Our government have got a bloody nerve, amongst other things that are unprintable because I like to think I’m a lady.
In the Budget, O-Face raised the annual maximum deposit into an ISA to £20,000.
What a f***king insult to the lower paid, those on a fixed income and those on the bread line.
What a bigger f***king insult with a pi55 poor return even if you could do it.
Who in their right mind is going to put twenty grand into an account that will pay at the end of a year, £200 in interest.
Already, in case no-one has noticed as it hasn’t exactly been announced in a loud voice, the FSCS has reduced the amount of ‘compensation’ should banking institutes fail from £85,000 per individual to £75,000 as from Jan 1st 2016 (link).
However, this is not for each bank account held, but a total amount with one financial body and its subsidiaries. So beware if your ‘Building Society’ that was in now a subsidiary bank of a larger entity, you could miss out should another Financial Crisis occur.
The Government incentives for savers opening ISAs and their plastic carrot ‘bonuses’ have catches……. either regular savings or penalties for early withdrawal if you don’t go to the five year term.
They want your money, but will give you nothing back, redistributing the country’s wealth to line their own pockets and add inches to their gut.
I am sick of being bled dry.
I played by Their rules years ago when I was working, coming out of SERPS in the ’80s and taking out a private ‘pension’ scheme for my retirement. The promised £2000 for doing so never materialised, and when I started work for the Bank in 1989, I had to contract back in as they had their own pension scheme (which worked out very nicely for me thank you very much!).
I was later notified that no money had been contributed into said ‘pension’ for several years, yet I had been continually working and my wages deducted accordingly.
Then the pension company was sold, my ‘pot’ along with it, and I ended up taking an annuity with the proceeds that amounts to a pathetic £45.96 a year.
Eventually, money will walk. People will be so incensed, they will demand their meagre balances in cash to stuff under mattresses, line walls, put in house safes or spend on luxuries that they had denied themselves because they wanted to have a comfortable retirement.
Add to that the ever increasing retirement age, mortgages being extended until your 80s and the excruciating waste of resources and funds our leaders are toying with, Joe Public will always come off worse, savers or not.
I’ll get off my box now.