Risk of negative interest rates? Will we all be keeping money under our beds rather than the bank?

[Youngatheart00]

Been reading in the paper that the Bank of England are signalling they may cut rates to negative. This would technically mean you could be charged to keep money in the bank.

Interested in opinions on whether people think this would happen and whether it would be for businesses or individuals as well.

It kind of blows my mind a little tbh! Tho lenders will still be cleaning up on debt interest so it seems harsh to charge customers to lodge cash. Also wondering what they would do to prevent ‘a run on the bank’ which would cause chaos?

@cptartapp

Premium bonds for me. Winning most months and I've nowhere near full holdings.

Me too! The best interest rates on the amount I've got in wouldn't have made me as much as I have in the past year - maybe only £25 more, but that's £25

NS and I bonds Not any more they don't - the bonds paying CPI+ a bit closed to new savers years ago.

Premium bonds for me. How will they work? At the moment, they basically pay a small amount of interest into a fund which is divvied up as prizes. If there's no longer any need to pay interest to get hold of money, why would premium bonds still exist? Or instead of giving no interest to anyone in order to fund prizes, will they start to charge everybody say 2% and then the lucky few will gt prizes?