Mithering bank

[nightrider]

My bank have been mithering me to go down and see them so eventually I went down to see what they wanted.

Apparently, according to them I have too much money in my deposit account, which I must admit is rather a lot.

They said that they could put it somewhere better to make more interest so I said leave it where it is, they asked me why so I said because basically I dont trust you, I might lose out on inflation but your tinpot investments might lose me the lot.

Banks and moneymen I do not trust, my stepson is a financial adviser for one of the major banks and a few years ago I invested 20k linked to the FTSE for 5 years, if it went up I gained if it went down I got my original stake back, as it happened I made about 8k I invested another 20k for 6 years and never made a penny, my stepson is mithering me to invest again but I dont think so.

[Mel B]

Unless your deposit account is paying you a reasonable interest rate, you are actually losing value by leaving it sitting there! The interest rates for savings accounts aren't great, admittedly, but they are still better than losing money ... "cutting your nose of to spite your face" seems to fit the bill ... unless I've totally misunderstood what you're saying!!! 8-) :D

[flicka]

Hi Malcolm

Unless up to your limit, I would transfer some into a Savings ISA at least.

You should then be able to match inflation, with the initial sum guaranteed.

[Guest peter]

If you had a 60k car on your drive you would make sure it earned it's keep would you not? Well, it's the same with cash if it's not making you money , it's losing it for you. Inflation will make sure of that.

[Guest Tracker]

This is as good a place as any to find a better rate and as most are online it is simples to set up and administer. Pick a UK bank and HMG will protect up to £50k of your money with any one bank so it is quite safe.

 

http://www.moneysupermarket.com/savings/

 

If nothing else at least make sure you use your £5100 per tax year cash ISA allowance to best effect.

[nightrider]

Mel B - 2010-10-14 9:24 PM

 

Unless your deposit account is paying you a reasonable interest rate, you are actually losing value by leaving it sitting there! The interest rates for savings accounts aren't great, admittedly, but they are still better than losing money ... "cutting your nose of to spite your face" seems to fit the bill ... unless I've totally misunderstood what you're saying!!! 8-) :D

Sorry, my error it is in a savings account, but due to the fact that this money is my life saving I am reluctant to take any risks after reading various reports of people losing their money on bad financial advice.

[nightrider]

Tracker - 2010-10-15 7:59 AM

 

This is as good a place as any to find a better rate and as most are online it is simples to set up and administer. Pick a UK bank and HMG will protect up to £50k of your money with any one bank so it is quite safe.

 

http://www.moneysupermarket.com/savings/

 

If nothing else at least make sure you use your £5100 per tax year cash ISA allowance to best effect.

Yes, I have an ISA with the maximum amount in

[malc d]

My bank kept telling me that they could put some of my savings " somewhere better " and it lost me a few thousand quid, so I would never again take advice from a bank.

 

You could get advice from an independent adviser ( but how do you know how good they are ) or even the Consumers Association ( 'Which' ) but my view is that any investments linked to the stock market at the moment are very risky.

 

It's a personal choice but in present climate I would prefer small steady gains, to losses.

 

 

:-(

[nightrider]

I have £5100 in an ISA and can put another £5100 this year and another £5100 in after next april.

I set up on my own account 40 years ago and have I think done ok in a small way, I never had idea's of being a millionaire.

I have always been cautious and prudent with money but not tight, money to me is only an extention of my tool box because without that tool box you can't earn money can you? It would be heartbreaking to lose ones life savings on bad investment advice wouldn't it?

[Guest JudgeMental]

Interest rates are not even keeping up with inflation. Nat west has a rate of 2.85% at the moment (on line savings) If you have more then 50k it needs to be with two separate institutions (not linked) or else your money is not protected *-)

[Mel B]

You don't need to take out 'risky' investments, or even see a financial adviser if you don't want to. Just go to one of the various comparison sites (www.moneysavingexpert.co.uk is a good one) and look at stuff yourself. We did this earlier this year when we were looking where to put hubby's severance money and also visited some banks and building societies as they supposedly had access to 'better investments etc' than we could find ourselves ... load of b*llocks! None of them could better what we'd found ourselves in the internet.