Interest Rate Increase
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Interest Rate Increase
02-08-2018 1:13 PM
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The Bank of England has increased interest rates to 0.75%
It is the first rise in a decade and not unexpected.
Re: Interest Rate Increase
02-08-2018 1:55 PM
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Still far too low for me.
5% is more reasonable. A fair return for savers and still a low rate for borrowers.
The current low rate seems more about keeping the governments borrowing under control.
Re: Interest Rate Increase
02-08-2018 2:31 PM
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But if savers got 5% the borrowing rate would have to be around 6%+. This is not sustainable currently.
.
Re: Interest Rate Increase
02-08-2018 3:40 PM
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If you have "that much" money, that you are concerned about having 5% interest on it, then perhaps you would be better off going into the "property refurb" market.... where people often get more than 5% up to 10%+. making £10k+ from developing/refurbishing property over 6 to 8 weeks work... Bearing in mind, these guys are paying others to do the work for them in most cases ! ! ! ..
Wish I had that kind of money... but too late in life , unless I win the lottery... !
Re: Interest Rate Increase
02-08-2018 3:56 PM
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No I haven't that much, wish I had. I would just like a fair return for bankrolling every man and his dog.
It just seems at the moment everyone gets a good deal except the savers who are supplying the money.
Re: Interest Rate Increase
02-08-2018 7:14 PM
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Correct me if I'm wrong, but broadly speaking if the Interest Rate goes up, the Government will will have to pay more to service the Government Debt pile?
Re: Interest Rate Increase
02-08-2018 9:49 PM
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@artmo wrote:
It is the first rise in a decade and not unexpected.
As the graph at the end of the BBC article shows, the BoE interest rate rose a year or two ago (from 0.25 to 0.5%), but it's the first time in nearly a decade that it has gone above 0.5%.
As long as inflation is higher than savings interest, our savings are losing value, yet the government complain that we are not saving as much as other nations.
Re: Interest Rate Increase
02-08-2018 10:02 PM
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The graph should go back to the early 90’s when the rate was almost 15%.
If you had a mortgage there was not much chance of saving anything......
Re: Interest Rate Increase
02-08-2018 10:06 PM
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I remember getting 15% interest on a bog-standard building society savings account.
Re: Interest Rate Increase
02-08-2018 11:19 PM
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@Champnet wrote:
early 90’s when the rate was almost 15%.
If you had a mortgage there was not much chance of saving anything......
I had a mortgage then. Funny thing though with the equally high interest on savings, even the small amount I had, the interest on that used to cover a good part of my mortgage.
The rates have swung over so far now that they benefit no one except the banks and the government.
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