Anyone here got savings and if so, have you found any good strategies for maximising the interest from it?
i.e. Savings Accounts or investments, bonds etc
Generally savings accounts seem to be around a paltry 2% interest rate with the exception of a couple at 5% which require you to have other accounts and direct debits.
Money Saving Expert site didn’t help me much either, just listed the current savings accounts.
I’m loathe to give someone else savings money for the paltry return of just 2%. There must be better options.
You are lucky to get 2% !
I have spent a frustrating day checking my accounts .
Those I put money in a year ago have gone down at the same time while offering NEW savers better rates.
They are under no obligation to offere these rates to people who already have accounts with them .
So my post office account was at 0.25% but they are offering 1.38.
Well you would think it would be easy to swap around would nt you ?
It isn’t !
I logged on about eight times and phoned three times before I got someone to talk me through their unhelpful platform .
They are all the same make it as difficult as possible for savers to get good rates,
The best rate easy access rate at the moment seems to be with Marcus Goldman Sacks 1.5 %
If you can get 2 % please let me know !
The big banks are pants and offer loyal customers absoutely sweet FA.
You can get a little higher on fixed rate bond.
Tesco Bank - 3% to £3K; with regular saver at £5% for one year
Santander 123 - 1.5% to £10K; with regular saver at 3% on £200 pm
TSB - 3% to £1500 with 5% on some contactless payments.
Nationwide Flexplus - 3% to £2500. with regular saver at 5% to £250. Flexplus charges £13 pm, but free travel holiday to age 70; Mobile phone insurance and roadside assistance + others…
Keeps your brain moving transferring money around!!!
My brain doesn’t want to faff about with all that pony and trap.
I just want to put my savings in one place and leave them there.
All these need you to change you direct debits etc etc .
I got 2.3% earlier this year but only because it was a 5 year ISA.
Interest rates are dire, as always.
Out of my non ISA savings accounts the best rate I’ve got is…erm…hang on, I need to check…1.75% but that’s a restricted account that I only have because I have other accounts with that bank.
The next best is my Santander 123 current account at 1.5%.
You can get more if you’re willing to tie it up for longer or invest more or even take risks with the capital.
I’m with you here Muddy, I got pretty sick of juggling money around for the sake of .2 or.3% so I actually accepted a lower interest rate just to get a chunk of my money all under the same roof.
Saying that I’m still dealing with 4 different savings institutions…would be easier just to spend it
I concur with many of you. I don’t want to spread savings around lots of different companies and accounts but unfortunately the various savings accounts mandate a maximum amount that you can put in which is typically peanuts. It’s a dilemma.
Obviously comprehension is not your strong point. Who mentioned “old”? That has nothing to do with it. I said “At our age”. What are you saving for that interest rates are going to make any difference?
Spend and enjoy for ever! The problem is not saving, like most superannuantes the problem is spending I just can’t spend enough, quick enough. Nihilism rules!
Sadly you seem to be one of these people that knows the cost of everything but the value of nothing.
If you can spare £200 per month from your current account then set up a Santander Regular eSaver at 3%. IIRC, it’s a 12 month contract with renewal at termination.
I know that some of you will scoff at premium bonds, but the return I get is good £50 last month and £25 this month, and many more in the past. I should work out what the ‘interest’ could be, but I can’t realy be bothered.
The rest of my cash is in 2 accounts in the Halifax. Yes I know the interest is low, but I am not bothered.
Money is the root of all evil so they say.
Without the interest on my savings I wouldn’t have been able to retire.
Some people don’t have the luxury of not caring about interest rates and they need every penny they can get their hands on so interest rates are still pertinent to them.
For me it’s a case of old habits die hard plus, as far as ISAs are concerned, I have to keep as much as possible away from the tax man’s beady eyes!
