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When will they ever learn.

Minivanman
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When will they ever learn.

I do feel sorry for those that lost money in this Fixed Rate ISA scam, and what sort of two bit low lifes could cheat others like that but really, when will they ever learn.

If it sounds too be good to be true and all that. 

The bank interest rate has been rock bottom for years and only in the past couple has it gone up to the 'dizzy height' of around 0.75 percent so really, what were these guys thinking by putting their life savings earned from a lifes work into such an obvious fraud. The chance of easy short term gain money it seems. 

I dunno. Sad


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9 REPLIES 9
Anonymous
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Re: When will they ever learn.

I doubt if people and by people I mean humanity will ever learn. Greed is innate to humankind so I can't see it being removed from the gene pool anytime soon.

billnotben
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Re: When will they ever learn.

I limit my greed to premium bonds. There's always a chance right?

At least you keep your money. And the small wins have still added up to a better interest rate than the banks for the last few years.

idonno
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Re: When will they ever learn.


@Minivanman wrote but really, when will they ever learn.If it sounds too be good to be true and all that. 

The bank interest rate has been rock bottom for years and only in the past couple has it gone up to the 'dizzy height' of around 0.75 percent 


What I do think is very wrong is for the regulators to allow advertising that is clearly wrong to go on being produced. After all, what is the point of laws if no one enforces them. It turns out the fund wasn't even allowed as an ISA which would probably have restricted how many people would have paid in to it.

 

And yes, you can play safe and stash your money away and get crummy interest rates on it but if you want the returns that the banks get on your money (they invest it) you need to bypass them. The 5% interest rates on offer at banks etc is usually capped at a couple of thousand £'s max.

 

Currently shares, investment trusts etc are the only things I look at to get a good return. But there is one golden rule when dealing with shares and the like. Don't put all your money in one company. Break that and, as these unfortunate people have found, you will have problems.

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VileReynard
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Re: When will they ever learn.

Returns are proportional to risk.

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Minivanman
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Re: When will they ever learn.

Indeed, but as indicated you should not put all your eggs in one basket?


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Mav
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Re: When will they ever learn.


@billnotben wrote:

I limit my greed to premium bonds. There's always a chance right?


I have just 260 premium bonds of which £10 dates back to the early 60's. In almost 60 years I have only won £25 which was about 5 years ago.

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RobPN
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Re: When will they ever learn.


@VileReynard wrote:

Returns are proportional to risk.


Which I assume also applies in the case of Brexit!  Cheesy

VileReynard
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Re: When will they ever learn.

Well - its quite risky to gamble your entire whole economy !

I think a financial advisor would advise the UK to invest prudently.

Brexit is akin to betting everything on some old nag at the races.

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billnotben
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Re: When will they ever learn.

 


@Mav wrote:


In almost 60 years I have only won £25 which was about 5 years ago.


I've been a bit luckier so far this year. As well as a usual £25, for the first time I won a larger prize. Percent wise it means the return from my premium bonds is already over 10% for this year.

 

Maybe I'm a glass half empty type but at first I think great, then it's well that doesn't even cover my council tax followed by ah well it's better than a kick in the head.