aju
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Post by aju on Feb 17, 2020 14:40:11 GMT
Seems these days the current account savings game is almost over now that TSB is halving rates not 6/10 months after they cut them from 5% to 3%. Soon there will be no where to get decent fscs covered rates anywhere. DM seems to be covering it here although i was notified it in emails from TSB. |
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Post by gravitykillz on Feb 17, 2020 18:49:39 GMT
Nsi is slashing rates as well. Less chance of winning on the premium bonds from may.
All of this is just pushing more and more ppl to p2p lending especially around isa season.
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aju
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Post by aju on Feb 17, 2020 19:15:19 GMT
Nsi is slashing rates as well. Less chance of winning on the premium bonds from may. All of this is just pushing more and more ppl to p2p lending especially around isa season. I've made a note to not get sucked in and continue drawing down on zopa Invest at least. I need to rebalance I think ... Where Mrs aju's Marcus account details (At least that is 1.5% until next august and fscs covered to boot!). Its a start!
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Post by gravitykillz on Feb 17, 2020 19:38:07 GMT
Nsi is slashing rates as well. Less chance of winning on the premium bonds from may. All of this is just pushing more and more ppl to p2p lending especially around isa season. I've made a note to not get sucked in and continue drawing down on zopa Invest at least. I need to rebalance I think ... Where Mrs aju's Marcus account details (At least that is 1.5% until next august and fscs covered to boot!). Its a start! You say that but I am sure there will be a bonus for investing x amount of money for 6 months. Our greed takes over our common sense.
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aju
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Post by aju on Feb 17, 2020 23:35:08 GMT
I've made a note to not get sucked in and continue drawing down on zopa Invest at least. I need to rebalance I think ... Where Mrs aju's Marcus account details (At least that is 1.5% until next august and fscs covered to boot!). Its a start! You say that but I am sure there will be a bonus for investing x amount of money for 6 months. Our greed takes over our common sense. Yeah I know what you mean spent quite a bit of sunday looking at Natwest offer of 175 for switching and paying in 1500 by certain time etc etc. Sadly it took me quite a bit of time to find the spoiler in that if I had already taken the RBS sweetener since 2017 then we would be exempt. Not sure why they would hide that one in the conditions that are not upfront. Oh well I think I'll close our RBS accounts then we are not using them anymore ... No perhaps you are right I'll hang on to them so we can use them in the next transfer sweetener that may work for us. Meanwhile Marcus will have to do...
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 18, 2020 8:29:56 GMT
I have a couple of accounts with banks paying 2-3% but they restrict to £2K-3K hardly a fortune. Say you had max 5K permanently in accounts you would get £150 a year . I keep one main account and 2-3 other accounts and change these at least once a year at £100-£175 a time. These payments are tax free as they are not interest and don’t count in your £500-£1000 savings allowance. Some utility companies pay 3% on accounts with positive balance. You would do better to keep say £1k and exclusively use it to buy reduced items in the supermarket where you could buy goods worth at least £1100 and £10000. Just find you local store reducing times. I can easily afford more but rarely pay more than 10p for a nice high price seeded batch loaf. A large freezer is a very good thing to buy it will pay for itself very quickly if you are saving 90% on 70% of your shopping  |
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Post by Ace on Feb 18, 2020 8:37:18 GMT
I have a couple of accounts with banks paying 2-3% but they restrict to £2K-3K hardly a fortune. Say you had max 5K permanently in accounts you would get £250 a year . .... Some creative accounting going on there!
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Post by carol167 on Feb 18, 2020 8:58:29 GMT
I have a couple of accounts with banks paying 2-3% but they restrict to £2K-3K hardly a fortune. Say you had max 5K permanently in accounts you would get £250 a year . I keep one main account and 2-3 other accounts and change these at least once a year at £100-£175 a time. These payments are tax free as they are not interest and don’t count in your £500-£1000 savings allowance. Some utility companies pay 3% on accounts with positive balance. You would do better to keep say £1k and exclusively use it to buy reduced items in the supermarket where you could buy goods worth at least £1100 and £10000. Just find you local store reducing times. I can easily afford more but rarely pay more than 10p for a nice high price seeded batch loaf. A large freezer is a very good thing to buy it will pay for itself very quickly if you are saving 90% on 70% of your shopping Meanwhile... back in reality......
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Post by gravitykillz on Feb 18, 2020 9:17:26 GMT
Fighting inflation is not a battle it is a war.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Feb 18, 2020 9:27:47 GMT
I have a couple of accounts with banks paying 2-3% but they restrict to £2K-3K hardly a fortune. Say you had max 5K permanently in accounts you would get £250 a year . .... Some creative accounting going on there! LOL thanks fat finger press gave a 2. So even better value switching. Best advice see a good bargain buy the lot. You get 8-10% with a Farmfoods voucher. A penny saved is a penny earned.
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m2btj
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Post by m2btj on Feb 18, 2020 9:59:40 GMT
I believe we may be seeing the end of interest bearing current accounts. Over the years the likes of Santander have introduced account fees which have remained constant while interest rates & associated benefits have reduced.
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Post by gravitykillz on Feb 18, 2020 10:16:30 GMT
I believe we may be seeing the end of interest bearing current accounts. Over the years the likes of Santander have introduced account fees which have remained constant while interest rates & associated benefits have reduced. I personally dont care. Traditionally current accounts did not pay interest. It was savings account that did. But that changed in the turn of the century originally led by alliance and Leicester. I miss the days when you walked into the building society with a passbook said hello to the cashier who knew you and asked for cash. Today it is too easy. Press a few buttons and you get the cash!
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aju
Member of DD Central
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Post by aju on Feb 18, 2020 12:31:41 GMT
I have a couple of accounts with banks paying 2-3% but they restrict to £2K-3K hardly a fortune. Say you had max 5K permanently in accounts you would get £150 a year . I keep one main account and 2-3 other accounts and change these at least once a year at £100-£175 a time. These payments are tax free as they are not interest and don’t count in your £500-£1000 savings allowance. Some utility companies pay 3% on accounts with positive balance. You would do better to keep say £1k and exclusively use it to buy reduced items in the supermarket where you could buy goods worth at least £1100 and £10000. Just find you local store reducing times. I can easily afford more but rarely pay more than 10p for a nice high price seeded batch loaf. A large freezer is a very good thing to buy it will pay for itself very quickly if you are saving 90% on 70% of your shopping I do most of those things but sadly I've been doing it for a long while with the banks apart from HSBC, who don't seem to like either me or mrs aju. We both can afford the monthly requirements by a country mile and more but I guess because we are retired they cannot see our pot for want of a better term so they always seem to reject us on the monthly payment requirements. If you know how to play the game i'd be happy to get round N/W 1% after 12 months - they blocked off the returners after 6-12 month a while back. We've made a good deal of money and cash back with as many accounts as we were allowed over the years so can't really complain but I do agree with others, the banks are getting way more savvy. To be honest I think some of them must have taken their eye off the ball (HFX and BOS in particular as their lucrative CB lasted for longer than I ever expected, we had more than a couple of hols on them over the time we were using them). Oh well we all have to find a way to keep the money we have in our pockets and not the banks after all they strive to take as many people for a ride as they can and all within FCA rules etc.
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Post by martin44 on Feb 18, 2020 14:29:13 GMT
I've got that many accounts that have been opened, used and then abandoned due to the pitiful returns, i really cant be bothered with the hassle anymore, more fool me i know.  |
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 19, 2020 1:45:30 GMT
I've got that many accounts that have been opened, used and then abandoned due to the pitiful returns, i really cant be bothered with the hassle anymore, more fool me i know. Never a fool. It is always effort equals reward. You may have other things that are more rewarding for the time you have that are not financially related. You have one life that is very short enjoy what you can with the least stress. I have very very few commitments on my time so can indulge myself chasing a bargain or flipping a share or two. Bottom line find an amount that you are comfortable playing with and take the appropriate action that gives you the most enjoyment and perhaps a profit to put towards greater enjoyment. All we have in life is a finite time use it wisely and appreciate that given to you by others.
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