Regular Savers, a waste of time...

Mr_K

LittleVoice wrote: »

And putting money in a 6.3% account is not investing, it's saving.

A bit pedantic LittleVoice. Putting my money in savings or equities is 'investing' to me.

sloughflint

Mr_K wrote: »

If you could invest £1000 a month, over 2 years, at 10%, I certainly would be interested (!)
However the limitation on time frame and the amount you can deposit ensures the banks won't be paying much out, and that they'll retain your custom & money for a while.

It would be nice, wouldn't it?
Serious savers aren't necessarily loyal at the end of the deal ( I'm not).
I can't seem to convince you. For a little effort, the gains are generally better than placing in a fixed rate account. And of course if not drip-feeding then there is no contest.

Mini_Bear

I have just found the Halifax International (based in Isle of Man) lets you save up to £2k/month at 8% for 12 months. Anyone hav any reasons not to do this? Other than its inflexible - no withdrawals and deposits must be by standing order). I checked the HMRC website and the scheme is covered for compensation on deposits up2 50k. Am i missing something?!

Sooler

Mr_K wrote: »

The £128 interest on my £3K would have been 'eaten up' by inflation over the year.

so earning zilch on your money at HSBC means you've made a loss :eek:

fullstop

Thanks to Kassa for spotting this last night, might of got lost on it's original thread so bumping it up on here.,

Principality One Year Regular Saver Issue 5, Invest up to £6000 over 1 year save between £20 and £500 a month. Interest rates 7% gross 5.6% net


http://www.principality.co.uk/

missile

A regular saver is ideal for those who want to save regularly. I have two, but I would not leave thousands sitting in a non interest bearing current account to fund them.

As an aside, why would you leave cash in a non interest bearing current account? Now that NW has slashed it's rates, I am switching to HBOS @ 2.5% on my "slush fund" money.

I agree most people are too lazy to look after there cash, but I would suggest those who read MSE take a little more care.

MIKELSOK

Mini_Bear wrote: »

I have just found the Halifax International (based in Isle of Man) lets you save up to £2k/month at 8% for 12 months. Anyone hav any reasons not to do this? Other than its inflexible - no withdrawals and deposits must be by standing order). I checked the HMRC website and the scheme is covered for compensation on deposits up2 50k. Am i missing something?!

Sounds too good to be true, the only issue I have is that unlike the UK Govt backed FSA scheme the I of M scheme I don't believe has ever been tested yet so there is an inherent risk of not receiving compensation should the worst happen.

wheresmydoshat

i have done a couple of these in recent years, shifting the money from one to the other when it finished.

i was earning interest already on what i'd put by for it, and the further you get into one the less likely u are going to withdraw any cash so as to maximise return. great way of saving a little imo.

Lavendyr

To me, a serious saver isn't someone who leaves a lump sum in a non-interest bearing account. It's someone who shops around to find the best deals and is willing to take an active role in managing his/her money. I would venture to say that regular savers are more designed for serious savers than for 'lazy' savers who just want their money to work for them without taking any action to make sure it is earning as much interest as possible.

Note that saving (aka depositing) and investing are, whatever you may think, OP, two very different things.

bluebell_lily

sloughflint wrote: »

I don't think it's too far out.I input a start date of the 20th November and then the 1st of each month and got £ 348.48 net. See here:

http://spreadsheets.google.com/pub?key=pLv5pWbQddSIa8KoGwQnSaA

sloughflint,

why does it say [SIZE=+1]
We're sorry, xxx@gmail.com does not have permission to access this spreadsheet. [/SIZE]