Interest rates and the over 65 age group ?

Discussion in 'Off-Topic Discussion' started by Charlie996, Jan 19, 2015.

  1. ARMANDII

    ARMANDII Low Flying Administrator Staff Member

    Joined:
    Jan 12, 2019
    Messages:
    48,096
    Gender:
    Male
    Ratings:
    +100,845
    Who me?:heehee:

    "Perhaps the biggest myth about cynicism is that it deepens with age. I think what really happens is that experience painfully rips away layers of scales from our eyes, and so we do indeed become more cynical about many of the things we naively accepted when younger."

    "The power of accurate observation is commonly called cynicism by those who have not got it."
     
    • Agree Agree x 3
    • Like Like x 2
    • "M"

      "M" Total Gardener

      Joined:
      Aug 11, 2012
      Messages:
      18,607
      Location:
      The Garden of England
      Ratings:
      +31,887
      I do agree with your quote, Our Mandy.
      However, in a good number of instances, the policy makers have not (yet) attained that experience which "painfully rips away layer of scales ... naively accepted when younger ... " ;)
       
      • Agree Agree x 1
      • Gay Gardener

        Gay Gardener Total Gardener

        Joined:
        Nov 16, 2011
        Messages:
        1,258
        Gender:
        Male
        Location:
        The Wash, Fens
        Ratings:
        +1,978
        That's incorrect Charlie. True it has a ceiling per account of 20k (note that the government bonds have I think a 10k ceiling), but you do not need wages or an income at all, nor do you have to switch from another bank.

        A stipulatation is that £500 has to be deposited to the account each month. All you have to do is say set up a £500 transfer from another bank account into it on say 1st of the month, and then reverse the transfer of £500 on the 2nd of the month, easy peasy and takes 5 minutes to set up online. And 2 direct debits paid from the account, can be anything.

        Here are the terms and conditions:
        http://www.santander.co.uk/uk/current-accounts/123-current-account

        Easy to set up online and interest is paid monthly at 3% and instant access.

        GG
         
        • Disagree Disagree x 1
        • Informative Informative x 1
        • "M"

          "M" Total Gardener

          Joined:
          Aug 11, 2012
          Messages:
          18,607
          Location:
          The Garden of England
          Ratings:
          +31,887
        • JWK

          JWK Gardener Staff Member

          Joined:
          Jun 3, 2008
          Messages:
          33,068
          Gender:
          Male
          Location:
          Surrey
          Ratings:
          +51,761
          These new pensioner bonds are not necessarily as good a deal as you may think. You could get a much better deal sticking spare cash into a pension, the govt effectively tops up your contributions by 20+%. Obviously this depends on your age, work circumstances and what rate of tax you pay, and means tying up your cash for a few years. Play it safe and stick the money into a sterling cash fund if you're risk averse.
           
          • Informative Informative x 1
          • Kandy

            Kandy Will be glad to see the sun again soon.....

            Joined:
            Apr 23, 2006
            Messages:
            11,465
            Occupation:
            Head gardener
            Location:
            In the Middle Of Blighty
            Ratings:
            +6,543
            You need to keep £1,000 in the 123 account to get 1% interest £2,000 =2% and £3,000= 3% :smile:

            I think I read a discussion on the MSE(Money Saving Expert) site that at one point you could have up to 10 accounts per customer with the 123 account but not sure but I think it has dropped down to two accounts once they got wise to it:snork:

            We too got stung in the early eighties when the interest rates climbed sky high and spent many a sleepless night worrying that we might lose our little bungalow:sad:My workmates benefited from the Right To Buy that Thatchular brought in to win votes so they got their council houses dirt cheap and could afford foreign holidays abroad and were laughing all the way to the bank while we struggled:mad:

            Mr Kandy is due to retire next year and his boss keeps whittling him to stay on.If Mr Kandys pension was enough that we could live comfortably after paying all the bills then there would be no need for him to carry on but now the pensions have been erroded and he had to take a large salary cut a few years ago plus didn't get a pay rise for four years it does look like he might not be able to retire as I can't get my state pension until I am 66 which we were depending on to help pay the bills.:frown:

            As I pointed out to Mr Kandy he has been at work nearly fifty years with no time off for good behaviour and he is the one who has to do all the heavy lifting when they get new machines in as the youngsters don't want to booger up their backs:sad:

            Looks like we might have to sell up and go and live abroad after all,but hang on the European countries financially are in a worse situation than we are and the expats are losing their heating allowance so looks like we shall have to stick it out here for the time being:snork:

            Sorry,what was the question again?
             
            • Like Like x 4
            • Charlie996

              Charlie996 Gardener

              Joined:
              Jan 10, 2015
              Messages:
              495
              Gender:
              Male
              Occupation:
              Retired Builder
              Location:
              The Vale of Evesham
              Ratings:
              +857
              Again some interesting points.. GG I acept my knowledge of the Santander product is not correct but my point with this thread is the singling out of a certain age group... In this case its in the positive but imagine if it was in the negative. !
              What I am aware of is we have to jump through many hoops to get very little in return for our money but that's not what I was trying to get at....
               
              • Friendly Friendly x 2
              • shiney

                shiney President, Grumpy Old Men's Club Staff Member

                Joined:
                Jul 3, 2006
                Messages:
                64,880
                Gender:
                Male
                Occupation:
                Retired - Last Century!!!
                Location:
                Herts/Essex border. Zone 8b
                Ratings:
                +127,067
                I'll try to answer some of the questions, or comment all in one post :phew:

                As mentioned, the 123 account gives 3% with no problem complying with the rules, as Gay Gardener explained. There's the added bonus of getting cash back (more than covers the monthly account charge of £2) on Council Tax bills, Utility bills and phone/internet bill if paid by Direct Debit through he account. I average about £10 per month cash back.

                Since when has life been fair? :heehee:

                At one stage our mortgage rate was 8% (which we could just afford) and it jumped to 11% overnight. We had the choice of losing the house or finding a way around it. Fortunately Mrs Shiney was able to find another job that helped towards the mortgage.

                It doesn't have to be tied up :blue thumb:. They have a 90 day penalty if withdrawn early. So, if you take out the three year Bond (4%) and withdraw early you still end up with 3%.

                As mentioned by someone else, it only needs £500 per month to come and can then go out the next day. (123 account)

                Only in our dreams!! :noidea:

                Or those of who retired while back who also got stinking rates.

                Can't if you're already getting your pension!! :sad:

                Alternatively, you could join my club and the first 20 of you can, each, give me £1,000 and then each of you can get people to join the club and give you £1,000. They could all do the same and we'll all end up with £20,000. :yahoo:

                We can, then, all go off for a holiday and see the pyramids. :snork:
                 
                • Like Like x 6
                • strongylodon

                  strongylodon Old Member

                  Joined:
                  Feb 12, 2006
                  Messages:
                  15,074
                  Gender:
                  Male
                  Occupation:
                  Retired
                  Location:
                  Wareham, Dorset
                  Ratings:
                  +30,513
                  As far as I remember when announced these bonds were limited in number, I think a million, but there are far more than that who would like to take up the offer. Not me I'm too young.:frown::biggrin:
                   
                • JWK

                  JWK Gardener Staff Member

                  Joined:
                  Jun 3, 2008
                  Messages:
                  33,068
                  Gender:
                  Male
                  Location:
                  Surrey
                  Ratings:
                  +51,761
                  Sorry to disagree Shiney, but you can, provided it's a different pension scheme (and you are not 'recycling' just to get the tax boost) . It depends on your situation again but there is nothing to stop you drawing a pension from one scheme and contribute to another. This is exactly what I do. It's not for everyone obviously, but in the last few years of working life it's a valuable way to really boost your nest :)
                   
                • shiney

                  shiney President, Grumpy Old Men's Club Staff Member

                  Joined:
                  Jul 3, 2006
                  Messages:
                  64,880
                  Gender:
                  Male
                  Occupation:
                  Retired - Last Century!!!
                  Location:
                  Herts/Essex border. Zone 8b
                  Ratings:
                  +127,067
                  Not when you're my age!!! :old: :heehee:
                   
                  • Informative Informative x 1
                  • JWK

                    JWK Gardener Staff Member

                    Joined:
                    Jun 3, 2008
                    Messages:
                    33,068
                    Gender:
                    Male
                    Location:
                    Surrey
                    Ratings:
                    +51,761
                    You're under 65 surely!
                     
                  • shiney

                    shiney President, Grumpy Old Men's Club Staff Member

                    Joined:
                    Jul 3, 2006
                    Messages:
                    64,880
                    Gender:
                    Male
                    Occupation:
                    Retired - Last Century!!!
                    Location:
                    Herts/Essex border. Zone 8b
                    Ratings:
                    +127,067
                    That's very kind of you :love30:

                    I'd love to be a sexagenarian again ;) :whistle: :lunapic 130165696578242 5:

                    I'll have to borrow the GC Time Travel Helicopter. :biggrin:
                     
                    • Funny Funny x 2
                    • ARMANDII

                      ARMANDII Low Flying Administrator Staff Member

                      Joined:
                      Jan 12, 2019
                      Messages:
                      48,096
                      Gender:
                      Male
                      Ratings:
                      +100,845
                      Yes, he was definitely born before 1965.:heehee:
                       
                    • Kandy

                      Kandy Will be glad to see the sun again soon.....

                      Joined:
                      Apr 23, 2006
                      Messages:
                      11,465
                      Occupation:
                      Head gardener
                      Location:
                      In the Middle Of Blighty
                      Ratings:
                      +6,543
                      And probably saw the pyramids long before any of us...:heehee::sofa:
                       
                      • Funny Funny x 2
                      Loading...

                      Share This Page

                      1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
                        By continuing to use this site, you are consenting to our use of cookies.
                        Dismiss Notice