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Tedc
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05-12-2020, 12:21 PM
1

Any UK Banks Paying Interest?

Looking around, I find very few banks who are paying interest rates as much as 0.5%

Some are charging, up to, 5%, service charge.

Anyone know of a Bank, or BS, who are doing better than that?

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05-12-2020, 12:40 PM
2

Re: Any UK Banks Paying Interest?

Nope!
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Baz46
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05-12-2020, 01:53 PM
3

Re: Any UK Banks Paying Interest?

There are a few but they are banks most people have probably never heard of. Providing savings up to £85,000 are protected by the Financial Services Compensation Scheme, it seems there's nothing to lose and perhaps it's the only way to get better interest rates:

https://www.moneysavingexpert.com/savings/safe-savings/


There's plenty of reading on the two links below but it does seem that the next reduction in the Bank of England's base rate may mean negative interest rates – we will be paying them to look after our money. More to the point we will be lending them our money so they can get a return, via loans such as mortgages, five or six times that which is paid to us, or rather taken from us if it does come to negative interest rates. The link below shows mortgage interest rates of up to 1.99%, many times the interest rate paid to savers, plus don't overlook the charge of £1,000 to set up a mortgage:

https://www.moneysavingexpert.com/mortgages/best-buys/


While I don't advocate keeping cash in a cardboard box or under the mattress, that would not be any worse than allowing the banks to use it to their benefit, as usual:

https://www.thisismoney.co.uk/money/...-heard-of.html

https://www.which.co.uk/money/saving...t-ad9zh3c1qkqg
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05-12-2020, 01:55 PM
4

Re: Any UK Banks Paying Interest?

Hi

We are in a mess with the cost of Coronavirus.

It means negative Interest Rates

It is no great shakes.
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Baz46
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05-12-2020, 02:06 PM
5

Re: Any UK Banks Paying Interest?

Originally Posted by swimfeeders ->
Hi

We are in a mess with the cost of Coronavirus.

It means negative Interest Rates

It is no great shakes.
Unless of course you rely on interest from life savings to supplement your pension and therefore your cost of living, paying bills etc., as I am sure many people do.
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05-12-2020, 02:09 PM
6

Re: Any UK Banks Paying Interest?

Originally Posted by Baz46 ->
Unless of course you rely on interest from life savings to supplement your pension and therefore your cost of living, paying bills etc., as I am sure many people do.


Well said, Baz!
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05-12-2020, 02:10 PM
7

Re: Any UK Banks Paying Interest?

Originally Posted by Baz46 ->
Unless of course you rely on interest from life savings to supplement your pension and therefore your cost of living, paying bills etc., as I am sure many people do.

I agree with you Baz.

Saying "it's no great shakes" is ridiculous, as interest matters to most of us.
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05-12-2020, 02:28 PM
8

Re: Any UK Banks Paying Interest?

It may be no great shakes to you Swimmy, but our retirement income has been decimated since retiring in 2008. In business we paid up to 12% on business loans but on our savings, after a lifetime of graft, we are now getting a measly 1% with the Coventry BS.

That recession certainly cost us dear, and continues to do so, and those that complain about borrowing rates at the moment really don't know they are born..
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05-12-2020, 02:30 PM
9

Re: Any UK Banks Paying Interest?

Hi

The alternative is very simple, a huge increase in Tax to pay for it.

We cannot borrow all this money without paying it back.

Our Pension Increase next year is being paid for by borrowing.

We do not have enough money to pay for it, we are not collecting the taxes.

What part of this do you not understand?

You would be worse off if interest rates where increased, it would bankrupt us.
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Mr Magoo
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05-12-2020, 04:31 PM
10

Re: Any UK Banks Paying Interest?

I used to wonder why the stock market index keeps on rising in spite of all the bad news. I now realise that people are forced into buying shares as that is the only way that they can get a return for their money. That is, in spite of the risk involved.
 
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