Interest rates and the over 65 age group ?

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 ... "

 

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

 

You need to keep £1,000 in the 123 account to get 1% interest £2,000 =2% and £3,000= 3%

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

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 bungalowMy 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

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.

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

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

Sorry,what was the question again?

 

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....

 

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.

 

And probably saw the pyramids long before any of us...