Interest rate dropped to 3%

Here it is. Lowest rate for 50 years.

Crap for saving, mind!

Fixed deposit rates set this morning are still valid..... Make hay, you bunch of Oligarchs.

Tracker mortgage FTW!

I think you may want to be on www.londonfixedrate.com

and for the no experts, what that mean?

and for the no experts, what that mean?

Less expensive to borrow.
Less profitable to save/lend.

Therefore:
If you owe money it's good.
If you want to save/lend it's bad.

The idea being that people are more inclined to spend than save and thus stimulate the economy.

Tracker mortgage FTW!
So long as your lender is gracious enough to pass the rate onto you...

and for the no experts, what that mean?

It means that if you were prudent and thought that houses increasing at 11% in value every year was a speculation bubble about to burst spectacularly in the near future.
So you saved your money instead, only to find that a banking/credit crisis brought about by the packaging of loans based on overvalued property and owned by people unable to pay their mortgages, into investments for other banks to buy.
Resulting in governments having to give taxpayers money to the banks and lower interest rates.
Which means your savings earn less money and by the time you are taxed and high inflation has eroded your money even further, you realise that your money is just about standing still in 'real value' and not growing at all.

Ha! Overburdened with debt FTW!

Not to mention the fact that our tax money is being used to bail out the fuckers who created this mess in the first place...

Shit why did I get a fixed?? (~rate, not ~wheeled bicycle)

Quote from bbc news

However, banks are expected to take their time deciding whether to pass on the cut to mortgage holders and savers.

These fuckers should be forced to pass on the rates. After all it was the tax payer who just bailed them out the greedy fucking cunts!!!!!

Rant over. I am having a terrible day

They're just being cautious...
These are fragile times and who can blame them for not wanting to take risks ;-)

Less expensive to borrow.
Less profitable to save/lend.
Therefore:
If you owe money it's good.
If you want to save/lend it's bad.

I hate other people. Fucking bunch of over-borrowing 'tards ruin my savings.

Shit why did I get a fixed?? (~rate, not ~wheeled bicycle)

Don't you mean fixie?? ;-)

just trying to open a 12month fixed account before the rates drop even further and all the links to the popular u.k. accounts are not loading due to the demand. birmingham midshires site is not loading as they offer the best rates from a bank you have heard of.
i'm giving the indian and nigerian banks a miss so some dodgy/dutch turkish bank is going to get my business.

I decided it best to spend my money on things I want as soon it will be worth nothing. Going to buy a new road bike tommorow can't wait!

I decided it best to spend my money on things I want as soon it will be worth nothing. Going to buy a new road bike tommorow can't wait!

Looks like the plan is working perfectly...

the key thing is todays new interbank rate should be out at 11.00 - 11.30 that will show if the 1.5% has had any effect on the credit crunch

broker any ideas what the new rate is today ? has it come down 100bps ? more / less ?

Looks like the plan is working perfectly...

just doing my best to help the economy!

broker any ideas what the new rate is today ? has it come down 100bps ? more / less ?

The bank we get our best rate from has dropped >100bps overnight on 12month fixed deposit.

Browny McGordon Chops is doing a lot of shouting and it looks like the mortgage lenders should respond by cutting variable rate mortgages today blah blah....

In other news, i fitted an italian BB last night and torqued the tits off it.

Shit why did I get a fixed?? (~rate, not ~wheeled bicycle)

Because you're sensible and don't want to depend on an increasingly unpredictable financial market that's up and down like the proverbial lady of the night's undercrackers?

I'm remortgaging next year (after a three year fixed term) and I'll be looking to do the same again. So much easier knowing how much money is going out of your account on a month to month basis, even if at times you have an 'aww fuck...' moment when the rates change.