What's the point??
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Im in Cambridgeshire so I guess we are suffering the London commuter belt effect here.
Regards
Mailman0 -
I'm sure you could probably get 3% on that sum with a bit of fiddling around with different current accounts and regular savers. Might take you a few hours over a couple of weeks to research and set up but with £900 up for grabs it's not totally pointless.0
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Interesting timing. Buying a house in 12 months.
Expecting a crash in 2018, perhaps?
Remember you need a job to get a mortgage.
A crash usually comes with redundancies.
I see these fishing villagers complaining about the lake is drying up, and there are fewer and fewer fish. Same as the first world interest rate, shrinking and disappearing.
All these people moaning about low interest rates are no different from the Africans moaning about fish.
Instead of moaning about low interest rate, revel in it.
Get a bigger house, with a bigger and cheap mortgage.
Get lodgers, and use up that £7,500 Rent-A-Room allowance.0 -
Im in Cambridgeshire so I guess we are suffering the London commuter belt effect here.
Regards
Mailman
Ah I should have guessed you'd be near me. Yes, it is ridiculous in these parts, but at least you have a headstart. I started from scratch only a year-ish ago and have no one to buy with. And Cambridgeshire is consistently at or very near the top of the tables for lack of affordability by some metric (e.g. average house price vs average salary) and for percentage increase per year. Unfortunately OP there's nowt to do except keep plugging away at it. At least you're only looking at another 6-12 months - I'm planning to buy in 4 years!0 -
Stick £10K in 'high' (lol 3-5%) interest accounts ( and enjoy the monthly cash transfer merry go around ) and then stick the other £20K in NS&I Bonds just for fun.
Hopefully Ernie will be kind. :money:0 -
I used to live in Cambridgeshire and yes, it's expensive. The disadvantage of being in a nice area yet having such a convenient train line to London. I solved that problem by moving back to the old country.
If I did want to buy a house in Cambridgeshire there are plenty of perfectly nice houses I can see on Rightmove, if you don't mind living in the middle of nowhere, and driving absolutely everywhere. But pretty much everywhere in Cambridgeshire is the middle of nowhere, apart from Cambridge, so that's a given. When I was a teenager in Cambridgeshire pretty much everyone I knew lived in a village, and when you went to a party, everyone drove and spent the night on the floor.
If you want city-centre lifestyle in Cambridgeshire then you want to live in the middle of Cambridge and I don't know how you can expect anything other than a shoebox.
I live in a small house on a small plot with tricky on-street parking from which I got no change from £320,000. I love it. I wanted to live in a pleasant and fashionable area 10 minutes walk from the city centre so I paid my money and made my choice.0 -
So after some faffing about Ive come up with the following table
Santander 123 £20,000
1.5% interest £300
Cash back £67
Fees £60
TOTAL: £307 a year
£500 a month pay in
2 active direct debits
Nationwide £2,500
5% interest £125
£1,000 a month pay in
No requirement for direct debits to be paid
Bank of Scotland £5,000
2% interest £100
£1,000 a month pay in
3 active direct debits
Tesco £3000
3% interest £90
£750 a month pay in
3 active direct debits
TOTAL Deposits: £30,500
TOTAL Interest: £615 (which is effectively 2% interest over the year).
All of that involves a lot of fiddling and moving money around to meet all the different deposit and direct debit requirements, which I guess is just the time it takes to set the money train up!
Regards
Mailman0 -
you could make more using some regular savers e.g. first direct 6% (may be 5% now). I also have M&S 5% (plus £10 back on gift card) and Nationwide 5%I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
See the website on the link below which does the calculations for you and also allows you to limit the number of accounts. If you can also open joint accounts you can earn £1,031 on £30k with 11 accounts.
I am also in Cambridgeshire but in a village with buses that stop at 6:00 pm and with two kids I have been a taxi service for far too many years!
https://www.bankaccountsavings.co.uk/0 -
You should be able to have three of the BoS accounts at £5000 each.
And there should have a Saffron BS branch not far away from you to open a regular saver at 3.5%.
Cards are still stacked though."In the future, everyone will be rich for 15 minutes"0
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