Best place for savings

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  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    Deleted_User wrote: »
    You must be quite young then.
    Read my sig.
    Deleted_User wrote: »
    Prior to the 2007-2008 financial meltdown I recall getting interest rates of 6%+ on normal (not "limited" or "regular") savings accounts.
    That would be when I was getting 10% on a regular saver.

    Rates were higher then, but the best rates were still offered on restricted amounts.
    Eco Miser
    Saving money for well over half a century
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    “You must be quite young then."
    Originally posted by picks
    Eco_Miser wrote: »
    Read my sig.
    Sigs are repositories for all manner of spurious information. For example, I used to have one which read:
    My uncle Winston used to tell me:
    "The best argument against democracy is a five-minute conversation with the average voter."
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    Mine happens to be quite straightforward and accurate, but if you don't believe it, there's no point in arguing with you, as you could disbelieve everything else I write as well.
    Eco Miser
    Saving money for well over half a century
  • The_Enforcer
    The_Enforcer Posts: 345 Forumite
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    I have chosen the complicated route - in our household there are presently:

    - 14 current accounts (a further 2 are being processed)
    - 6 regular savers
    - 3 savings accounts
    - 1 peer-to-peer lending account
    - 4 credit cards (3 for stoozing, 1 for occasional cashback offers/spending abroad)
    I came, I saw, I saved.
    Campaign for the Abolition of Political Parties - find us on Facebook
  • Frogletina
    Frogletina Posts: 3,889 Forumite
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    The_Enforcer wrote: »
    I have chosen the complicated route - in our household there are presently:

    - 14 current accounts (a further 2 are being processed)
    - 6 regular savers
    - 3 savings accounts
    - 1 peer-to-peer lending account
    - 4 credit cards (3 for stoozing, 1 for occasional cashback offers/spending abroad)

    Call that complicated :)

    I have in my sole name

    17 current accounts
    17 regular savers
    6 savings accounts
    2 cash isas
    2 credit cards

    None of this is new money, just the same money going round in circles.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • The_Enforcer
    The_Enforcer Posts: 345 Forumite
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    Frogletina wrote: »
    Call that complicated :)

    There would be more, but, alas, not enough money to put in them.
    I came, I saw, I saved.
    Campaign for the Abolition of Political Parties - find us on Facebook
  • Frogletina
    Frogletina Posts: 3,889 Forumite
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    The_Enforcer wrote: »
    There would be more, but, alas, not enough money to put in them.

    I'm definitely at my limit. Having said that, I have 0.03 in one of my accounts, and some have only a little more, but I'd rather not cancel them as they could provide useful in the future.

    A couple of times I dropped the amount going into my regular 2% savers, and was thinking of not renewing them, but once Santander dropped to 1.5% it was worth keeping them and reducing my Santander balance.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • AlanP_2
    AlanP_2 Posts: 3,252 Forumite
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    But back in the "Good Old Days" you wouldn't have got a savings rate of over 15-25 times Bank Base Rate on any amount of money like you can today would you?
  • The_Enforcer
    The_Enforcer Posts: 345 Forumite
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    Frogletina wrote: »
    I'm definitely at my limit. Having said that, I have 0.03 in one of my accounts, and some have only a little more, but I'd rather not cancel them as they could provide useful in the future.

    A couple of times I dropped the amount going into my regular 2% savers, and was thinking of not renewing them, but once Santander dropped to 1.5% it was worth keeping them and reducing my Santander balance.

    frogletina

    Some of my current accounts are similarly dormant. I was contemplating switching the Nationwide ones to M&S so I could continue to benefit from the M&S Regular Savers, but had I done so then I would not have been eligible for the Nationwide Regular Savers, so now instead it's the M&S current accounts that are dormant apart from the odd occasion when a purchase is made from an M&S store in which case their cash card is used to earn M&S points.

    The drop in the Santander 123 interest rate is the driving force behind my latest round of account opening to find new 5% interest homes for the money that's been sitting in there. The regular savers largely start at different times of the year and whenever one matures the money goes into 123. If they were all running from the same start date they would eventually clean out the 123. I need to leave a float in there to cover the bill payments, so it's likely that when I move on to opening more 3% interest accounts, it may not be possible to completely fill them all year round.
    I came, I saw, I saved.
    Campaign for the Abolition of Political Parties - find us on Facebook
  • Frogletina
    Frogletina Posts: 3,889 Forumite
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    The_Enforcer wrote: »

    The drop in the Santander 123 interest rate is the driving force behind my latest round of account opening to find new 5% interest homes for the money that's been sitting in there. The regular savers largely start at different times of the year and whenever one matures the money goes into 123. If they were all running from the same start date they would eventually clean out the 123. I need to leave a float in there to cover the bill payments, so it's likely that when I move on to opening more 3% interest accounts, it may not be possible to completely fill them all year round.

    I need a float in my Santander as like you, they mature in different months, but each maturity is not quite enough to pay all of the next month's regular savers. Also, there are a few missing months. I've got 8 virgin regular savers at 2.25% and they require £2000 a month for a start, and that's way more than my income.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
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