Savers are still abandoned

Yes good old HMG launched the Pensioner bonds paying a whopping 4% interest

ABOUT TIME TOO - but Ok if you're 65 plus!

but what about the rest of us? Remember we funded the Banks bales out to the tune of £6000 per person and interest rates plummeted to 1% or less.

If HMG want money to pay for stuff (and they do) "borrrowing" it from us in the form of savings/bonds is ideal they could at least help us out for helping them out (the Banks) saving their bacon but plunging us into recession. It been the worst 5 year in my life don't know about you?

I 've been looking and most savings account pay around 0.5 to 1.5% at best and then you have to lock it away for years.

I despair but what can we do. Nowt will happen.

Big Brother Watching?

This has not surprised me, actually surprised they don't make more use of it.

Tesco, e.g. you use your "Clubcard" so they have all your details, what you buy where, when etc. Don't htey see a pattern? Look at thousands of shopppers, even with out Clubcard they've got the PLU's on their system as they scan the stuff at the checkout. Yet we go to Tesco or on-line and they don't have what we want!

Appalling - no wonder they're losing the Supermarket race.

Thinks about it every time you shop/buy and use a card they know where you bought and what. The Banks could use this in conjunction with retailers to do some sort of marketing/deals.

Data Mining I call it. Again surprised there isn't more targeted stuff. Or better service.

Who will start doing this and win the race?

It IS A fiasco

Thank you Chancellor for raising the Limit on ISAs to £15k and amalgamating Cash and Stocks & Shares Isas into the allowance, Wonder why he's raised the allowance? Well currying favour with the Grey Vote - too little too late. Savings are the lowest for along time. Why save when your money is losing value all the time, interest rates are pathetic. Tax on very lkittle is very little so he's not losing much at all.

If you wonder why people don't take up ISA's then its because

1. Interest rates are pathetic Interest on £5k or interest on £15 ? well 3 x 0 = 0
2. Banks con you - attractive rate for first year then plummets to nothing - do they tell you - well in the small print but hope by next year you've forgaotten
3. Banks con you - various restirictions - can't move from one ISA to another, no transfers in, penalties for withrawals etc.
4. Ordinary Peopl e are poor - they need their money to live. 
5. If you've more than£15k put it somewhere else 

Bet sCameron and co don't bother!

I could mention similar things about pensions - another day. 

This country has been hurt by low interest rates. Saving is the life blood - spend only when you can afford it, borrowing is what got us in this mess. If Osborne upped the savings rates in say National Savings then he'd rake in money which he could use to start the economy moving. That's the way it used to be. If everybody's borroing then where does the money actuyally come from?

How dare they? Energy companies profit from your money

Have you ever wondered if you could get millions of people to lend you £100 for nowt. Then you'd put it in a building society account and collect the interest? Million in interest.

Well I suppose this is what the energy companies do.

You pay £x a month your bill but when you're in credit and there must be millions in their bank accounts surely they can sit on it an collect millions in interest?

DO we get any "credit" for it - no.

All they do is put their prices up by 10% plus! No one else would get away with it but what can you do, you've got to have electricity and gas? Well you could switch, try Quidco.

Building Societies feeling the pinch too?

I am so sorry for them, apparently the Building Societies are feeling the pinch too!

Don't you feel sorry for them? Mortgage rates at theri lowest ever and yet House sales are flat
 - I wonder why.

What did I say a few weeks ago? THis article in Money Mail, explains everything I was saying. 

I remember when Mortgage rate got to 15%! WE don't want that but stable (and low) bank rate is bad for Building Societies. They make their most "profits" on a steadily falling interest rate. They reduce the rate paid to savers immediately but fail to pass on the benefit of lower rates to borrowers for a month. Thus they gain from the borrowers with a bigger margin. If the housing market was steadily risingthen Buildinng Societies would feel safer lening closer to 100% LTV thus giving buyers a better chance to move up the market with smaller deposits required. Its not really the low interets rates that is the problem, great for borrowers so why is the Housing market flat? No confidence that prices will rise, and reluctance of the lenders to take a "risk" lending money.

Yes jolly old HMG can GIVE money (our money), to Private banks, (run for the profit of the Shareholders), who then go off and take massive bonuses and stop lending out to you and me, and promptly slash interest rates paid to us ggod folk who scrimp and save for our retirement (keeping this country afloat!).

So thanks Mr G.  Brown. I thought Labour were the party for the "Working man?" - silly me!

Government is hurting the Thrify who voted for them

Yes if you have any savings spend it before its worthless. Just like Germany in the 30s. We'll need suitcases of money to shop at the supermarket.

Seriously with low interest rates even low inflation - but that is higher than interest  - is eroding your nest egg.

I thought that the idea was that Banks/Building societies raised funds from Savers by offering them interest.

When they had the funds then they lent it out to Borrowers (mortgages etc.), they pay interest.

So providing you,  (Bank/Building Society),  receive more in interest than you pay out you are profitable.

Now we have another situation the Banks (Building Societies?) get “free” money from the Government to Lend out thus they don’t need savers money. But where does the Government get its money from? I guess us? SO actually this is a win win for the banks they’ve nothing to lose hence the Fat bonuses.

It’s about time the government was told by US that they must stop and go back to the old system. If interest rates were raised then Savers would save and the money would be there to lend out. Remember the interest paid is TAXED so the government gets a cut too.

pensions 4 everyone 2

I said it on 2nd Oct:-


Lets just hope G Osborne  and D Cameron  sort out the mess over charges and how you "take your pension" with you. 

At the  end of the day unless its a very good company scheme only the Bankers win - AGAIN

Didn't I say it and now the Daily Mail agrees with me.

The Government MUST regulate these pension schemes and stop the Bankers from getting rich quick on poor people. They are gambling with peoples only hope for the future. They take their whole lives to save any sort of pension, these bankers make that much bonus in 1 year! There must be certainty in pensions and a guarantee that you can take it with you without loss if you move jobs.

Now in a letter to the Daily Telegraph these organisations agree with ME, the National Association of Pension Funds (NAPF), the TUC, charity Age UK and the consumers' association Which?.

So you heard it first from Monty.

Everybody IN Pensions

So at last everybody is to be IN a Pension. You will have to Opt out if you don't want to be in.

Good idea. The pensions crisis has largely been forgotten in the Economic Crisis but its not gone away and in fact could be both the cause and the solution to both.

What is good - the theory is every one is in a Pension and contributing while they work is actually paying the pension of those retiring. Unfortunately recently its worked the other way - too many retiring and not enough paying in.

Largely the Government's fault. Remember Gordon Brown's raid on Pensions? If the money was in the Funds then they could invest it in business and thus create the jobs and growth we need. But no GB wanted to spend it - now its gone.

To put it right the Government need to address the issues that pension funds are ripping us off (after all they're the same financial folk who run the Banks). They are purely in it to make money, loads of money. The Government needs to ensure money in a pension is fairly invested - minimal and fair charges. If you change jobs you should be able to take your pension with you and not lose out.

Banks are the Terrorists

Now we have an interest rate rigging scandal.with the Banks.


How bad does it have to get? Since the crash and the Banks' bailout it seems clear that they are the terrorists holding the World to ramsome. They wreak mayhem and destruction and even Governments cower to them.


WHY?


Banks do nothing but look after money. They make nothing, invent nothing, help no one, what do they do except line their own pockets. How do they get away with it.


If their was a small cartel of companies controlling say the world supply of wheat - there would be Wars about it but Banks have the power to bring down Governments hence the Bank Bailout.


I can't see why when the Government (Us really) own the big 3 banks we are in such a mess. People have no money, prices rise and pensioners get poorer with measly interest rates on their savings whilst Banks get richer.


What a crazy world.