Are Short Term Savings Worth It?

[GBY]

We are putting money aside to pay towards building costs in a few months. Putting aside £500/month over 4 months with interest of 2.75% would yield £9!! I suppose that could pay for the builders tea.

[Lokolo]

£9 is better than £0...

[JoeCrystal]

:confused: Of course, it is worth it. You are not looking for interest. You are actually saving a sum of money that will pay for what you want like what you just said.

[Dinah93]

But if you didn't put the money aside you wouldn't be able to pay for the builders or their tea!

[RayWolfe]

GBY You can't remain a member of MSE if you're going to think like that!

[GBY]

I should have been a little clearer, we will still be putting the money aside it's just a question of whether it's worth the hassle of hunting for and then applying for savings accounts for the sake of £9 over 4 months. Maybe I should be banished from this site for uttering such words. :eek:

[Dinah93]

I'd put it in a seperate place, whether thats a savings account or under the mattress is down to what suits you best.

[ray123]

What you could do is spend that money and then take a loan out if you run into financial difficulties! Im sure the interest repaid on that would be a lot more than £9...