Jump to content

Chasing Interest


ATTAK Z

Recommended Posts

Interest on savings? That'd be nice...

 

Not even worth it imho. Better off putting it into something worthwhile (like property or supercar) if you've got a six figure sum, or keeping it at close hand on instant retrieval should rates go negative.

 

IANAFA etc.

Link to comment
Share on other sites

Yea you get the best interest on current accounts rather than savings accounts, although there are still some savings accounts that accrue 5% for a period

 

ETA

 

I've got property and a supercar ;)

Edited by ATTAK Z
  • Like 1
Link to comment
Share on other sites

Better than a kick in the teeth, but there's gotta be better ways to invest...

 

IIRC:

- Halifax Reward dropping to £3pm

- TSB Plus dropping from 5% on £2k to 3% on £1.5k

- Lloyds Club dropping from 4% on £5k to 2% on £5k

- Nationwide Flex is staying at 5% on £2.5k, but those only last 1 year and then you can't reopen one for 12 months

- Bank of Scotland Vantage is staying at 3% on £5k

- Tesco is staying at 3% on £3k

- Santander was crap and still is

- First Direct still do the 5% regular saver + £100 for joining, but that only lasts a year, and you are better off leaving after 6 month but before 12 months and getting another £100

- There's a few other switch bonuses around, but I've used all of them AFAIK

  • Like 1
Link to comment
Share on other sites

Better than a kick in the teeth, but there's gotta be better ways to invest...

 

IIRC:

- Halifax Reward dropping to £3pm

- TSB Plus dropping from 5% on £2k to 3% on £1.5k

- Lloyds Club dropping from 4% on £5k to 2% on £5k

- Nationwide Flex is staying at 5% on £2.5k, but those only last 1 year and then you can't reopen one for 12 months

- Bank of Scotland Vantage is staying at 3% on £5k

- Tesco is staying at 3% on £3k

- Santander was crap and still is

- First Direct still do the 5% regular saver + £100 for joining, but that only lasts a year, and you are better off leaving after 6 month but before 12 months and getting another £100

- There's a few other switch bonuses around, but I've used all of them AFAIK

 

That about sums it up, although Santander 123 is still good if you've lots of disposable since you can still get 1.5% on up to £60K if you have a partner

 

I think you have to switch (rather than just open an account) to First Direct to get the £100 for joining and the £100 for leaving though ?

Link to comment
Share on other sites

Oh and if you've got a Nationwide FlexDirect account (gaining 5%) you can put £500 per month into a savings account that gains 5% for 12 months; so thats 5% on £2500 and 5% on (average) £3000 over the year which is a total of £275.00 ... not bad these days

Link to comment
Share on other sites

Yeah, if you've maxed out everything else, Santander is a last resort, but with the monthly fee, it's barely worth it.

 

You can have:

-Tesco 2x £3k (£6k)

-TSB 2x at £1.5k (£3k) (1x solo, 1x joint, but I managed to get 2 solo and 2 joint ;))

-Lloyds 1x £5k

-Nationwide 2x £2.5k (£5k) (1x solo, 1x joint)

-Bank of Scotland 3x £5k (£15k)

-Halifax 2x £3pm (£6)

-Various monthly savers at 3%+ £250-£500pm

 

Yeah, probably switch rather than just join on the first direct, but that's not hard. Either use an old account or open an account elsewhere and switch it over.

 

 

Think I've got to wait a few months before I can re-open a FlexDirect. :(

Link to comment
Share on other sites

 

 

Not even worth it imho. Better off putting it into something worthwhile (like property or supercar) if you've got a six figure sum, or keeping it at close hand on instant retrieval should rates go negative.

 

IANAFA etc.

 

I think it's one of the reasons the classic car market has gone crazy, whether it will continue, I don't know.

You should have bought that 355 Hugh.

Edited by leonk
  • Like 1
Link to comment
Share on other sites

Anyone else switching/opening bank accounts to maximise interest on any savings ?

 

Interest rates on savings are basically worthless at present. We were getting £120/month back from x3 maxed out 1-2-3 accounts and cash back from bills covered the monthly account fee but that has now dropped to £60/month.

 

Use to also get 5-10% returns on premium bonds, but last 6 months zero returns.

 

The volatility in the stock market means if you want to take some risks returns can be good, but its the taking risk bit I cannot live with.

 

£ dropping 15% in value also means price inflation for lots of imported stuff and more expensive holidays.

 

Summary, we are doing exactly what the chancellor wants and spending the savings. Taking advantage of crazy low mortgage rates to move up the housing ladder,and wasting the rest on the new car.

Edited by gangzoom
Link to comment
Share on other sites

It's crazy isn't it ...

 

There has never been a better time to get on the housing ladder and borrow big money...

 

I have a friend who lives around the corner from me, he is in his late 30's, married with 2 kids

 

Him and his wife work and he pays £775 a month to rent a property

They went for a mortgage and could only raise £75k ..

 

But surely if you can pay £775 a month in rent then you could get a mortgage for more than £75k ??

 

Luckily we paid off out mortgage when we were 40, but live in a small house in a good area.. we wanted to go bigger but keep in the same village, but effectively it meant £100-£120k more for 2 more rooms ...

 

Sod that...

Link to comment
Share on other sites

And there was me thinking this thread was going to be about Tinder :lol:

 

Back on topic my other half deals with our savings etc and I know she's been looking at switching recently so following with interest.

Edited by Fodder
Link to comment
Share on other sites

You should have bought that 355 Hugh.

 

Exactly what a mate has done. Sold a house, had a chunk of money kicking around so bought a 355 with the intention of selling it in a year or so. He already has a 996 turbo as well the bastard :lol:

 

Im in exactly the same position ........ but dont have anywhere to keep another car, if only :(

Link to comment
Share on other sites

A classic car (like an F355) has gotta be seriously risky?

 

There's a chance it won't appreciate enough, and that's before you start worrying about anything going wrong with it. Plus every time you so much as sit in it it loses value... I'd be so reluctant to drive it as it's basically just throwing away money :(

Link to comment
Share on other sites

If it cost £65K and appreciates by £2K over a year then youve made more than you would in the bank, given that they have probably increased about 80% in value over the last 10 years Id say thats a fair risk.

 

If you dont drive it then it wont go wrong, if you do drive it then theres a risk ........ but its not like you could enjoy the money at all if it was stuck in the bank. Old Fezzas are very easily to clock apparently too, not that Id ever suggest it of course ;)

 

Its a punt, but Italian supercars, Limited Edition Porsches and RS Fords are pretty much guaranteed to increase in value these days, even if they dont its very unlikely they will decrease in any significant way.

  • Like 1
Link to comment
Share on other sites

I was lucky enough to tie a load of money into a 5% ISA for 5 years before all the rates went flat. Matured last year and I bought a new house with the missus with it.

 

I've since started investing in stocks and shares given they have a much better return if you know what you're doing. Keeping the high growth shares in an ISA is the smartest move over the long run, means HMRC can't touch you if you end up getting 8x back what you invested.

 

I don't think we'll ever see the return of 15% interest rates. We are more likely to follow Japan and have zombie banks that are so crippled with bad debt they can't ever hope to repay it all. That's like 25 years now the Japanese have lived with it.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...