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Post by bracknellboy on Dec 29, 2013 16:26:48 GMT
but if you consider the cost to be the loss of interest on money that would otherwise be sitting in an easy-access account earning something like 3%, then the 0.25% would compensate for a extra month's delay. Methinks young mikes1531 has not been following bank/building society interest rates very closely. If I'm wrong, tell me where I can get 3 per cent in an easy access account (or any account with a term less than 3 years). Before everyone else shouts it out: santander current account. Up to a limit. But you can open 2 in your name apparently. And no I haven't opened one, but probably should.
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mikes1531
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Post by mikes1531 on Dec 29, 2013 21:33:59 GMT
but if you consider the cost to be the loss of interest on money that would otherwise be sitting in an easy-access account earning something like 3%, then the 0.25% would compensate for a extra month's delay. Methinks young mikes1531 has not been following bank/building society interest rates very closely. If I'm wrong, tell me where I can get 3 per cent in an easy access account (or any account with a term less than 3 years). It was just an example of how the calculation worked -- and I did say "something like"!  Having said that, though, my idle money is in a Nationwide Loyalty account earning 2.1%. Using that rate, the 0.25% would compensate for an extra 6 weeks' delay. I was under the impression that there were accounts available paying close to 3%, but I wasn't looking for one so I haven't done much digging. (I didn't even bother to open one of Nationwide's current accounts that was paying 5% on balances up to a certain level.) PS. Must remember to make sure I've read all the way to the end of a thread before responding! I thought it was Santander, but wasn't sure it was them, or was still available, so I didn't mention them specifically.
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bugs4me
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Post by bugs4me on Dec 29, 2013 22:29:55 GMT
Methinks young mikes1531 has not been following bank/building society interest rates very closely. If I'm wrong, tell me where I can get 3 per cent in an easy access account (or any account with a term less than 3 years). It was just an example of how the calculation worked -- and I did say "something like"! Having said that, though, my idle money is in a Nationwide Loyalty account earning 2.1%. Using that rate, the 0.25% would compensate for an extra 6 weeks' delay. I was under the impression that there were accounts available paying close to 3%, but I wasn't looking for one so I haven't done much digging. (I didn't even bother to open one of Nationwide's current accounts that was paying 5% on balances up to a certain level.) PS. Must remember to make sure I've read all the way to the end of a thread before responding! I thought it was Santander, but wasn't sure it was them, or was still available, so I didn't mention them specifically. I believe it is Santander but there are conditions. Think there is a minimum and maximum plus you need a couple of DD's set up with them. Must confess only briefly read about when when I was doing my ritual basic research on interest rates so stand to be corrected on this one.
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Post by Deleted on Dec 30, 2013 20:17:10 GMT
Santander interest rates - one also needs to pay a salary (what's that?) in every month, and there is still a maximum balance on which the interest is paid. A con, in other words. Small wonder we take our chances with P2P.
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mikes1531
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Post by mikes1531 on Dec 30, 2013 21:27:22 GMT
Santander interest rates - one also needs to pay a salary (what's that?) in every month, and there is still a maximum balance on which the interest is paid. A con, in other words. Small wonder we take our chances with P2P. Do they actually specify "salary"? Or do they simply want to see a regular monthly deposit? I have a couple of current accounts that each have a requirement for a monthly deposit, and I satisfy that with a pair of standing orders -- one from Account A to Account B, and the other from Account B to Account A. Since the advent of Faster Payments, the money can leave Account A and arrive back the same day!
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Post by bracknellboy on Dec 30, 2013 21:27:42 GMT
Santander interest rates - one also needs to pay a salary (what's that?) in every month, and there is still a maximum balance on which the interest is paid. A con, in other words. Small wonder we take our chances with P2P. Well i don't hold one, not least 'cos I don't like gimmicky accounts, but from what I remember when I looked it ain't nearly as bad as suggested here. a) you don't need to pay in a 'salary' : you just need to be paying in a regular monthly minimum amount b) yes there is a cap, and for me that in itself is enough to forget it, however the cap is not low (£20k is the number I remember) and I understand that you can open 2 off c) there is a requirement to pay a minimum number of bills from it (either one or 2): however there is cashback availalble on those which offsets (more than) the fee required to maintain the account. so in this time of crummy rates on savings accoutns, its probably not to be dismissed: personally though I couldn't be a******d bothered. Oh, and as I have rolledup cash ISAs with Santander then i'd be constrained anyway to keep within the £85k protection.
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markr
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Post by markr on Dec 30, 2013 22:44:22 GMT
I have a 1-2-3 Account, and pay the minimum monthly deposit as a standing order from my main First Direct account, so there's no need for it to be a salary as such. I can't remember the minimum number of DDs required, but I moved all the ones that paid cashback to it, and the cashback more than covers the £2/month fee. It pays 3% if you keep the balance over £3000 in credit, but only pays interest on balances up to £20000.
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