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Beware the perils of saving TOO MUCH cash
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"One MoneySaver reported losing thousands of pounds because he failed to read the terms stating the maximum deposit ..."
"One MoneySaver reported losing thousands of pounds because he failed to read the terms stating the maximum deposit ..."
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Comments
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Basically the moral of the story is:
"Read the T&Cs".
If people did that in the first place, the number of threads on this forum would be halved.0 -
Basically the moral of the story is:
"Read the T&Cs".
If people did that in the first place, the number of threads on this forum would be halved.
Is there or has there been any campaign for "small print" to become "large print"?
Unless this happens many people have been conditioned to accept that "small print" especially from larger companies is just "legal stuff" that doesn't need to be readAwaiting a new sig0 -
Trouble is that much of the small print has increased (not point size
) because of legislation to protect the customers from themselves. 0 -
Is there or has there been any campaign for "small print" to become "large print"?
Unless this happens many people have been conditioned to accept that "small print" especially from larger companies is just "legal stuff" that doesn't need to be read
Most of it doesn't need to read, you just have to skim and pick out the important bits. Most banks put the important bits quite prominently anyway (the Sainsbury's saver has a table showing that balances over £50,000 earn 0.5%).0 -
"What the Big Print giveth, the Small Print taketh away."
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One account that pays no interest on sums above £50K is the LTSB Incentive Saver (now a closed account). A lot of MSE-ers wouldn't be putting more than that in in any case (especially if they have Vantage current accounts) but the interest on the Incentive Saver is compounded monthly so could cease earning interest if it took someone over £50k.0
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Please note that the Chiltern Gold Builder Issue 1 account (referenced in this article) was withdrawn on 26 April. The replacement Chiltern Gold Builder Issue 2 account only pays 3.50% Gross AER (compared with the 4.12% of the no longer available Issue 1). There are better regular savings accounts available elsewhere.
Link:http://www.bucksbuildingsociety.com/investments/interest-rates1.asp?type=70 -
Buy Gold and Silver coins
Paper Money is a joke, inflation will steal your money. As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.0 -
Buy Gold and Silver coins Paper Money is a joke, inflation will steal your money.
Educate me Asheron, why would I consider buying Gold given its at an all time high??....When buying coins I would also be charged a premium for the design of the coins...
I was always taught to buy things when they are cheap and sell when they are high, bit like that nice Gordon Brown should have done with our gold reserves......
I know its dificult to know what to invest in but buying gold when its high seems naive to me.......
I remember a couple of months ago a newbie came in here asking for advice as to whether to sell the gold coins he had, given that he had been "given" them years ago and the fact that Gold was at an all time high he was "advised" by some on here to "Keep them as Gold always has a value".....Now given the fact that he was given them,together with the fact that gold was very,very high why did people on here advise him to keep them?.........In a few years time Gold could be back down to $500 oz...Makes no sense to me....
NB: Nice sig though Asheron..lol0
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