SO: Because you didn’t shuffle your savings between new and different accounts all of which are offering the same appalling low rates it’s your fault you’re getting nothing. Got it.
It should be as simple as: Bank of england puts up interest rates 0.5% you pay that much more on mortgage and earn that much more on savings. But that doesn’t happen, oh you end up paying the extra interest make no mistake, but you don’t get the savings.
Here is a quote from the bank of england website:
“…banks will usually raise the interest rates for both savers and borrowers. But, to cover their costs, banks normally pay less to savers than they charge to borrowers.”
“cover their costs” lmao, they actually mean “cover their executive bonuses”
So… because you’re not actively monitoring your savings account and switching every 5 minutes, the low interest rate you’re getting is all YOUR fault, not the bank offering it…
That’s just victim blaming, “well they could switch, so if they don’t, why should we pay out more interest that the money is gathering for us?” Grrrr
The article just prompted me to check my banking app. I had to spend about 10 mins closing my current saving accounts and opening some brand new replacements with marginally higher interest rates. Still far below inflation but I suppose every little helps.
Atom and Tandem banks have better rates 2.9% for an instant saver.
Providing your savings are under £85,000 there’s absolutely no reason to not invest some, if not upto 80% of your savings in an ISA or bond
Bank is right
I set aside 15 mins every month to shop around… do it during lunch break at work. Currently making £35 a month in interest with Chase. Very happy with myself.
8 comments
SO: Because you didn’t shuffle your savings between new and different accounts all of which are offering the same appalling low rates it’s your fault you’re getting nothing. Got it.
It should be as simple as: Bank of england puts up interest rates 0.5% you pay that much more on mortgage and earn that much more on savings. But that doesn’t happen, oh you end up paying the extra interest make no mistake, but you don’t get the savings.
Here is a quote from the bank of england website:
“…banks will usually raise the interest rates for both savers and borrowers. But, to cover their costs, banks normally pay less to savers than they charge to borrowers.”
“cover their costs” lmao, they actually mean “cover their executive bonuses”
So… because you’re not actively monitoring your savings account and switching every 5 minutes, the low interest rate you’re getting is all YOUR fault, not the bank offering it…
That’s just victim blaming, “well they could switch, so if they don’t, why should we pay out more interest that the money is gathering for us?” Grrrr
The article just prompted me to check my banking app. I had to spend about 10 mins closing my current saving accounts and opening some brand new replacements with marginally higher interest rates. Still far below inflation but I suppose every little helps.
FYI: The market leading rates are currently [~3% for easy access savings](https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/) and [~7% for regular saver accounts.](https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/)
Atom and Tandem banks have better rates 2.9% for an instant saver.
Providing your savings are under £85,000 there’s absolutely no reason to not invest some, if not upto 80% of your savings in an ISA or bond
Bank is right
I set aside 15 mins every month to shop around… do it during lunch break at work. Currently making £35 a month in interest with Chase. Very happy with myself.