Banking!

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Banking!

Post by bristol170kj on Thu Aug 04, 2016 6:35 pm

Well there goes our savings interest rates.  Also cheap money = cheap mortgages = house prices on the way up.  The young will not be able to afford to buy.

And we will be hard pushed to raise the rates - ever?

And all because "it might happen"

Grrrrr
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Re: Banking!

Post by groundhog on Thu Aug 04, 2016 9:00 pm

In Canada we have a brilliant system for seniors who own their own house or may be asset rich but cash poor. You do not have to pay your state 'council tax' each month but can offset it against the value of your property, when the house is eventually sold or you pass on the money is then deducted from the sale of the property plus an interest charge.

Not a bad idea for the UK would certainly help many people?
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Re: Banking!

Post by SteveUK on Fri Aug 05, 2016 12:07 am

groundhog wrote:In Canada we have a brilliant system for seniors who own their own house or may be asset rich but cash poor. You do not have to pay your state 'council tax' each month but can offset it against the value of your property, when the house is eventually sold or you pass on the money is then deducted from the sale of the property plus an interest charge.

Not a bad idea for the UK would certainly help many people?

I guess that would depend on the interest rate charged!
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Re: Banking!

Post by groundhog on Fri Aug 05, 2016 8:27 am

Around 2 percent but I haven't checked recently
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Re: Banking!

Post by Paulmold on Fri Aug 05, 2016 10:24 am

Several relatives of mine have withdrawn all their Isa savings and bought Premium Bonds instead and a few have won several small sums amounting to a much better interest rate.

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Re: Banking!

Post by Greyhound on Fri Aug 05, 2016 10:51 am

I've looked into Premium Bonds a few times and am still undecided. I might put some spare savings in but you have to see it as simply a place to store cash and if you win anything then that's great, but I certainly don't see it as an 'investment' as such.

This is an interesting breakdown of them:
http://www.moneysavingexpert.com/savings/premium-bonds

Interesting to see that the odds of winning a million are around 30 Billion to 1, that makes the National Lottery look like a dead certainty at only around 14 million to 1.
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Re: Banking!

Post by Paulmold on Fri Aug 05, 2016 11:03 am

I was looking at interest rates offered and even £5000 in a fixed bond over 3 years only produced something like £300 interest and you can't withdraw early. £5000 in Premium Bonds could produce more than that with a few small wins a bit of luck. I wouldn't put all my savings in them but I have put some, so fingers crossed.


Last edited by Paulmold on Fri Aug 05, 2016 11:14 am; edited 1 time in total
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Re: Banking!

Post by dbroada on Fri Aug 05, 2016 11:08 am

Noggin wrote:I've looked into Premium Bonds a few times and am still undecided.  I might put some spare savings in but you have to see it as simply a place to store cash and if you win anything then that's great, but I certainly don't see it as an 'investment' as such.

This is an interesting breakdown of them:
http://www.moneysavingexpert.com/savings/premium-bonds

Interesting to see that the odds of winning a million are around 30 Billion to 1, that makes the National Lottery look like a dead certainty at only around 14 million to 1.
My dad had lots of premium bonds and regularly would win £25. Probably less than you can get elsewhere but better than stuffing it under your mattress.

I'm currently trying to get the money back to get enough money for his funeral. Unfortunately he had just too much to make it simple and their guidelines require probate - which as my mum is the sole beneficiary is an expense we could do without. Hopefully a pleading letter will be read favourably.

14m:1 is better than 30b:1 but your £1 bond is entered in to the draw 50 more times a year than your lottery ticket.

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Re: Banking!

Post by rogerblack on Fri Aug 05, 2016 11:24 am

Like most things today, it is possible to manage your premium bonds online.
This makes it easy to buy additional bonds and make withdrawals straight into your bank account. 

http://www.nsandi.com/premium-bonds

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Re: Banking!

Post by Paul 300358 on Fri Aug 05, 2016 1:27 pm

Noggin wrote:I've looked into Premium Bonds a few times and am still undecided.  I might put some spare savings in but you have to see it as simply a place to store cash and if you win anything then that's great, but I certainly don't see it as an 'investment' as such.

This is an interesting breakdown of them:
http://www.moneysavingexpert.com/savings/premium-bonds

Interesting to see that the odds of winning a million are around 30 Billion to 1, that makes the National Lottery look like a dead certainty at only around 14 million to 1.


On average, 6 people a year are killed by lightning in this country, there are 60 million people in the country, so a 1 in 10million chance of being killed by being struck by lightning!! People buy a lottery ticket but I never see anyone walking round with a spike sticking out of their hat and a wire running down to earth!
Just a thought think_smiley_46
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Re: Banking!

Post by Greyhound on Fri Aug 05, 2016 1:41 pm

An interesting statistic I read was that people are more likely to be killed by travelling to pick up a lottery ticket than actually winning the lottery.

Best stick to doing it online ;)
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Re: Banking!

Post by logburner on Fri Aug 05, 2016 10:36 pm

I've noticed that the mattress is getting lumps in it................shall have to find somewhere else to stow all this surplus cash !!   hugegrins hugegrins
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Re: Banking!

Post by m8form8 on Sat Aug 06, 2016 8:52 am

logburner wrote:I've noticed that the mattress is getting lumps in it................shall have to find somewhere else to stow all this surplus cash !!   hugegrins hugegrins

Yes mind you statistically is a matress safer than a premium bond, all very well pointing out as some do that you rarely win. But how safe is it in your mattress, someone might find it and empty it. Those bed bugs might have a feast and you'll find mice have eaten away at your investment. confused3  I am not sure burrying it is any better either. lol4 lol4 lol4
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Re: Banking!

Post by Machloop on Sat Aug 06, 2016 10:32 am

Noggin wrote:Interesting to see that the odds of winning a million are around 30 Billion to 1, that makes the National Lottery look like a dead certainty at only around 14 million to 1.
Lies, damned lies and statistics. There are nowhere near 30 billion holders of premium bonds and yet someone wins the prize most months. So, in reality a much better chance of winning the big one, but I'm not holding my breath.

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Re: Banking!

Post by PLOUGHLIN on Sat Aug 06, 2016 11:41 am

30 billion to one is the odds for single £1 bond. With your £1million  holding, your chance is only 30,000 to one. Good Luck.

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Re: Banking!

Post by Paulmold on Sat Aug 06, 2016 12:58 pm

Last month's 2 millionaires both held over 25,000 bonds.
The max holding is 50000
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Re: Banking!

Post by bikeralw on Sat Aug 06, 2016 1:22 pm

I have the maximum holding of PBs, and I would guess I win £25 every two months. It's quite exciting opening the envelope from Glasgow, and one month I won £500!
When the National Lottery started in 1994 my wife decided that instead of us buying a fivers worth of tickets between us every week, she'd put the cash away and when it mounted up to £100 she'd buy PBs with it. Ok, she hasn't won many times, but now has a nice nest egg of over £5000, which she wouldn't have had with the lottery.
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Re: Banking!

Post by m8form8 on Sat Aug 06, 2016 3:16 pm

I had a couple of thousand in bonds a few years ago, it did give me a few quid in prizes. Think it was 50 quid, which was not a wonderful return over 2 years but at least something. But at least unlike the lotto I got it back, shame i needed the dosh so cashed them in for something now i wonder if i might get a better return than in taxable savings plans. confused3
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Re: Banking!

Post by SteveUK on Sat Aug 06, 2016 11:56 pm

Paulmold wrote:Last month's 2 millionaires both held over 25,000 bonds.
The max holding is 50000

That could be why my £15 worth (since 1956) have won zilch!
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Re: Banking!

Post by m8form8 on Mon Aug 08, 2016 10:55 am

m8form8 wrote:I had a couple of thousand in bonds a few years ago, it did give me a few quid in prizes. Think it was 50 quid, which was not a wonderful return over 2 years but at least something. But at least unlike the lotto I got it back, shame i needed the dosh so cashed them in for something now i wonder if i might get a better return than in taxable savings plans. confused3
Just found my holders number and typed it in the checker, wooohoo Ive won, yer but only 25 quid. Still better than zilch... allthumbz
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Re: Banking!

Post by pablo on Mon Aug 08, 2016 11:32 am

you could always consider withdrawing £5000 from your Premium Bonds and investing £5,000 in a Halifax Savings account where there is a monthly prize draw of 3 x £100,000 prizes, 100 x £1,000 prizes and 1000 x £100 prizes so its like Premium Bonds plus you earn interest!!!! up!
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Re: Banking!

Post by m8form8 on Mon Aug 08, 2016 11:46 am

pablo wrote:you could always consider withdrawing £5000 from your Premium Bonds and investing £5,000 in a Halifax Savings account where there is a monthly prize draw of 3 x £100,000 prizes, 100 x £1,000 prizes and 1000 x £100 prizes so its like Premium Bonds plus you earn interest!!!! up!
Not heard of this one, worth looking into cheers. allthumbz
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Re: Banking!

Post by Paramedic on Mon Aug 08, 2016 5:10 pm

Returning home from a break in our motor home amongst the post on the door mat was a card from the sorting office to collect a letter that required a signature. The correspondence from the Halifax was advising us of a win in the monthly prize draw. Initially it requested that Pam report to the branch with identification (passport and a  utility bill with name and address. Being a Saturday had to wait until the Monday so had plenty of time to consider our possible huge monetary win fall up to £100,000????? Hooray! The ID she presented was not sufficient to satisfy the branch manager so leaving Pam at the bank, I returned home to collect 'the required utility bill' (as all I my name). On return there was a fairly long wait whilst the manager("I just need to contact head office") ''Wow it must be a big load of money" it must be for him to take this long to sort it out and he needs to contact his head office" Couldn't sit still for the excitement of a big win! On return he stated ''Not much, just the hundred pounds" Umm, all that polavar for just a hundred quid. Oh well it is a £100, better than nothing. Yes but some lucky b...........s won the biggies? Don't know how many years the draw has been running and what the odds are for winning say just £100. Probably higher than premium bonds.

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Re: Banking!

Post by m8form8 on Mon Aug 08, 2016 5:23 pm

Paramedic wrote:Returning home from a break in our motor home amongst the post on the door mat was a card from the sorting office to collect a letter that required a signature. The correspondence from the Halifax was advising us of a win in the monthly prize draw.- Don't know how many years the draw has been running and what the odds are for winning say just £100. Probably higher than premium bonds.
Yes but at least you got some interest on the money unlike the Premium Bonds. up!
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Re: Banking!

Post by Paramedic on Mon Aug 08, 2016 5:27 pm

Yep, that is a valid point. up!

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