ISA's

[Sean Regan]

When I took early retirement, in 1998 I invested most of my "wedge" in a few savings accounts. One was a corporate bond paying 8%, most others like ISA's paid at least 6%.
Over time interest rates declined (as did my wedge). I've still some money in an NSI (old people's account) and I did have an ISA with Leeds Building Society. This has matured this week and paid out about 1.7%.
Looking round yesterday for another easy access ISA, I found that it is no longer simple to move money about any more, due to the fraud security systems. I've no problem with that.
I decided to split this money between two ISAs, one with the Yorkshire Building Society. Having set up an on-line account I found that I had to physically provide some identification, couldn't e-mail copies. So I phoned them up this morning. After having to listen to the automated equivalent of "War and Peace," someone finally answered the phone.

I asked them was it really necessary for me to traver 8 miles to their nearest branch to show them my driving licence.

"Yes."

"For 1.3% interest?"

"Yes,"

"Well I don't think I'll bother."

I've gone elsewhere.

 

[Logan]

Going back a few years our son tried to open a bank account with Barclays bank it was so difficult, just because he stopped using banks for a while.a Friend of his got him in, i don't know how.

But interest rates are terrible now.

 

[Sean Regan]

What really irritates me is the ridiculous interest rate charged on credit cards and other forms of borrowing. It hits those who are hard up most.
I made it a point never to pay interest again after clearing my mortgage. I pay insurances, golf club membership annually and clear my credit card balance every month. A couple of years ago I transposed a couple of figures and underpaid by a few quid and got slapped with an interest charge. I phoned them up and politely informed them that it was an accident as I always clear my balance so would they please waive the interest charge.
They said "No."

So I said, "Can you see how much I spend a month on my card?"

"Yes"

"Do you want me to stop using it? I can get a card with any company given my credit rating."

There was a silence and then they decided they could waive the interest charge.
These people must be on a bonus.

 

[Logan]

Hubby always pays the full amount on his cards when the statement comes through that way don't pay interest and don't get into debt.

 

[Colin]

Hi,

We don't have credit cards so no problem with extortionate interest rates. We have a savings account where we dumped money just using it as our "Car" account; every three years we then bought another brand new car for cash. Our Skoda Yeti is now three and an half years old and we love it so much have decided to keep it; the car account now had more than enough for a new car but we received a message to say the interest rate was going down on the savings account; it's now 0.01%. Strange that when we had few savings the interest rate was high but now we have more savings we're expected to sponsor borrowers virtually free of charge?

We never play around with our savings trying to get high interest rates taking risks; Premium Bonds are now a lot better off because a lot of the account has now been transferred.

We need to be careful discussing financial matters on an open forum.

Kind regards, Colin