Negative interest rates.

[Newboy]

I wouldn't 'be happy' but I don't have an issue with paying for a service.

As far a banking profits go, the profit from retail banking is minimal. The profits come from the casino - or as the banks like to call them, derivatives, futures, options and all the other financial chicanery.

 

[JBR]

Yes. You get a discount if you do that.

Yes, many worldly-wise tradesmen will split the savings they make by 'forgetting' to pay VAT! I must confirm that I've been party to that in the past.

 

[JBR]

Another thing: what happens if we go the way Greece has? Can't withdraw money from cash machines, bank counters closed, etc. Continued membership of the EU makes that ever more likely.
My fortune under my mattress will still be accessible. Mind you, if it looks like they might devalue the pound I'll have to rush out and buy some gold!

 

[nickso]

Shame all the comments were from septic tanks going on about Obaba policies. I didn't read every comment but saw only one comment from someone in Sweden and he was an Ex-pat that seemed happy because his mortgage was easy to obtain.

I can't see the UK public buying into this....we are not super lefties like the Swedes (yet) and I could see cash being king again if we were being charged for having money in savings. Could end up being like many African countries where trying to find change for a big note is a nightmare.

Safe makers will be rubbing their hands.

 

[ladylola]

No disrespect intended to newboy , his view is a common one , the idea of paying to use a current account and I'm of the opinion that regular charges to those accounts will be a more likely move than a negative interest rate for savings. Of course once the whole concept of paying for current accounts is accepted then it becomes much easier to move savings rates downwards.
I won't be happy , I won't even use a business account because of the charges.

 

[Brigadier]

Of course you pay something, Newboy - the bank uses your money, makes itself huge profits with it, and pays you next to nothing (in interest) for the privilege.

So just the usual anti-bank rhetoric - how much money do you think the banks earn from current account balances?

If they don't make enough to make it worth their bother, why do they bother?
Last time I checked, banks weren't charities.

 

[Newboy]

So just the usual anti-bank rhetoric

 

[Brigadier]

So just the usual anti-bank rhetoric

No answer.

 

[Brigadier]

http://www.thisismoney.co.uk/money/saving/article-2268305/Banks-9bn-current-accounts-year.html

 

[Newboy]

So if you dislike the banks so much there's a simple solution - withdraw your money & close your accounts.

In the meantime stop bellyaching about everything.

 

[EFLImpudence]

You can't opt out of everything that pɩsses you off.

It would be nice if they all stopped pɩssing us off.

 

[Brigadier]

So if you dislike the banks so much there's a simple solution - withdraw your money & close your accounts.

In the meantime stop bellyaching about everything.

I don't like or dislike banks.
You claimed that they don't profit from current accounts.
I answered.

All you've done is smart @RSE about, then b i t c h.

Answer sensibly / constructively, or keep making yourself look like a child.

 

[JBR]

http://www.thisismoney.co.uk/money/saving/article-2268305/Banks-9bn-current-accounts-year.html

Personally, I have no problem with this. Banks have always been in the business of lending money to those who need it and looking after the money of those who have it.

The interest received from the former might, presumably, account for a large (or the largest) proportion of the profits they make.
The use of the latter's money to invest and make more money has also been a good source of profits in the past, although today things might not be as easy as they have in the past due to low interest rates. I'm not surprised that, according to this article, it is still a viable practice for them as they probably have access to investment opportunities than does the man in the street.

I don't mind not receiving interest on my money (such as it is) in my current account. In fact, I don't think I ever did have even when interest rates were higher. I would, however, be unhappy if they began asking for payment from me for looking after (making use of) my money.
And, of course, they still offer interest (albeit not very high) on money deposited in various savings accounts.

 

[Newboy]

I don't like or dislike banks.
You claimed that they don't profit from current accounts.

Answer sensibly / constructively, or keep making yourself look like a child.

When you've finished having your childish little tantrum I suggest you read what I wrote not what you think I wrote.

 

[Fallingdown]

How can a bank charge negative interest when there isn't enough physical cash printed to give it to their customers?