Best of the Week
Most Popular
1. US Housing Market House Prices Bull Market Trend Current State - Nadeem_Walayat
2.Gold and Silver End of Week Technical, CoT and Fundamental Status - Gary_Tanashian
3.Stock Market Dow Trend Forecast - April Update - Nadeem_Walayat
4.When Will the Stock Market’s Rally Stop? - Troy_Bombardia
5.Russia and China Intend to Drain the West of Its Gold - MoneyMetals
6.BAIDU (BIDU) - Top 10 Artificial Intelligence Stocks Investing To Profit from AI Mega-trend - Nadeem_Walayat
7.Stop Feeding the Chinese Empire - ‘Belt and Road’ Trojan Horse - Richard_Mills
8.Stock Market US China Trade War Panic! Trend Forecast May 2019 Update - Nadeem_Walayat
9.US China Trade Impasse Threatens US Lithium, Rare Earth Imports - Richard_Mills
10.How to Invest in AI Stocks to Profit from the Machine Intelligence Mega-trend - Nadeem_Walayat
Last 7 days
US Dollar Rallies Off Support But Is This A Top Or Bottom? - 19th June 19
Most Income Investors Are Picking Up Nickels in Front of a Steamroller - 19th June 19
Is the Stock Market’s Volatility About to Spike? - 19th June 19
Facebook's Libra Crypto currency vs Bitcoin: Five Key Differences - 19th June 19
Fed May Trigger Wild Swing In Stock Index and Precious Metals - 19th June 19
How Long Do Land Rover Discovery Sport Brake Pads Last? - 19th June 19
Gold Golden 'Moment of Truth' Is Upon Us: $1,400-Plus or Not? - 18th June 19
Exceptional Times for Gold Warrant Special Attention - 18th June 19
The Stock Market Has Gone Nowhere and Volume is Low. What’s Next - 18th June 19
Silver Long-Term Trend Analysis - 18th June 19
IBM - Watson Deep Learning - AI Stocks Investing - Video - 18th June 19
Investors are Confident, Bullish and Buying Stocks, but… - 18th June 19
Gold and Silver Reversals – Impossible Not to Notice - 18th June 19
S&P 500 Stuck at 2,900, Still No Clear Direction - 17th June 19
Is Boris set to be the next Conservation leader? - 17th June 19
Clock’s Ticking on Your Chance to Profit from the Yield Curve Inversion - 17th June 19
Stock Market Rally Faltering? - 17th June 19
Johnson Vs Gove Tory Leadership Contest Grudge Match Betfair Betting - 17th June 19
Nasdaq Stock Index Prediction System Is Telling Us A Very Different Story - 17th June 19
King Dollar Rides Higher Creating Pressures On Foreign Economies - 17th June 19
Land Rover Discovery Sport Tailgate Not Working Problems Fix (70) - 17th June 19
Stock Market Outlook: is the S&P today just like 2007 or 2016? - 17th June 19
US China War - Thucydides Trap and gold - 16th June 19
Gold Stocks Bull Upleg Mounting - 16th June 19
Gold Price Seasonal Trend Analysis - Video - 16th June 19
Fethiye Market Fruit, Veg, Spices and Turkish Delight Tourist Shopping - 16th June 19
US Dollar Gold Trend Analysis - 15th June 19
Gold Stocks “Launch” is in Line With Fundamentals - 15th June 19
The Rise of Silver and Major Economic Decline - 15th June 19
Fire Insurance Claims: What Are the Things a Fire Claim Adjuster Does? - 15th June 19
How To Find A Trustworthy Casino? - 15th June 19
Boris Johnson Vs Michael Gove Tory Leadership Grudge Match - Video - 14th June 19
Gold and Silver, Precious Metals: T-Minus 3 Seconds To Liftoff! - 14th June 19
Silver Investing Trend Analysis - Video - 14th June 19
The American Dream Is Alive and Well - in China - 14th June 19
Keeping the Online Gaming Industry in Line - 14th June 19
How Acquisitions Affect Global Stocks - 14th June 19
Please Don’t Buy the Dip in Nvidia or Other Chip Stocks - 14th June 19
A Big Thing in Investor Education is Explainer Videos - 14th June 19
IRAN - The Next American War - 13th June 19
Boris Johnson Vs Michael Gove Tory Leadership Grudge Match Contest - 13th June 19
Top Best VPN Services You Can Choose For Your iPhone - 13th June 19
Tory Leadership Contest Betting Markets Forecast - Betfair - 13th June 19
US Stock Market Setting Up A Pennant Formation - 13th June 19
Which Stocks Will Lead The Cannabis Rebound? - 13th June 19
The Privatization of US Indo-Pacific Vision - Project 2049, Armitage, Budget Ploys and Taiwan Nexus - 12th June 19
Gold Price Breaks to the Upside - 12th June 19
Top Publicly Traded Casino Company Stocks for 2019 - 12th June 19
Silver Investing Trend Analysis - 12th June 19
Why Blue-Chip Dividend Stocks Aren’t as Safe as You Think - 12th June 19
Technical Analysis Shows Aug/Sept Stock Market Top Pattern Should Form - 12th June 19
FTSE 100: A Top European Index - 12th June 19

Market Oracle FREE Newsletter

Gold Price Trend Forecast Summer 2019

Northern Rock ESaver4, Best Instant Access Savings Account For 2011 Start

Personal_Finance / Savings Accounts Dec 24, 2010 - 07:27 AM GMT

By: Nadeem_Walayat

Personal_Finance

With the new year less than 10 days away, now is a good time to check the savings rates on your instant access deposit accounts and make the switch so as to maximise interest income, especially as many providers are stilling paying a pittance of less than 1% and virtually all deploy the bonus rate trick to hook customers in then drop the rates to a pittance after a year.


UK Inflation Stealth Theft of Savings

Whilst the UK base interest rate remains at a credit crisis low of 0.5% since March 2009, so as to enable banks to borrow at near zero interest rates to prevent them from going bankrupt, unfortunately the price is being paid for by ALL savers because as of writing NO bank or building society is beating the official inflation rate of CPI 3.3% let alone the more recognised RPI at 4.7%.

UK inflation has remained high throughout 2010, as per in the inflation forecast for 2010 (27th December 2009 UK CPI Inflation Forecast 2010, Imminent and Sustained Spike Above 3%). Which is set against Bank of England propaganda of high inflation always being just temporary and compares against the Banks own forecast for UK CPI inflation to have fallen to under 1% by the end of 2010, as opposed to an projected rate of about CPI 3.4%.

UK Inflation August 2010

Savers to keep pace with official inflation and savings tax would need to receive an interest rate of 4% (CPI+20% tax). Savers to keep pace with recognised inflation would need to receive an interest rate of 5.7% (RPI+20% Tax). Unfortunately the very best instant access saving rate comes in at just 3% (Northern Rock ESaver4), which therefore means that Savers wealth will continue to be stolen by the Government and Bank of England for the benefit of the banks and for the financing of the £150 billion annual (Labour) deficit.

Whilst Northern Rock is now the market leader in paying the best interest rate on the market with their 3% Esaver 4 account. However, it was Northern Rock that set the credit crisis and bankster bailout ball rolling in September 2007, so it is not with any pleasure that I recommend Northern Rock, only in so far that the rate of theft of value of savings will be marginally less than with any of the other banks.

Northern Rock ESaver 4 Key Facts

  • Interest rate fixed for first year at 3% then the rate crashes to a pittance of 1%, so MOVE ON ANNIVERSARY
  • Minimum Account balance MUST be £10,000, else they will only pay you a worthless 0.1%.
  • Maximum is £100k
  • Account is opened and managed online.

Alternatives:

Post Office - 2.9% - Again only for 1 year so move on anniversary.

AA Savings - 2.8% - Again only for 1 year so move on anniversary.

My interest rate forecast for 2011 is due to be completed over the next few days, ensure you are subscribed to my always FREE newsletter to get this and all in-depth analysis and forecasts in your email in box.

Comments and Source: http://www.marketoracle.co.uk/Article25222.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-10 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 24 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on UK inflation, economy, interest rates and the housing market and he is the author of the NEW Inflation Mega-Trend ebook that can be downloaded for Free. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 600 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Norman Prior
03 Mar 11, 08:54
Savings

My present investment is in Silver Savings. The interst will drop from 1.35% to 0.68%net on 4th May. I need something better than this. Please advise


dr ray
03 Mar 11, 16:57
savings

Try Close Bros. 5% on 3 year bond. Or Post Office (BoI) RPI + 1.5% 5 year bond


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules