is the bank rate cut another blow to the pensioners?

You have hit the nail on the head if you live within your means you are penalised, the greedy people who have caused this sh!tstorm are being rewarded little wonder then that they will carry on as before!

If your savings are in a regular savings account, and the Banks pass on this drop in Bank Rate then yes, of course it will affect you. If your savings are in a fixed rate Bond eg. hopefully it won't make any difference. But whatever the case, times are hard. Petrol prices do seem to be easing (but for how long?) which should be transferred (oil prices) to the cost of heating - but whether this will happen, if it does, this side of this coming Winter is anybody's guess. As for the cost of food - was a time when we did a 'big' shop once a month and the other weeks we could get away with spending around £40 or so for the two of us. No more ...... these 'small shops' are coming in at closer on £60 I've noticed.

But my take on all of this is once the Savings have gone, they've gone - and we are on Benefits. Or dead. So who cares really!!! There will be a lot of us in the same boat and they can't bang us all up for non payment of Council Tax, and the like ...... and you can Claim Housing and Council Tax benefit you know!

Yes.. Now that the bank rate has been cut, banks will reduce the rate of interest that is paid on your savings. They are also expected to cut the mortgage rate and lending rate, but may not do so.

This means that people with savings are being penalised, while those owing money to the banks, may have to pay a bit less. It is unfair.

Your only course of action is to move your savings to the bank or building society paying the best rate of interest at the time.

Good luck.

It is a blow, considering how much we have lost from our savings already. But I'm happy that my kids will have a cut in their mortgage interest. Their monthly payments are horrendous because of the high prices of real estate. Its just like the swings and the roundabouts - when one part of society wins, another loses.

Unfortunately you are correct, whilst the price of petrol has dropped, it's noticeable that the price of gas and electric haven't. Reducing interest rates on savings has maximum short term impact on pensioners who use this income to pay bills. The price of food hasn't dropped either, so the effect of this cut is to push more of the elderly into fuel poverty

National savings offer accounts that are safe and linked to inflation plus a little more.

I think it is going to be impossible to keep inflation low until all these bad debts have worked through the global system.

Cutting rates is another desperate attempt to help the economy. It wont and Idont think they should do it. People from wall st and the banks need to go to jail.

Yes! If you have investments in stocks, mutual funds, savings of any sort you will no longer get the interest returns on your investments that you had before.

Itws a blow to pensioners but please acknowledge that its a blow for EVERYONE

At least you grew up in a time when it was possible to but a house, raise a family AND save money. The government will look after you, it is the young who will work us out of this mess and suffer the most from it.

you are so correct -- but i will take a cut back in interest received if it jump starts the economy and get it moving again!!!