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Post by Spruance on Feb 2, 2009 13:19:51 GMT
With the Bank of England base rate at an all time low, and probably likely to fall further it is understandable that savings rates will be less too. That's not to say that you have to accept rock bottom savings rates though. A promotional leaflet from ING this morning has prompted me to check the interest rate on my Lloyds TSB Online Saver account. This account is no longer marketed by Lloyds TSB but when I last checked a few months ago it was still paying a comparitive rate of interest to Lloyds TSB's other savings products. This morning I was quite shocked to find that the current rate is a paltry 0.08 per cent. That's 80 pence interest on £1000 over one year.  Just checking through the bank's other accounts I see that they have a brand spanking new eSavings account on which the current opening rate is 1.28 per cent. This would pay £12.80 on £1000 over one year, which is quite a difference (and 16 times as much as on my existing account). Significantly this includes a fixed 1.5 per cent bonus for the first 12 months so even if rates are cut again this bonus will presumably stay in place. Needless to say that Lloyds TSB didn't bother to enlighten me about the interest rate difference and so I will be switching my accounts around shortly. I am usually quite good on financial matters but I have certainly been caught out by Lloyds TSB so I would urge everyone with savings to check the rates for their accounts to make sure that you're not getting ripped off. You might also want to check out MoneySavingsExpert.com for the latest deals..... www.moneysavingexpert.com/ |
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Post by MamIDdau on Feb 2, 2009 14:55:47 GMT
Seeing as I only have £10 savings (actually, with interest it's probably more like £11) I'm not too worried about savings rates!
I wish I had enough money to worry about :-(
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Post by Ruthie on Feb 2, 2009 19:37:59 GMT
There aren't many good savings deals left now. I noticed my Barclays day to day saver paid me 0.24p this month compared with over £6 last Nov! But I keep that account to feed money into the current a/c to save me from going overdrawn. The way things are at present I'd rather have my money in a bank even if it doesn't make much. One of the investments I made in Oct 07 with my pension lump sum has reduced in value by a staggering 40% since then  Bye Bye pension lump sum. Hindsight is a wonderful thing! |
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Post by andy on Feb 2, 2009 20:03:51 GMT
As per Aprils post  |
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Post by Spruance on Feb 3, 2009 13:10:54 GMT
Yes I agree that there is not much to pick between the various rates at he moment but what is most annoying is that the bank didn't tell me that I was on a paltry rate.  |
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Post by Tig on Feb 3, 2009 14:29:15 GMT
Our building society didn't tell us they have more than halved the savings rate either Spru  |
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Post by Chuckles on Apr 6, 2009 16:03:39 GMT
I feel for the folk who rely on the interest from their savings to top up pensions etc, it effects an awful lot of people in different ways I guess It doesn't really inpsire anyone to save atm. With the new tax year here I just checked my ISA with Halifax 0.10% |
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Post by Tig on Apr 6, 2009 18:33:38 GMT
Cripes that's low!!
Your post had me checking what rate I'm getting with a local building society - it is 2%, not brilliant, but better than that - you need to move it Chuckles!
x Tig
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Post by nightowl on Apr 7, 2009 10:48:28 GMT
My bank cheerfully informs me every time the rate drops again  Very depressing |
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Just checking through the bank's other accounts I see that they have a brand spanking new eSavings account on which the current opening rate is 1.28 per cent. This would pay £12.80 on £1000 over one year, which is quite a difference (and 16 times as much as on my existing account). Significantly this includes a fixed 1.5 per cent bonus for the first 12 months so even if rates are cut again this bonus will presumably stay in place.
Very depressing