Interest rates have just increased, does this mean I will earn more interest on my £158 in the Nationwide?
Answers:
HaHa, you'll be lucky. A small amount like that will earn you almost nothing in any building society or bank. If its money you dont actually need to live on you'd be better off buying a few premium bonds. At least with those, even though the chances are millions to one, you might just get something back if your number comes up. But as for any bank or society increasing profit on your investment, you chances of living to 150 are higher!! Sorry but thats how banks make a profit.
no,
the banks are good like that.
p.s nice pic, combined with your name, it makes me feel a little queasy. lol.
yes you will, but dont spend it all in one shop!
I'M AFRAID NOT
love the picture crispy you should get a massive 1p
no Citynarrow
Not immediately, but soon, you will also pay more interest on your mortgage, credit card loan etc.
Not necessarily so Crispy. What a lot of banks and building societies do is open up new products with the higher interest rate, while freezing the rates of their loyal customers. I would check, and if they didn't increase your rate, move your money.
You have to be canny, oh aye!
I don't even pick £158 up off the pavement.
WELL IF I CAN OFFER ANY ADVICE AT ALL, THAT WOULD BE DONT GO PLANNING ANY AROUND THE WORLD TRIPS , WITH ALL THAT EXTRA INCOME
One quarter of one percent. That's forty pence a year (when they get round to passing the increase on to savers - which never happens as quickly as they pass them on to borrowers). Enjoy it!
Banks do occasionally increase their interest rates accordingly, but not automatically!
When interest rates go up,banks immediately increase the rates they charge. The rates they pay they increase much later.
This is why they are rich and you are poor
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