I'm In The Money .

[cuttsie]

Just been offered a magnificent savings deal by my bank , its especially for me and others who have been good customers for twenty years or more , the deal is 0.35% per annum on savings over a certain sum , can't wait to spend all my spondoooodies.

[Anna B]

The returns on money in the bank is appalling, especially when the economy is supposed to be doing alright. The knock-on effect is skewing a lot of other things as well.

[cuttsie]

3 minutes ago, Anna B said:

The returns on money in the bank is appalling, especially when the economy is supposed to be doing alright. The knock-on effect is skewing a lot of other things as well.

The Bankers are doing exceedingly well .

[Carbuncle]

55 minutes ago, Anna B said:

The returns on money in the bank is appalling, especially when the economy is supposed to be doing alright. The knock-on effect is skewing a lot of other things as well.

The economy is not doing alright. Last figures I saw (I cannot remember the source) suggested GDP was running at 4.4% below pre-covid levels. Additionally, a huge amount of economic output was lost during lockdowns. Lastly, covid mitigation has also consumed tens of billions in resource, for example on health care and testing, track and trace.

[Carbuncle]

 

In reference to interest rates: these are not set by the Bank of England so as to be fair to savers. The Bank of England is supposed to use it's power to set interest rates to keep inflation within an acceptable band around 2%.

[whiteowl]

1 hour ago, Anna B said:

The returns on money in the bank is appalling, especially when the economy is supposed to be doing alright. The knock-on effect is skewing a lot of other things as well.

Indeed - in another post you mentioned BTL landlords.  A lot of people are buying houses to let as the rents/increases in value of these properties far outstrip the returns on a savings account. This in turn affects the housing market and first time buyers especially.

[El Cid]

2 hours ago, Carbuncle said:

The economy is not doing alright. Last figures I saw (I cannot remember the source) suggested GDP was running at 4.4% below pre-covid levels. Additionally, a huge amount of economic output was lost during lockdowns. Lastly, covid mitigation has also consumed tens of billions in resource, for example on health care and testing, track and trace.

People watch the news and think we are doing great. This most recent downturn was more severe than the last worldwide banking crisis.

 

https://www.politico.eu/article/uk-gdp-still-below-pre-pandemic-level-as-recovery-sparks-boost/

 

The Bank of England have been pumping ££ into the economy in the form of QE, to keep bond and share prices up. This in recent means that the value of Sterling is really low. When Harold Wilson devalued Sterling he was soon kicked out of office.

 

[El Cid]

4 hours ago, cuttsie said:

Just been offered a magnificent savings deal by my bank , its especially for me and others who have been good customers for twenty years or more , the deal is 0.35% per annum on savings over a certain sum , can't wait to spend all my spondoooodies.

If you have a large amount, Premium Bonds pay an effective rate of 1%, I prefer unit trusts or shares myself.

Get the money in a SIPP (self invested personal pension) and get 25% tax relief on up to £20K if you are working.

If you are not working and under 75 you can still  contribute  £3,600 gross, or £2,880 net, to which the UK government adds £720.

 

[cuttsie]

52 minutes ago, El Cid said:

If you have a large amount, Premium Bonds pay an effective rate of 1%, I prefer unit trusts or shares myself.

Get the money in a SIPP (self invested personal pension) and get 25% tax relief on up to £20K if you are working.

If you are not working and under 75 you can still  contribute  £3,600 gross, or £2,880 net, to which the UK government adds £720.

 

Chance would a fine thing .

[hackey lad]

Spend it wisely Cuttisie and dont let your new found fortune go to your head .