Drip feed savings idea

Bernie87

Last year I took the advice to move money involving two accounts 'recommended' by the site.

I moved £500 a month from an Icesave account to a Yorkshire Building Society Regular saver.

How disappointed I was that the interest accrued when the Yorkshire Building Society account matured showed that all this movement of money was absolutely pointles in terms of increasing my interest.

What is the point of this process?:mad:

SeanW

What rate did the Yorkshire Building Society account pay?

You should have ended up with a combined rate of somewhere between the icesave account and the yorkshire building society account (allowing for tax if necessary)

Also if money was not transferred immediately or by direct debit, you could have lost interest in transfers.

LucyTheDwarf

The point is that money waiting to go into the regular saver is still earning a high amount of interest. What are the respective rates and what interest did you earn?

Bernie87

I understand 'the point' of doing it - i.e. maximising interest. What I meant was that the reward does not warrant the effort put into the exercise.

I can't retrieve all the previous interest rates from the companies, but started doing the switch last October when Martin highlighted the two companies and gave a chart of the gains to be made.

I guess if the article could be found in the archives that would make it easier.......

opinions4u

So you're basically saying you earned a few extra quid but don't deem that enough to have bothered.

Your call.

SeanW

Well, it depends on effort used and the sums being discussed.

When I did this, I had a direct debit setup automatically, so apart from the initial form filling and the final withdrawl, I didn't have to do anything.

If you are in a position where you had to log in every month and do transfers, there is a lot more effort and so it does devalue the fraction of a percent gain if the sums are small.