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BANKING & ECONOMY

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dreamkatcher
Member
#16 | Posted: 13 Oct 2010 22:22
Reply 
This bank trick could cost you 100
By Neil Faulkner








1.8 million customers are about to become members of another bank without realising, and it could leave them poorer.

With all customers from NatWest's Scotland branches and all customers from Royal Bank of Scotland's England and Wales branches automatically being transferred to Santander after a 318-branch buyout forced on the combined Royal Bank of Scotland Group by the European Commission, it might amaze you how little the two companies want to talk about the deal.

Yet Santander doesn't want to talk about it. As far as I can see, its prolific UK press room hasn't written a single press release on it. Royal Bank of Scotland, too, hasn't tried to sell the loss of branches as a positive for the business.


The reason is simple (but the effects on customers aren't I'll come to that shortly). Customers can choose to remain with Royal Bank of Scotland or NatWest, but they have to contact Santander before being switched in the next 12-18 months. Santander naturally prefers to keep as quiet about that as possible.

Royal Bank of Scotland and NatWest, on the other hand, aren't allowed to do anything to try to keep customers, under the terms of the deal. Hence, if they do try some tricks to keep you, they won't be doing it so obviously through a press release.

All customers must take action

Let's start with current accounts.

Santander's deal for new current account customers is a 100 joining bonus and 5% interest fixed for a year on positive bank-account balances up to 2,500 with its Preferred In-Credit Rate Account. If you average 1,250 in your account, that'll be about 63 after a year, on top of the 100. This is much better than existing customers will be getting at RBS Group.

However, it's unlikely that former RBS Group current account customers being shifted to Santander will be given this top deal automatically, because Santander's payments to the potential 1.8m customers would likely be in the hundreds of millions over 12 months. More likely you'll get no joining bonus and zero, or close to zero, interest. That's what RBS Group is paying most of you now, too.

Santander will probably just offer this top deal to the customers who contact it to inform it they don't want to be moved from NatWest or RBS. Then it would pay to get your business. If you're interested in the Santander deal, you'll have to take action yourself and not wait to be moved automatically.

Alternative bank accounts

First Direct, a subsidiary of HSBC, also pays 100 if you switch to its 1st Account. Although it pays no interest, it has a much better reputation for customer service than Santander. Indeed, it is recognised as the best, winning countless awards for its customer service, as detailed in The UK's favourite bank account.

If you prefer to earn interest and you have some savings, you can get an excellent interest rate of 4% with Lloyds TSB's Classic Account with Vantage if you keep between 5,000 and 7,000 in your account. If your average balance is 6,000 that'll be about 240 at the end of the year.

However, as far as I can see this interest rate could be reduced at any time. If you have that much money and want a more guaranteed way to earn roughly that much over a year, you could get the Santander account and keep it credited up to 2,500 combined with a top savings account with a good guarantee for the excess savings.

To get those benefits in any of these current accounts you need to keep paying in 1,000 each month, or 1,500 in the case of First Direct.

What'll happen to your mortgages?

If you have an introductory or long-term mortgage deal with Royal Bank of Scotland or NatWest, Santander won't be able to change the contract terms for the worse when it takes over. However, customers on standard variable rates could be put on Santander's SVR.

It may be that Royal Bank of Scotland Group will reduce its SVR in order to entice customers to take steps to stay with it. That may even start a price war with Santander. But we're getting ahead of ourselves. It's too early to say what the difference in SVRs will be when the shift occurs.

At the moment the difference is small, although it could leave you a few hundred pounds poorer a year if you let your mortgage move over to Santander naturally. You might not think much of a couple of hundred in the context of the thousands you pay for your mortgage, but that is a common error. After all, you'd be very pleased if you found 200 in the street, so do you want that 200 or don't you?

As an alternative to either SVR your obvious choice is one of the ultra cheap tracker mortgages out there. Many people are going for two-year fixes, although I feel they're unsuitable for the majority of people. I think you should consider also very long-term fixed-rate mortgages, if it's appropriate for your circumstances. I wrote why they're under-rated in Pay 5% on your mortgage for a decade.

Personal loans

If you have a personal loan from an affected NatWest or RBS branch, it's probably on a fixed interest rate. Santander won't be allowed to increase that if it takes over or make the terms and conditions worse. You can find out more about personal loans in Fight back against rising loan rates.

More from lovemoney.com


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Starseed
Guest
#17 | Posted: 15 Oct 2010 20:38 | Edited by: Starseed
Reply 
Max Keiser on Alex Jones' Moneybomb Show - 15 October 2010

http://www.youtube.com/watch?v=WDmMbdJdjTs

The Best.
dreamkatcher
Member
#18 | Posted: 15 Oct 2010 21:31
Reply 
ok
Starseed
Guest
#19 | Posted: 18 Oct 2010 18:55
Reply 
LOOKS GOOD: Or does it?

Inside Job Trailer 2010 HD
http://www.youtube.com/watch?v=X2DRm5ES-uA
Starseed
Guest
#20 | Posted: 20 Oct 2010 18:33
Reply 
500,000 public sector jobs to go: Danny Alexander lets the cat out of the bag on spending cuts

And all of these cuts are because????

Read more: http://www.dailymail.co.uk/news/article-1321842/SPENDING-REVIEW-500-000-public-sector -jobs-Danny-Alexander-lets-cat-bag.html#ixzz12vBMOH00

When will we turn into France? I mean, how come they are not as dumbed down and ignorant as the British. They say NO and stick together. They do not have Eastenders do they? That could be it?
Starseed
Guest
#21 | Posted: 21 Oct 2010 08:28 | Edited by: Starseed
Reply 
The ongoing cost of the Bailout:

Spending review 2010: George Osborne announces extra 7bn of welfare cuts
In full here: http://www.guardian.co.uk/politics/2010/oct/20/spending-review-2010-osborne-cuts?utm_ source=twitterfeed&utm_medium=twitter

"The chancellor blamed the previous government for leaving the coalition with the "worst economic inheritance in modern history", which he said had brought Britain a level of debt that "threatened every job and public service in the country".

And the circle just continues and this sorry population just accept it and carry on slaving.

BUT - there are more people waking up, they just have nowhere to go to get together and come up with a plan IMO. read the comments below this article, more and more people are just not having it, yet no voice. That is how the MSM is used.

Here - like these:

'We dont live in a democracy - its all just an illusion. The banks control these idiots and they are showing more and more how they control the world economies and not the gov.

The parties are all in it together.'

-------------

'No matter how much the government taxes the bankers they are still in a position to make themselves more money. They manage it after all.'

------------

'So, that was 500bn in bailouts for the bankers who landed us in this mess in the first place, now balanced by taking 7bn from the poor who didn't. I'll obviously have to Tipex-out the definition of 'fair' I currently have in my dictionary.'

------------

'Seems the ordinary people are the ones with honour after all - it is sadly missing amongst the super rich, media barons etc that rule us and rule our Governments.'

------------

'He stands their with a big bunch of MUPPITS geering like kids, while people are losing their jobs, and homes because of the cut's.'

-----------

Question is - How to bring these people together to form a sort of 'TRUTH' Party that will tell it like it really is. If there were enough momentum the dam walls would have to burst. The MSM would never allow it so...

Any clever people out there have a plan?

I want Richard to start the Truth party as part of his shows and sign people up! Imagine RDH as PM!
Starseed
Guest
#22 | Posted: 21 Oct 2010 08:57
Reply 
LOL - from the Guardian. They kept this quiet in the MSM though - I had no idea, did you?

Demonstrators protest against government cuts
About 3,000 people gathered in London to protest against the government's public spending cuts














http://www.guardian.co.uk/politics/gallery/2010/oct/20/demonstrators-protest-against- government-cuts#/?picture=367895848&index=7
Starseed
Guest
#23 | Posted: 21 Oct 2010 20:18
Reply 
The average UK adult owes 29,918 (including mortgages) 126% of the average salary

15% of the average family's income will be spent on interest on this debt

Government debt now adds up to 32,730 for every worker in the UK, costing every household a further 1,890 in interest each year

In 1960, a house would cost 3.6 times the average yearly wage, in 2010, a house would now cost 9.8 times the average yearly wage.

Banks had to be bailed out by the taxpayer.


http://www.positivemoney.org.uk/
Starseed
Guest
#24 | Posted: 21 Oct 2010 20:31
Reply 
Keiser Report meets Schiff Report 2.0

http://www.youtube.com/user/MaxKeiserTV
RICHPLANET.NET
Admin
#25 | Posted: 21 Oct 2010 20:45 | Edited by: RICHPLANET.NET
Reply 
What is sad is these protesters are ALL missing the points. Yes the cuts are unneccessary but the reason is because the Government does not have the ability to create currency. It has to borrow it from the B of E. Get rid of the B Of E and enable to government to print money. Problem solved.

They should be protesting to end The B Of E. But this is all part of the con. The real powers that be WANT this argument. They love the fact that most people have accepted that we need to "deal with the deficit". No we don't we need to deal with the Bank of England and get rid of it so the Government can write off all their debt. By definition a sovereign nation with sovereign currency CANNOT be in debt - it should just be able to create the money itself.

It's all a con to keep you in your invisible prison of work and tax.

And who benefits from this con? Those who own the Bank of England, i.e. Rothschilds and the Queen. Billions of pounds of interest from money they created from thin air.

The Queen cancelling the Xmas party was a Psy-Op to get people of the scent that they are actually raking it in.
Starseed
Guest
#26 | Posted: 21 Oct 2010 23:18 | Edited by: Starseed
Reply 
RICHPLANET.NET:
What is sad is these protesters are ALL missing the points. Yes the cuts are unneccessary but the reason is because the Government does not have the ability to create currency. It has to borrow it from the B of E. Get rid of the B Of E and enable to government to print money. Problem solved.

They should be protesting to end The B Of E. But this is all part of the con. The real powers that be WANT this argument. They love the fact that most people have accepted that we need to "deal with the deficit". No we don't we need to deal with the Bank of England and get rid of it so the Government can write off all their debt. By definition a sovereign nation with sovereign currency CANNOT be in debt - it should just be able to create the money itself.

It's all a con to keep you in your invisible prison of work and tax.

And who benefits from this con? Those who own the Bank of England, i.e. Rothschilds and the Queen. Billions of pounds of interest from money they created from thin air.

The Queen cancelling the Xmas party was a Psy-Op to get people of the scent that they are actually raking it in.

And ALL OF THAT IS A FACT!

Please start the 'TRUTH PARTY' Rich. I could be environment minister?
Starseed
Guest
#27 | Posted: 21 Oct 2010 23:20 | Edited by: Starseed
Reply 
Keiser Report meets Schiff Report 2.0

http://www.youtube.com/user/MaxKeiserTV

Schiff seems to know what`s (sort of) going to happen so does Keiser - whether they suspect the real story behind the scenes ? Who knows? They certainly know about Fiat currency - Rothschilds? Probably The Fed ? I think so?



BTW - Is Mark Cocking scheduled for another visit?
RICHPLANET.NET
Admin
#28 | Posted: 21 Oct 2010 23:52 | Edited by: RICHPLANET.NET
Reply 
Not as yet. This subject needs covering big style. But I have other ideas on how to cover it.

Maybe a debate at the same venue as 7th October, with a panel of experts audience and yours truly as presenter? Mark Cocking could be one of the panelists. Kind of a mini question time?

Mark is good, but I would like to get another guest with the a similar opinion who is an expert on economy/finance who will explain it all. I think it's such a ground breaking new concept for people who don't know about it, it needs the power of several minds to explain it and put it over. You're asking people to re-consider what money is for, how it is created, by whom and why? Questions which are NEVER asked in debates on the economy on TV. There would not be economic cycles or inflation if you eliminate interest from the economy and get rid of crazy lending.

Anyway - a TV debate on the subject rather than a single guest on the Starship.

Just an idea I am toying with.
Starseed
Guest
#29 | Posted: 22 Oct 2010 07:35 | Edited by: Starseed
Reply 
RICHPLANET.NET:
Mark is good, but I would like to get another guest with the a similar opinion who is an expert on economy/finance who will explain it all. I think it's such a ground breaking new concept for people who don't know about it, it needs the power of several minds to explain it and put it over. You're asking people to re-consider what money is for, how it is created, by whom and why? Questions which are NEVER asked in debates on the economy on TV. There would not be economic cycles or inflation if you eliminate interest from the economy and get rid of crazy lending.

Anyway - a TV debate on the subject rather than a single guest on the Starship.

I LIKE IT.

Like Schiff said - we at least need to go back to the Gold standard where money is actually backed up by something other than worthless paper. According to him it is only a matter of time before the Dollar is done for anyway and that will have to happen.

It`s going to get messy.

Theo had a couple of good people on, also discussing ending the BOE and the money supply. Maybe those people?
Starseed
Guest
#30 | Posted: 22 Oct 2010 18:05
Reply 
Osborne: Bank free to bolster economy

Bank of England monetary policy can help to shore up the economy while Britain is cutting public spending, Chancellor George Osborne said on Thursday.

"The country needs a decisive plan, we've set out the decisive plan ... It has some caution built into it, there is of course the freedom for the Bank of England to deploy monetary policy tools as well," Osborne told BBC Radio.
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