Interest rates for savers

[cromwell]

For most of my life this has not been something that I've needed to worry about!

However after being left a small amount of money we thought we'd have another look at ISAs and so on.

So - an interest rate of 0.65%?????

After a quick fiddle with the old abacus this means that if you invest £1,000 for one year the interest you are paid at the end of the year is.... £6.50! You couldn't even get fish and chips twice for that!

Berlimey.. I knew interest rates were low, but not THAT low!

[Workingman]

When my RAF pension was ready a few years back I also got a lump sum. Talking to the man at the bank he said that the very best interest rate I could get was 2.1% if I shopped around, the best he could do was 1.6%, but as inflation was at 2.7% his advice was to spend some of it on things I needed - so I have.

Enjoy your fish and dirks, Cromwell.

[saundra]

The interest rates are really disgusting and as it cost me £12.00 to get to a bank it's not worth the effort

[TheOstrich]

You'll be lucky if you can pick up 1% these days, and that's with tying your savings up in a fixed rate bond.

Best pay off any debts you might have first, then if there's anything left over, buy something nice for the Missus, Crommers ....

[meriad]

Best pay off any debts you might have first

100% agree

then if there's anything left over, buy something nice for the Missus, Crommers ....

best suggestion so far

[cromwell]

then if there's anything left over, buy something nice for the Missus, Crommers ....

best suggestion so far

Lol! I've just mentioned this to MrsC Ria, and she thinks it's a most excellent scheme!

[Suff]

Something like this crommers.

I know that one of my Uncles is funding building projects. Because building tends to be on a 3-4 month basis you tend to get your money back faster once the properties are sold.

Of course the usual warnings apply. Research the hell out of anything you intend to invest in. Don't put all your eggs in one basket. Etc.

My Uncle managed around 4% in one year. He had £700k to invest so was happy with the return. I think he did multiple build funds in the one year.

This is where I found the above one.