The MSE Forum will be undergoing some maintenance this evening. As a result, some users may experience temporary performance issues. Please use the Site Feedback board to report anything major. Thank you for your patience.
First post
Comments
-
You claim that a £1 per month flat fee is unreasonable without considering the total balance. Expressed as a percentage on a balance of £5000 not an unreasonable figure for investments, that's 0.02%.
That is a very high percentage for a monthly platform fee when it is on top of a 0.45% annual fee.
On the other hand, £1 per month is 0.13p per hour, which on a balance of £5,000 is 0.000026%. 0.000026%! What a terrific deal.0 -
Oh lordy, a popcorn thread that I missed.
Anyway, I can speak from many many years of experience (yes, honestly guv) that in banking you do get some esoteric characters. And let's not forget that people that work on IT help desks in banks and would rather talk to their computers than to real people, are often those most likely to describe themselves as 'Bankers'.
Personally, I stopped using that title after about 2008 when we were seen as the spawn of the devil. 'Program Manager' does me fine these days (along with 'semi-retired':o )
Anyway, back to the real world. 4 new regular savers and a new ISA set up this week. And all without the help of a financial advisor or an accountant. Well, us bankers ought to have a vague idea of how to do it eh, otherwise how could we expect anyone else to trust us with their money... :rotfl:0 -
ratechaser did you sar that bank from that other thread you made?0
-
fun4everyone wrote: »ratechaser did you sar that bank from that other thread you made?
Couldn't be bothered in the end, life's too short when you know all you'll get back is a load of flannel about commercial decisions. I'm not into the 'little man railing against the big banks' thing - would be a bit hypocritical given that I've spent most of my life working for them and being paid very handsomely for it!
No, instead I'm just leaving my ISA with Halifax Share Dealing for now so they can continue to carry the admin costs, and I'll move onto Cavendish for my next one. And focusing my efforts on beating up my utility providers for more savings over the next 2 weeks. At least I can actually achieve something there...0 -
So you are claiming to be a banker thenYou claim that a £1 per month flat fee is unreasonable without considering the total balance.Expressed as a percentage on a balance of £5000 not an unreasonable figure for investments, that's 0.02%. Since you think that is very bigYou also appear to claim that the fee charged is the be all and end all of investing because the fee is all you are considering.
In fact I said the exact opposite ("If you're clumsily trying to make the point that cheaper isn't necessarily better then I'm sure that's something we can all agree on") and asked you what other factors you feel justify the higher costs, but you failed to answer this....0 -
A la football chant..
"Is smed Anthorn in disguise"...
Repeat ad nauseam.0 -
In fact I said the exact opposite ("If you're clumsily trying to make the point that cheaper isn't necessarily better then I'm sure that's something we can all agree on") and asked you what other factors you feel justify the higher costs, but you failed to answer this....
There you go yet again referring to "higher cost" without a like for like comparison. Higher cost than what?
An acceptable comparison might be "Bux" which offers a similar service to Moneybox through a mobile app. Bux quotes dealing fees from £0.25p each. Now my Moneybox account typically deals 3 times per week because I add money to it weekly. So if Bux similarly trades 3 times per week and the dealing fee is actually £0.25p each then the 4-weekly fees in Bux total £3.00 compared with Moneybox's calendar monthly flat fee of £1. That makes Moneybox cheaper than Bux. I find it curious though that you think £1 is a great amount of money.
I bet you do a better job working out your dole money.0 -
How is this pointless thread not closed?0
-
This discussion has been closed.
Categories
- All Categories
- 342.4K Banking & Borrowing
- 249.9K Reduce Debt & Boost Income
- 449.4K Spending & Discounts
- 234.6K Work, Benefits & Business
- 607K Mortgages, Homes & Bills
- 172.8K Life & Family
- 247.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards