Interest rates and the over 65 age group ?

There must among us be a few in the age group 50 + ? Maybe having worked hard and doing what the older generation did best and put a few quid aside for a rainy day ?

Last week the government started the so called pensioner bond which gives a guaranteed 4% Not a huge rate but at least it keeps deposits in line or slightly in front of inflation so the money is not actually being eroded.

We have to be 65 in order to get this preferential rate.

My point is what about those under 65 ? Well we get............ Errr frankly sod all. If you can get above 2% please tell me cos I cant get anywhere near that.

Now if we were ( Heaven forbid) to discriminate against against those over 65 we would be quite correctly kicked up the backside as in my opinion we would discriminating against an age group which I believe is against the law.

So how on earth can the age group over 65 be given preferential rates when the rest of us get next to nothing.

Sorry but I and the tax payers alliance ( I have absolutely NO affiliation ) see this as unfair and discriminatory against and age group IE the under 65s

Equal is and means equal surely ?

Please do not think I am having a pop at the over 65s as that is simply NOT the case. But on order to have equality for all surely this is just not on ?

Thought ?

 

This did nothing for those retired early on ill-health grounds or redundancy in later years, who's pension lump sums will be eroded by inflation to a pittance by the time they eventually reach an ever increasing state retirement age without any prospect of re-employment.

Others in that situation without 'early retirement' occupational pensions, and without any realistic prospect of of re-employmment should be given the opportunity to take early state pensions, freeing up jobs for the unemployed.

 

I 'm in.

Us poor pensioners have suffered with low interest on our savings for some time.
When I was buying my house many moons ago I was paying around 15% interest at least.
What is it now ........almost free lol.
Most loans are cheap in comparison.
So ............absolutely nothing to do with the grey vote
,there is an election coming up....................Have a heart Charlie

 

I'm not sure that the government bonds are such a good deal really, though better than the average rate available, though you do have to tie money up for 1 or 3 years and a maximum which is not large, not my cuppa, though I'm not old enough anyway.

There are some alternatives, the best are|:
Santander 3% on upto £20,000 and you can have two accounts, so £40k and it is instant access. For a couple you can have a single 123 account each plus a joint account so £60k at 3% which these days isn't bad. There are a few rules (like switching £500 into each account monthly, but that is easily done with an instant transfer and back transfer). Open to any age and instant access.

Lloyds do a 4% account but only I think upto £5k. And there are a few others but again with hoops to jump through like the regular monthly DD. Again you can set this up easily to get around it if you can be bothered.

Deffo a vote buying exercise of the most cynical and transparent sort and I suppose the next government (which may not be Cons) will have to shell out the interest. All things to ponder.

On the more general point, it does seem like the older generation is being penalised for frugal living and long years of work. Bah humbug!

Off to take a high blood pressure pill or two

GG II

 

Totally agree with you roders interest rates peaked at 19% in the early 1980's...Imagine what would happen if interest rates soar like that today..

 

Council just rang up and asked if I'd take part in a survey, I said yes.
Then said is there anyone in the house between the ages of 18 and 44, I said no, he said goodbye.

Obviously I'm too old to participate in the survey but too young to get a decent interest rate on my money.

Age discrimination, it goes on all the time.

 

The Santander account is fine but the rate is limited to 20K which is restrictive. You also have to switch from another bank which many won't want to do.. You also have to have wages or income of I think 2 K a month which many can't do.. In short it's good but has many downsides..

 

Some interesting and valid points... But look at this another way ...

Imagine the government announcing a savings scheme with preferential rates the everyone EXCEPT to over 65s could have ???

My main and real point is how can we have equality and a discrimination free society with things like this going on ?

 

Swings and roundabouts. It's worth remembering that folks retiring now are getting pretty stinky annuity rates, which once taken are set for life, whereas mortgage payers have never had it so good.

 

What is interesting and perhaps someone can explain why is that when we have had previous so called recessions interest rates have been very high.. Yet this time they are at an all time low ?? I'm not clever enough to understand that..

I like many here struggled through the previous ones because our mortgage was so high. This time it's been hard because our savings earn us less than inflation... Mmmmm

 

Bonds :-) bonds Greece did bonds at 16%, so did Spain
The UK is just making sure it has more money to remove from pensioners, when the UK is bust, without having to ask them to pay some in They already hold it

Jack McH

 

They will.... But perhaps they will be too astute to get influenced by rubbish like this..

 

Cynic

 

Some, perhaps. However, on my (local) news they were running the story (hype?) of people desperate to get through on the phone lines and were not able to and the frustration that was causing (implying, a high take up rate/wannabe's? Or, suggesting a low uptake and creating a marketing hype? Who knows? - for "certain" ).
People (of *any* age) are keen to make the most of their money (this is not new). While I can see your argument regarding age discrimination ... how does this deal differ from the new pension release legislation (equally aimed at a certain age group?)

After all: come election time, if a different think tank is in Government, that could all change too!

All I know is this: never (within my lifetime) have things been so ... changeable/uncertain. A "good deal" today is no guarantee of a "good deal" tomorrow. It is all so very precarious.
C'est la vie