Ns&I Savings Rates

[237SJ]

This is just the start of the Government clawing back money to pay for their debts. What are peoples' thoughts? Any ideas for relatively safe investments which will give more than 0.14% which is pathetic? https://www.moneysavingexpert.com/news/2020/09/premium-bond-prize-rate-to-be-slashed-to-1-/

[bednobs]

Bummer

[ToraToraTora]

premium bonds

[237SJ]

^ Got those. The odds have dropped on those too.

[ToraToraTora]

I get better than any interest account Ive ever had and I have a chance at a big prize, I have the max and although I still await a decent prize i still do ok.

[237SJ]

So do I but the chances of a 'prize' have dropped by about 30%

[gulliver1]

This is just the start of Rishi's plans to claw back the covid cash he has paid out. He will leave the Rich out of it.

[ToraToraTora]

yeah he's got a tax on villages.

[237SJ]

^ Yes, probably. I`m eagerly awiting a reduction in the tax personal allowance. That'll be next.

[gulliver1]

19.31 of course you do Tora, These reductions will affect everyone , except you of course .

[Gizmonster]

//// This is just the start of the Government clawing back money to pay for their debts. ////
I don't understand this statement.
Anyone with any sense will be taking their dosh out and stashing it elsewhere .... myself included ...... so the government is going to see their funds take a massive hit soon.

If you're looking for somewhere else, I found these on Martin Lewis' website:
1.3% fixed for a year:
https://www.tandem.co.uk/fixed-saver

1.2% variable easy access:
https://www.coventrybuildingsociety.co.uk/content/cbs/consumer/en/product/savings/easy_access/double-access-saver-online.html

[237SJ]

Thanks. Only good up to 85K though.

[237SJ]

And before anyone comes on here and tells me that having 85k is the least of my worries, go away. Everyone's situation is different

[Maydup]

Most building societies have an account of some description that is paying more than 0.14. Of course ypu can invest £85k with each.

Alternatively take some advice and invest in stocks amd shares for closer to 5%

[Cloverjo]

Yes it’s a pain, but it’s not down to a negative rate which was mentioned a while ago.

The odds of winning on the Premium bonds has gone from something like 20,000 to 1 to
30,000 to 1. How did they do that?

[jim360]

reduced the number of prizes, I guess.

I'm annoyed.