Join for free
Page 2 of 3 < 1 2 3 >
Percy Vere's Avatar
Percy Vere
Senior Member
Percy Vere is offline
Wilds and woolly wastes of Staffordshire, UK
Joined: Dec 2019
Posts: 4,792
Percy Vere is male  Percy Vere has posted at least 25 times and has been a member for 3 months or more 
 
05-12-2020, 05:25 PM
11

Re: Any UK Banks Paying Interest?

If you want a decent return for your money you have to take on a higher risk profile unfortunately. At the moment I'm considering putting something into an ISA stocks and shares fund that focuses on paying dividends rather than capital growth. The one that's of particular interest to me is paying 4%/yr.
Bruce's Avatar
Bruce
Chatterbox
Bruce is offline
Wollongong, Australia
Joined: Apr 2012
Posts: 15,218
Bruce is male  Bruce has posted at least 25 times and has been a member for 3 months or more 
 
05-12-2020, 09:55 PM
12

Re: Any UK Banks Paying Interest?

When I first retired interest rates were about 7% so my superfund was increasing by more than the amount I was withdrawing as a pension, in theory it should have lasted me until I died. Now interest rates are less than 1% so it will now only last me until my late 80s or early 90s.

The only up side is that I currently also receive a part pension from the state so I actually live very well.

I had a term deposit which I kept reinvesting but after the last interest rate drop I have now put it in an ordinary savings account because the marginally better interest rate doesn't make the lack of access to the money worthwhile. Inflation is as near zero as makes no difference as is wages growth.

In the September review of pensions there was no increase for the first time since 1928 and the increase for March is looking only marginally better.

Australian banks have not paid interest on current accounts for years however to say interest rates are of no importance is absurd.

This has nothing to do with Covid this is the low inflation economic environment that has been around for a long time before 2020.
Donkeyman
Chatterbox
Donkeyman is offline
Melton,United Kingdom
Joined: Jan 2019
Posts: 9,088
Donkeyman is male  Donkeyman has posted at least 25 times and has been a member for 3 months or more 
 
05-12-2020, 11:52 PM
13

Re: Any UK Banks Paying Interest?

Originally Posted by Mr Magoo ->
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.
Exactly that Mr Magoo!
I have thought that for some time now ??
The ordinary person is now forced to either put his money into the
stock exchange or into the lottery?
The banks dont want our little bits of money anymore, they are
trying to do away with real money and get us all onto virtual
money, l wonder why??
The government are the driver of low interest rates as it allows
them to borrow more, and the people they borrow it from are
the privately owned banks, who, therefore own the government !?!?
Interestingly when l had some money to invest on the stock
exchange it was explained to me that if you had the capacity to
leave your money invested through the downs you would always
more than make it up on the ups as the market has ALWAYS
trended up over the long term despite all the crashes we are so
wary of !!
Donkeyman!
Donkeyman
Chatterbox
Donkeyman is offline
Melton,United Kingdom
Joined: Jan 2019
Posts: 9,088
Donkeyman is male  Donkeyman has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2020, 12:05 AM
14

Re: Any UK Banks Paying Interest?

Originally Posted by Percy Vere ->
If you want a decent return for your money you have to take on a higher risk profile unfortunately. At the moment I'm considering putting something into an ISA stocks and shares fund that focuses on paying dividends rather than capital growth. The one that's of particular interest to me is paying 4%/yr.
When l lived abroad Percy the bank rate was 8%, and that was
considered low !!
so when l sold the farm ,having some money to invest l took
a mixed portfolio on the stock exchange that promised up to
18%, but actually ONLY! achieved 17% over the two years that
I kept it in there!!!
Absolutuly no problems getting the money out either !
Its a bit different over here though ??

Donkeyman! 👍😁👍
Percy Vere's Avatar
Percy Vere
Senior Member
Percy Vere is offline
Wilds and woolly wastes of Staffordshire, UK
Joined: Dec 2019
Posts: 4,792
Percy Vere is male  Percy Vere has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2020, 05:31 PM
15

Re: Any UK Banks Paying Interest?

Originally Posted by Donkeyman ->
When l lived abroad Percy the bank rate was 8%, and that was
considered low !!
so when l sold the farm ,having some money to invest l took
a mixed portfolio on the stock exchange that promised up to
18%, but actually ONLY! achieved 17% over the two years that
I kept it in there!!!
Absolutuly no problems getting the money out either !
Its a bit different over here though ??

Donkeyman! 👍😁👍
I did the same thing when we lived in Italy. I invested a monthly sum in 2 bank-run off-shore unit trusts (I didn't know any better then, milud ) for about 4yrs. When we returned to Blighty, I had a very nice sum of money stashed that provided a very healthy deposit for the property we bought in Hertford near London.
Donkeyman
Chatterbox
Donkeyman is offline
Melton,United Kingdom
Joined: Jan 2019
Posts: 9,088
Donkeyman is male  Donkeyman has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2020, 06:12 PM
16

Re: Any UK Banks Paying Interest?

Originally Posted by Percy Vere ->
I did the same thing when we lived in Italy. I invested a monthly sum in 2 bank-run off-shore unit trusts (I didn't know any better then, milud ) for about 4yrs. When we returned to Blighty, I had a very nice sum of money stashed that provided a very healthy deposit for the property we bought in Hertford near London.
Good for you Percy, trouble is in my case the bastids took it back
when l returned to uk via the exchange rate fiddle !!

Donkeyman! 👎👎
swimfeeders
Chatterbox
swimfeeders is offline
Shropshire
Joined: Oct 2014
Posts: 24,056
swimfeeders is male  swimfeeders has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2020, 07:14 PM
17

Re: Any UK Banks Paying Interest?

Hi

The Government have borrowed so much money they need to keep interest rates at zero.

The next step is minus Interest, charging you to keep your money in the Bank.

Not an issue for me,I have no savings.

I give my money to my kids every month.

It is Income so not subject to Inheritance Tax.

My daughter is an arse, but a good accountant.
Bruce's Avatar
Bruce
Chatterbox
Bruce is offline
Wollongong, Australia
Joined: Apr 2012
Posts: 15,218
Bruce is male  Bruce has posted at least 25 times and has been a member for 3 months or more 
 
06-12-2020, 10:31 PM
18

Re: Any UK Banks Paying Interest?

Many years ago I invested in the short term money market between selling a couple of investment properties and buying another.

I split the money into five lots (there was a minimum amount) and the bank would ring me to tell me about opportunities, the interest rates were spectacular - always over 20%pa. The downside was that it was short term from a few days to about 14 days (usually less) if you didn't tell them what to do when the loan matured it received no interest.

It was exhausting keeping track of the loans, this was before the days of mobile phones.
Donkeyman
Chatterbox
Donkeyman is offline
Melton,United Kingdom
Joined: Jan 2019
Posts: 9,088
Donkeyman is male  Donkeyman has posted at least 25 times and has been a member for 3 months or more 
 
07-12-2020, 02:13 PM
19

Re: Any UK Banks Paying Interest?

Originally Posted by Bruce ->
Many years ago I invested in the short term money market between selling a couple of investment properties and buying another.

I split the money into five lots (there was a minimum amount) and the bank would ring me to tell me about opportunities, the interest rates were spectacular - always over 20%pa. The downside was that it was short term from a few days to about 14 days (usually less) if you didn't tell them what to do when the loan matured it received no interest.

It was exhausting keeping track of the loans, this was before the days of mobile phones.
Obviously you have a robot to do it for you now Brucy ??

Donkeyman! 👍😁👍
Percy Vere's Avatar
Percy Vere
Senior Member
Percy Vere is offline
Wilds and woolly wastes of Staffordshire, UK
Joined: Dec 2019
Posts: 4,792
Percy Vere is male  Percy Vere has posted at least 25 times and has been a member for 3 months or more 
 
07-12-2020, 05:05 PM
20

Re: Any UK Banks Paying Interest?

Originally Posted by Donkeyman ->
Good for you Percy, trouble is in my case the bastids took it back
when l returned to uk via the exchange rate fiddle !!

Donkeyman! 👎👎
I invested in GBs from the start. My fund manager didn't like the idea of me investing in Italian Lire (mind you neither did the Italian Government at the time ) so, I sent Lire back to my UK bank, it changed it to s and I paid everything from that account. Oh, and being off-shore, it was all tax-free too.
 
Page 2 of 3 < 1 2 3 >

Thread Tools


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.