Savings Interest

  BT 08:54 29 Nov 08
Locked

I've just got this months interest on my savings and ISA accounts. The total is down 23.1% on what I got last month.

As this is my only income apart from my company pension (I'm not old enought yet for the State Pension) it makes quite a hole in my pocket.

Fortunately I don't have a mortgage but everything else still has to be paid for.

  Pamy 09:34 29 Nov 08

yes, thousands in the same boat

  newman35 09:36 29 Nov 08

Not really surprising given the swingeing cuts in base rates in the last couple of months - and, sadly, the prospect of even lower levels by the New Year. Not a good time for savers.
The Government wants us to spend, spend, not save, save, to rescue the economy. Funny old world.

  GANDALF <|:-)> 09:57 29 Nov 08

You and I are paying for feckless people who overspent on their credit and secured mortgages that they could not afford. We are also paying for financial institutions that did not have an understanding of the money market or of the basic economic values. Now our half-witted and increasingly desperate Government are actively encouraging people to rack up more credit debt...am I missing something obvious here? You have to remember that Brown and his attendant half-wit Darling were hailed as economic ubermeisters for lending the banks £billions, when in reality he only had 2 choices.....lend or don't lend. Even an imbecile would have been hard pressed to choose incorrectly.

G

  newman35 10:18 29 Nov 08

The message has been "We are doing something - the other lot just want the recession to run it's course"
But, as fourm member says, by first frightning us by 'doom and gloom', then saying 'the only way out is to spend' - he relies on us having enough sense to read between the lines and NOT spend.
This means the recession will 'run it's course', but the Government will be able to say "Well we did try, but you bad people didn't spend"!!

  GANDALF <|:-)> 10:25 29 Nov 08

How remiss of me not to have understood Darling's cunning plan in which, whatever happens, he can claim a victory. ;-)

G

  johndrew 10:28 29 Nov 08

`Darling understands two things perfectly;`

There is actually a third:

`Do exactly as Gordon dictates or lose your job.` ;-)

  Cymro. 11:57 29 Nov 08

you are not so badly off with your interest from the ISA account and a company pension plus no mortgage to pay. There are plenty of people that would consider you to be very well off.

No doubt you feel badly done by because you have worked and saved hard all your life for an early and prosperous retirement. There are plenty who were unable to do so through no fault of their own.

  newman35 14:49 29 Nov 08

To be fair to Cymro, it wasn't BT's income that had dropped by over 20% - just the income from the ISAs. Now in comparison to his company pension this might well be insignificant (without the actual amounts concerned we are non the wiser).
But it shouldn't have been a surprise that interest income dropped, anyway.

  AL47 15:41 29 Nov 08

typical, just aas im in the postion to start saving money this recession happens! doh!

alot of people in the company i work for arent happy as they are cutting bonuses, ive never had a job where u get bonuses so i hadnt taken it for granted, to me it would be a 'bonus'

ive now decided, [partly from an earlier post] to put some money in an isa, seeing as its just sitting here atm

  QuizMan 15:52 29 Nov 08

it might be time to think about switching ISA supplier. At least one of the main High St banks is offering very reasonable rates still guaranteed for 12 months on ISA transfers. I'm now getting a third more than if I left them where they were in a base rate tracker.

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