umau on Tue 19 Jul 2016, 11:51 am

    Savings meanies shamed.

    The Financial Conduct Authority yesterday named and shamed the worst savings rates on offer from 32 firms.

    This included an easy access account from The Post Office that pays no interest at all.

    Danske Bank weren't much better with an account paying 0.01 percent, and HSBC, who made 520 of profits a second in the first three months of this year pay as little as 0.05 percent; that works out at 50p for every 1,000 put away.

    New rules from the FCA this December will make providers remind their customers once a year of the rates they are getting.

    Get this report from The Telegraph HERE




    I guess we know that banks and savings institutions pay as little as they hope they can get away with, but this thing is now getting to be ridiculous.

    I know they will say that their rates are tied to the Bank Of England base rates, but that is no excuse for making so much money from small investors and paying out so little.

    It is now so bad that it may be worth considering putting our savings back into that proverbial tin box under the bed.

    Anybody ?


    _________________
    Best of regards

    Papa......


    avatar
    zathrus
    Field Marshal
    Field Marshal

    Number of posts : 2488
    Points : 5970
    Reputation : 97
    Registration date : 2008-08-21

    Re: Britain's meanest savings accounts.

    Post by zathrus on Thu 21 Jul 2016, 11:01 am

    The problem with the tin box under the bed is two-fold. It can easily get stolen and while your money is in that tin box it is making no interest at all.

    I do agree that the banks that blindly tag their rates to the BOE base rate is a bit of a con-trick.
    avatar
    Hell's Granny
    General
    General

    Number of posts : 1169
    Points : 4120
    Reputation : 110
    Registration date : 2009-10-14
    Age : 69
    Location : in transit

    Re: Britain's meanest savings accounts.

    Post by Hell's Granny on Fri 22 Jul 2016, 1:58 pm

    What savings?
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 11956
    Points : 17980
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Re: Britain's meanest savings accounts.

    Post by papa_umau on Fri 22 Jul 2016, 3:17 pm

    That would be funny if it was not so tragic.

    I think that any person trying to get a reasonable living on an old age pension is going to be struggling.

    The state pension in Britain is just about the lowest one in Europe.

    The Tory government should be ashamed of themselves because of this.


    _________________
    Best of regards

    Papa......


    avatar
    Hell's Granny
    General
    General

    Number of posts : 1169
    Points : 4120
    Reputation : 110
    Registration date : 2009-10-14
    Age : 69
    Location : in transit

    Re: Britain's meanest savings accounts.

    Post by Hell's Granny on Sat 23 Jul 2016, 9:38 am

    Not just the Tories in this case, neither party when in power have made efforts to improve the lot of the British pensioner, who comes in at about 17th in the current scale of European pensions, although it may have gotten worse since I last checked.
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 11956
    Points : 17980
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Re: Britain's meanest savings accounts.

    Post by papa_umau on Sat 23 Jul 2016, 11:36 am

    Yes, even as a Labour supporter out of Scotland, I agree that the Labour party governments of the past have done very little either to try to ameliorate this running sore.

    Maybe the new Prime Minister of the Tory government will do something, as she promised in her acceptance speech to ensure that a Tory government under her would work hard at bringing the poor and the rich closer instead of being ever further apart.

    Her first job, in this respect would be to tackle the obvious scandal of our low state pensions.


    _________________
    Best of regards

    Papa......


    avatar
    Angie baby
    Field Marshal
    Field Marshal

    Number of posts : 2377
    Points : 5923
    Reputation : 90
    Registration date : 2008-08-30
    Location : Northern England.

    Re: Britain's meanest savings accounts.

    Post by Angie baby on Sat 23 Jul 2016, 12:01 pm

    I also do not understand why the savings companies and banks are bound to the Bank of England base rate when they are making so much money.

    Surely they would show better competition by at least trying to be competitive with each other.

    Of course, if they all get their heads together they can share out the profits without having to compete.

    That doesn't seem right to me.
    avatar
    Nuthin fancy
    Major
    Major

    Number of posts : 470
    Points : 1396
    Reputation : 36
    Registration date : 2015-05-07
    Location : Fylde coast

    Re: Britain's meanest savings accounts.

    Post by Nuthin fancy on Sat 23 Jul 2016, 5:10 pm

    Hi all,

    Simpole answer....Greed. You can be sure the fat cats are millking it, as its always the 'man in the street' that suffers.

    Rates got low just after I retired, so I am that used to it now. Banks cannot be trusted, and if they can get away with it they willl. There is very little to choose from these days. I don't trust the government to do b*gger all...Pensions are on the other side of the coin, and look at the ruddy mess they have made of them !

    Technician
    avatar
    papa_umau
    Field Marshal
    Field Marshal

    Number of posts : 11956
    Points : 17980
    Reputation : -25
    Registration date : 2008-08-23
    Age : 73
    Location : Scotland

    Re: Britain's meanest savings accounts.

    Post by papa_umau on Sun 24 Jul 2016, 11:56 am

    Sadly Technician, you are dead right about all of that.

    As I always have an open mind, let's see what Theresa May's government do about these iniquities.


    _________________
    Best of regards

    Papa......



    Sponsored content

    Re: Britain's meanest savings accounts.

    Post by Sponsored content


      Current date/time is Tue 27 Jun 2017, 4:46 pm