YOU HAVE YOUR SAY

END THIS SAVINGS INJUSTICE! GREEDY BANKS MUST PASS ON THE 0.25 PC INTEREST RATE HIKE TO ALL OUR NEST EGGS Money Mail, August 8

EVERY week, Money Mail receives hundreds of your letters and emails about our stories. Here are some from our story about banks failing to pass on the recent base rate rise . . . IT SHOULD be law that savings rates move in line with the base rate. That would mean a 0.25 pc rise on all savings accounts. N. D., North Yorks. ONLY keep ‘rainy day’ money in a savings account, with the rest in stocks and shares ISAs via a financial adviser. Even mediumrisk accounts net 4 pc minimum. T. L., Mapusa, India. NO DOUBT banks will be swift to put up mortgage rates. Glossy, annoying, ‘caring’ adverts with poems and the like don’t fool us. M. P., London. FROM the viewpoint of a ‘normal’ saver, if I saved £100 a month to pay for a £1,200 holiday in a year’s time and the rate on my savings account was increased by 0.25 pc, I would have a whopping £1.63 more to spend on holiday. S. P, London. IF THE Bank of England had increased rates by 2.5 pc, I would show some interest, but 0.25 pc is hardly worth the effort. R. M., Manchester. I’VE used current accounts as savings vehicles over the past few years. There are a few hoops to jump through but, once set up, they pay decent rates on set amounts. Yet even these are being cut, so I’m buying more shares. I’m also giving peer-topeer lending a go. It pays about 4 pc, but your money is at risk. C. M., Scunthorpe, Lincs. I TOOK a gamble and cashed in my ISA then put the money into Premium Bonds. I’ve had a better return, with a number of £25 wins, than the interest rate my building society was paying.

To keep some money available instantly for emergencies, I have a Premium Saver account. The interest rate is rubbish, but the monthly no-withdrawals bonus has made up for it. B. A, London.