What's the point??

mailmannz · 4 April 2017 at 9:55AM

Im in Cambridgeshire so I guess we are suffering the London commuter belt effect here.

Regards

Mailman

ruperts · 4 April 2017 at 3:28PM

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.

Pincher · 4 April 2017 at 5:42PM

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.

bobobski · 5 April 2017 at 7:25AM

mailmannz wrote: »

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!

teffers · 5 April 2017 at 9:07AM

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:

Malthusian · 5 April 2017 at 11:15AM

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.

mailmannz · 20 April 2017 at 4:59PM

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

Mailman

MallyGirl · 20 April 2017 at 5:08PM

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%

RG2015 · 20 April 2017 at 5:36PM

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/

EachPenny · 20 April 2017 at 5:38PM

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.

What's the point??

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