Happy with my savings

ajmoney

I had to tell someone and I guess at least here people won't think I am wierd for saving I set up some fixed rate accounts with ICICI last year, the first was because I had some extra cash sitting in my savings and I wanted it to work for me. I looked at it today to see when it matures, but what made me really happy ??? I fixed at 7.2%! I fixed my second account in December when I got a bonus from work, that is at 5.75%, the savings rates aren't likely to be anywhere near that by the end of the year so it has put a smile on my face. There isn't enough in either of the accounts to make the interest amazing, but it is still nice to know seeing what the state of the economy is at the moment.

LongTermLurker

I had a string of 6%+ accounts all maturing round about now, but I still have a couple at 6% and 6.3% until about November, plus the mortgage offset, which is looking better value all the time.

Yes, it was good while it lasted.

Davesnave

Yup, without the advice from this little area of Martin's site, I'd be literally thousands worse off at the moment. I fixed the proceeds of a house sale until next September & December at rates between 6.97% and 6.25%. It's a nice feeling, getting something right.

Forget the two for one pizza offers, this is where it's at!

natman

Hi there,
Totally agree with the savings -
I have two accounts comng to an end -
Kaupthing edge/ ING £3000 Invested at 7.1% end July 2009
Coventrey Build Ssociety poppy fund - £4500 invested at 6.5% ends December 2009.

Most of my other accounts are from 2.5 - 4%, which on paper seems a bit poor, however the big word here is inflation -

I will take the example of the 2 for 1 pizza, becasue personally i beleive this is helping us savers -

Ok last year in 2008, Pizza places hardly had any offers, inflation was around - 4.5% and savings rates were around 6%. so we could get about 1.5% above inflation for our savings.
Basically if my wife and i went for a pizza it would cost us £20.00

ok now inflation is at around (Retail Price Index) 1.2%, and I can get savings of around 3.5 - 4%. so thats around 2-2.5% above inflation If my wife and I go out our pizza only costs £10.00.

So actually, if you get your money in some decent paying 3% - 4% accounts you are doing pretty well. The pizza example is just tip of the iceburg, with mortgage rates low there are still some decent saving accounts if you comapre them with the environment.

Davesnave

natman wrote: »

Hi there,
I will take the example of the 2 for 1 pizza, becasue personally i beleive this is helping us savers -

Ok last year in 2008, Pizza places hardly had any offers, inflation was around - 4.5% and savings rates were around 6%. so we could get about 1.5% above inflation for our savings.
Basically if my wife and i went for a pizza it would cost us £20.00

ok now inflation is at around (Retail Price Index) 1.2%, and I can get savings of around 3.5 - 4%. so thats around 2-2.5% above inflation If my wife and I go out our pizza only costs £10.00.

So actually, if you get your money in some decent paying 3% - 4% accounts you are doing pretty well. The pizza example is just tip of the iceburg, with mortgage rates low there are still some decent saving accounts if you comapre them with the environment.

My pizza comment was just a throwaway line, really. You'll still see me all over the BOGOFs! I agree that a deflationary eenvironment is good for savers too, particularly those who can commit to non easy-access accounts.