8 in 10 Savings Accounts Lose Cash

Hiya all

I was reading a headline in one of the papers today and it read 'Eight in 10 savings accounts LOSE cash: Inflation goes up - but banks still pay interest rates just above zero'

On closer inspection, it was referring to banks which are part-owned by taxpayers, such as the Halifax and Lloyds, as these are among the worst of the 'savings sinners', paying rates as low as 0.05 per cent.

So for example, a basic rate taxpayer with a £10,000 nest egg, will earn £4 a year after tax - or £3 for a higher rate taxpayer.

Is this totally crazy or what?!!

Have a look back to one of my earlier posts about playing free daily scratchcards with certain bingo sites. I worked out that as long as I log on to the website and play the free daily scratchcard, I will earn a minimum of £78 a year.

Now I've got no where near £10,000 in savings and I know it would be rather nice if I did, but it does put a little smile on my face when I think I'm earning nearly 20 times as much cash (for nothing!!) than they'll earn for probably not touching that capital.

Remember that I said I make a MINIMUM of £78/yr. That's based on making 10p per go per day (twice on a Sunday with one of them) Now if I analyse how much I actually earn on a scratchcard each day and do my sums correctly, I am probably making in the region of £132.60 per year (which will be paid off my mortgage)- for nowt.

So - who says you can't get something for nothing :-) Having said that, I do play bingo every, now and again (it's very exciting, especially when you win!!). It wouldn't be right to just take, take, take, now would it ;-) Px