Are Short Term Savings Worth It?

GBY

We are putting money aside to pay towards building costs in a few months. Putting aside £500/month over 4 months with interest of 2.75% would yield £9!! I suppose that could pay for the builders tea.

Lokolo

£9 is better than £0...

JoeCrystal

Of course, it is worth it. You are not looking for interest. You are actually saving a sum of money that will pay for what you want like what you just said.

Dinah93

But if you didn't put the money aside you wouldn't be able to pay for the builders or their tea!

RayWolfe

GBY You can't remain a member of MSE if you're going to think like that!

GBY

I should have been a little clearer, we will still be putting the money aside it's just a question of whether it's worth the hassle of hunting for and then applying for savings accounts for the sake of £9 over 4 months. Maybe I should be banished from this site for uttering such words. :eek:

Dinah93

I'd put it in a seperate place, whether thats a savings account or under the mattress is down to what suits you best.

ray123

What you could do is spend that money and then take a loan out if you run into financial difficulties! Im sure the interest repaid on that would be a lot more than £9...