A thread for serious savers.

paul5046

Hi,

I thought about starting a long term thread for people like me who are serious savers. All of my savings are in UK banks and building societies, and i love checking savings rates and accounts. On 100k the difference between 4% and 6% is 2k so to me its worth the effort. Plus i enjoy it.
So how about a thread for like minded people,saving only, and discussing how to get the best (and safest) rates on offer, both variable and fixed. I would also include fixed rate bonds, and monthly savers but not shares. Any new accounts or offers we could post here for everyone's benefit.

Whats everyone think.

baby_boomer

All of us here are serious savers.

Whatever our initial investment.

That's what the site is for.

Money_Grabber13579

Well I see that Nationwide have cut their rates hugely so when my Fixed Rates mature, they'll be moving out of there! I'm still tempted to go with KE, now that they are owned by ING because I know the high rates won't be around for long!

I think you'll see interest rates offered by the banks drop pretty soon by up to 2% (Not overnight!). If that does happen, could that be the first sign that the crunch is coming to an end?

barak

paul5046 wrote: »

I thought about starting a long term thread for people like me who are serious savers. All of my savings are in UK banks and building societies .....but not shares.

Paul - I don't know how old you are, but if you are quite young - really have 100k - and dismiss the idea of investing in equities in some form or other, you will lose out in the long run.

I originally started to save £20 a month in a Leeds Permanent Building Society regular savings account. Some time later, I invested £500 in the launch of the (now defunct) Framlington Recovery Trust. The success of this fund made me realise that I would have done much better by investing my spare £20 a month in an equity Unit Trust, as long as I also had enough spare cash saved in the Building Society. I subsequently took more interest in the market and added regularly to my 'equity' portfolio - mostly in funds.

Now, many years later, although I currently have more than 50% of my 'wealth' in 'cash' or similar products, I am not unduly worried by the recent decline in the paper value of my equity portfolio.

paul5046

Everyone seems to think rates will be coming down, so it seems a good idea to fix as much as possible.

According to this Halifax still have a 7.00 fixed rate websaver, 6 months only
http://www.halifax.co.uk/savings/fixedwebsaver.asp

Yorkshire bank for 14 months 6.5% but its a bond.
http://www.ybs.co.uk/savings/online/ebond/index.jsp

exel1966

paul5046 wrote: »

Hi,

I thought about starting a long term thread for people like me who are serious savers. All of my savings are in UK banks and building societies, and i love checking savings rates and accounts. On 100k the difference between 4% and 6% is 2k so to me its worth the effort. Plus i enjoy it.
So how about a thread for like minded people,saving only, and discussing how to get the best (and safest) rates on offer, both variable and fixed. I would also include fixed rate bonds, and monthly savers but not shares. Any new accounts or offers we could post here for everyone's benefit.

Whats everyone think.

It matters not whether you have £500 or boast about having £100k+, the fact is most people here are serious savers and just because they may not have as much as you doesn't make them any less serious than you ! £500 on this site is an absolute fortune to some !

Most other threads here cover your points without the need to start another pointless one for your benefit.

fatpig_2

paul5046 wrote: »

Hi,

i love checking savings rates and accounts. ............. Plus i enjoy it.


Whats everyone think.

Get a life quick

paul5046

I dont have 100k to save. I wish i did. I used it to explain the different approaches. Someone with only £500 isn't going to have the same approach as someone with 100k. If you have £500 to save then i doubt you do as much research into rates as someone with 100k as the benefits aren't big enough to make it worthwhile.

Geoffo_M

The scene is changing rapidly. Many have already passed on the 0.5% cut; some like HSBC, Co-op, M&S have reduced rates by 0.75%. It's getting tough for savers

paul5046

Geoffo_M wrote: »

The scene is changing rapidly. Many have already passed on the 0.5% cut; some like HSBC, Co-op, M&S have reduced rates by 0.75%. It's getting tough for savers

What will it be like in 12 months time. Any good fixed rate savings offers will have expired. Where then to put your money ?

jingle68

exel1966 wrote: »

It matters not whether you have £500 or boast about having £100k+, the fact is most people here are serious savers and just because they may not have as much as you doesn't make them any less serious than you ! £500 on this site is an absolute fortune to some !

Most other threads here cover your points without the need to start another pointless one for your benefit.

Crikey & i keep getting told im harsh!
After all the doom & gloom on here the past few weeks, thanks for making me smile :rotfl: