Most people seem to assume that savers are only bailing out the banks. It is true that the banks have been bailed out, however at the moment savers are generally bailing out the people who borrowed heavily in the last few years and cannot afford to pay it back. There should be more political angst against those who remortgaged on the increase in the value of their house (which is unearned income) and are now being protected by low interest rates. Do you want to live in a country that helps those who were foolish and punishes those who were not? With inflation above 4% (when you account for costs associated with homes, with or without a mortgage) then the money you have is going down in value even with interest. The low interest rates are protecting those who made a mistake and the reduced value of your money is paying for it.
You do not have to pay for others mistakes. It would be better to take you money out of its current savings account and move it to the highest possible rate you can find, which probably won’t be in the accounts run by the banks who are servicing these cheap mortgages. Better still would be to Just REVOLT. Take you money out. Move it abroad if you can. If you can’t, then make a run on one bank and move the money to another. Do whatever it takes to put pressure on the banks and government to give a reasonable savings rate and to stop supporting those who caused the financial problems.
Make no mistake; the banks and reckless spenders need your money. Don’t let them have it without a fight.
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