Stingy Savings and ISA rates - Campaign!

What realistic choice as savers, except for keep switching where we store our money, do we have to force the banks and building societies to give us
more interest on our money?
I mean, look: The current Bank of England interest rate: 5% Highest possible guaranteed savings account (ISA) interest: 5.46%
Whoopedoo! a whopping 0.46% gain in real terms on our money.
That is exceptionally stingy given the amount of money the citizens of this country give to the banks / building societies and I damn well think its time that they started to be more generous given their incredible record-breaking profit margins. Spread the wealth so we can all be a little bit more comfortable.
I, for one will make sure that 2007 will mark the start of my campaign to ditch all but the least stingiest banks / building societies to ensure the stingiest will no longer get my money.
Perhaps we should organise on this newsgroup a weekly round-up of the best paying ISA/Savings accounts so we can all acknowledge the least stingy of all of the financial institutions and we can steer clear of the miserliest.
Today's current best for non-postal, min. balance 1, instant access cash ISA: Halifax 5.25%.
Today's best non-postal, min. balance 1, instant access savings accounts with no tie-in bonus crap: Sainsbury's: 5.25%
Bear in mind that both of these are incredibly stingy as in real terms, the Halifax ISA only gives you a 0.25% real term increase in the value of your cash whilst even more preposterously, the best savings account actually loses you money in real terms (unless you are not a tax payer)!
Let's make 2007 a more profitable one for all of us - with the ease of online applications - there's now no longer the feeling of it all being a load of hassle - ditch your stingy bank / building society today and together we'll force them to share their wealth little by little.
To compare the best accounts at any one time these are my favourites and I'm sure there's others: http://www.moneyextra.com/ http://www.moneysupermarket.com/savings/ http://www.moneysupermarket.com/isa/
...and remember - the best hope you have of getting more interest is by paying more money in!
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Does anyone?! It certainly doesn't correlate to reality!
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snipped-for-privacy@invalid.invalid wrote:

Then start living a lifestyle where costs increase by less than inflation and get richer.
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You have to be rich before you can do that! I do my best by buying every electronic gadget I can, but the gas and electricity bills and Council Tax thwart by best attempts.
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Exactly - some of us try to live below inflation to try and get richer (or just maintain the norm) - but the government soon puts paid to that by increases in things that probably don't get taken into consideration in inflation rate calculations.
There's a whole heap of things I should imagine aren't included that almost everyone pays for that are above the official inflation rate.
This government wriggles and dances its way around the figures to make you lose interest or lose patience to the point where the official inflation figure means nothing anymore.
We all know that in spite of our best efforts and intelligent shopping around for the best rates / deals for our investments / purchases, we are living in a period where real inflation is considerably higher than the "official" inflation figure. They know that. We know that. Its a farce.
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snipped-for-privacy@invalid.invalid writes

The irony is that I was keeping a tally of all the "unavoidable" bills in the Thatcher years, and exactly the same thing was going on.
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snipped-for-privacy@invalid.invalid wrote:

No. "Real terms" means the gain relative to inflation, not relative to BoE base rate. If inflation is 3%, then 5.46% ISA interest would correspond to 2.39% in real terms.

You think banks are charities?

I can see them quivering in their boots.

What's wrong with postal? What's wrong with NS&I's 5.55% ISA?

Ther's that fallacy again. But it is true that some savings accounts do indeed pay interest at below the inflation rate. Still, even that is better than the interest rate paid by your piggy bank.
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OK, fair enough - you're right of course, but 2.39% is bugger all too! The government are continually banging on about saving for the future and when you really get down to try and do it in the most profitable way possible, you see that the banks (ie the main vehicle for acheiving such ends) are incredibly stingy given their profit making credentials.

Of course not, hence the reason why its the way it is...but I think that companies who run and run just to generate profit to give to just a few thousand people when millions upon millions could be given slightly more just to improve the quality of life is blatant disdain and miserliness! Especially when the profits they are generating are largely from the same group of people.

! Well they would be if everyone did the same!

Unfortunately its not quick enough for most people in this day and age - but thanks for pointing that out - it may be suitable for many people and is significantly better than most other offerings.
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snipped-for-privacy@invalid.invalid wrote:

It's not bugger all at all. OK, it's hardly the best you could do, but it still doubles your money in 30 years, and for no effort.
If you want to do better than that, you need to make an effort, or take risks, or both. Run a business, for example. If you can't be bothered, that's what banks are for, they lend the money to others to help them run their businesses, and they take their cut. Seems fair enough to me.

You could always buy shares in banking instead, if you think think that will give you a bigger return on your investment.

Every business has to make a choice whether to put its customers first (or else risk losing them) or its shareholders first (or else risk losing them). Every punter has the choice of whether to be a customer or a shareholder or both. :-)

I doubt it. They'd worry a little if people abandoned banks altogether, but just changing banks won't worry them as a whole, they just tweak their interest rates to keep their market share at the level that's right for them.

Not quick enough? You only earn worthwhile interest if you leave the dosh there for a long long time. ISAs at least are designed to be very long savings vehicles, not really suitable for saving up for your birthday. Postal access delays are a drop in the ocean, especially given that non-postal access isn't without delays either.
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snipped-for-privacy@invalid.invalid wrote:

But what is the best possible mortgage rate? You may be surprised to learn that you can actually borrow money for less than 5.46%
As others have already said, banks are not charities. Why do you think they should give you a lot of money for doing nothing?
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Yes, yes, I think we can all agree on that.

Because they are using my money, rather than me. Its like allowing them to borrow my car or something - I am actually doing something - I'm lending them my money - and they should pay a decent rate for that - after all - they are making millions out of it per year.
Share the wealth, that's all I'm saying - if we were all more wealthy - they would ultimately get more money anyway!
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