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MSE News: Beat Nationwide's Football Bond at the bookies
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Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The four-year fixed savings deal includes a bonus if England win the World Cup but another gamble could pay even more ..."
"The four-year fixed savings deal includes a bonus if England win the World Cup but another gamble could pay even more ..."
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If my brother asked me about this, I would tell him "are you idiot, don't do it! You are gambling your money". Of course, here is open forum, so I would say, "what a genius, smart! Good advice! Thanks for your hard work!!"0
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Don't forget that the wiinings from the bookies can be invested to earn interest. You might even end up with a free bet.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
This is the discussion thread for the following MSE News Story:
"The four-year fixed savings deal includes a bonus if England win the World Cup but another gamble could pay even more ..."Read the full story:
A pointless account, for the saver, as England won't win.0 -
But you wouldn't have the £60 at that point.If you want to take a different gamble, you could always take the ICICI account and, based on the £5,000 example, use the £60 additional interest a basic rate taxpayer would get compared to Nationwide if England don't win, and place a bet on England winning.
I think you'd need to put £4948 into ICICI, which would earn you £752 interest giving a final balance of £5700 (the same as if you put £5000 into Nationwide and England lose). Then put the remaining of your £5000, which is £52, on England to win at the bookies. Which would return £364 if they win. Still much better than Nationwide, but not quite as good as the article suggests. [Though I take GG's point that you could then put that £364 in the bank to earn interest. But I bet (npi) that most people would just spend it!!]0 -
JimmyTheWig wrote: »But you wouldn't have the £60 at that point.
I think you'd need to put £4948 into ICICI, which would earn you £752 interest giving a final balance of £5700 (the same as if you put £5000 into Nationwide and England lose). Then put the remaining of your £5000, which is £52, on England to win at the bookies. Which would return £364 if they win. Still much better than Nationwide, but not quite as good as the article suggests. [Though I take GG's point that you could then put that £364 in the bank to earn interest. But I bet (npi) that most people would just spend it!!]
I actually did that in my first version of the quote - then decided it made it very difficult for most people to understand the point - so I simplified. You are 100% right though of courseMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Yes, I wondered if that was the case. Similar to calling triple points at Boots a 12% reduction.MSE_Martin wrote: »I actually did that in my first version of the quote - then decided it made it very difficult for most people to understand the point - so I simplified. You are 100% right though of course0 -
:cool:
Or, if you have any debts (other than a low rate mortgage) you could use the savings to pay off the debt and, if you feel inclined to have a flutter, keep it to what you can afford....0
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