Tonight with Trevor McDonald - 16th August

Shawz

I have to agree with other people here. The family that could save £600 a year just didn't seem to be that bothered. After all the effort of Martin giving them his advice >:(

Martin, Have to say it was a great show. I hope it makes more people take hold of their finances and get them sorted. Shame you couldn't mention the website. Perhaps next time drive a car with

"Sponsered by https://www.moneysavingexpert.com"

on the side of it ;D

libra10

Can any mathematician tell me what the interest rate would be to receive £600 interest per annum on £10,000 savings? It sounds a very good rate, or have I lost the plot?

r.mac_2

I really enjoyed last nights television programme and wanted to say a huge

Thank You Martin!

I am in the process of reading the Money Diet and thought that this programme really complimented the book.

It certainly helped to kick start my 'crash diet'. However, I think this helped a lot of people. When I called my bank to ask what interest rates they were paying me I got chatting to the advisor who told me that he had had a lot of similar calls this morning! ;D

Anyway, the programme was great, easy to understand and showed just how much I could potentially save with a little bit of effort. I just wanted to say thanks to Martin and all the other money savers on this site who are so helpful.

I hope that I can return the favour at some point.
Rx

Gabs27

Can any mathematician tell me what the interest rate would be to receive £600 interest per annum on £10,000 savings?  It sounds a very good rate, or have I lost the plot?

I think Martin was pointing out that they were paying £108 a year to maintain their account but could make £500ish in interest, therefore be £600 better off

ED

libra wrote : "Can any mathematician tell me what the interest rate would be to receive £600 interest per annum on £10,000 savings? It sounds a very good rate, or have I lost the plot?"

…6.00% on £10,000 = £600 (before tax is deducted), but "over £10,000" was available, I believe. Perhaps the lucky family have way more than that (closer to £14,999?) Otherwise, 6% gross is offered by Coventry Bdg Society for their Members Bond (just 90 days withdrawal notice required) but presumably the family would want virtually instant access. So, maybe Martin was thinking of a Cahoot a/c @ 5.50% gross AER. Say, £14,999 @ 5.50% = £824 minus tax at (perhaps) 20% = £659

r.mac wrote : "When I called my bank to ask what interest rates they were paying me I got chatting to the advisor who told me that he had had a lot of similar calls this morning!"

Excellent!

Martin spoke slower than in the past – well directed! He came across as a rational, passionate broadcaster. Today, lesser financial journalists report many office workers hanker after swapping to physical work, instead. Perhaps being in Hayfield, Martin Lewis will harvest aspirations to help advise farmers currently crippled by poor advice and resultant rising bank loans.

MSE_Martin

Just to say well spotted Ed. I did say over £10,000 some people don't like their exact finances mentioned - the £600 better off was correct but there was more than £10k

Glad you liked the programme. It was a slog but good to make. The Clarie story at the end really brought it home to me how banks sometimes work - it genuiinely moved me.

Martin

Pat__3

Again Martin Very good show last night

Hope I can post this here as it has to do with the show last night. ::)

My mum has one of those advantage cards and has'nt been getting any benefit from it and after she watch the show with Martin last night said she would go into the Nat West today to cancell it. So she went in and said she wanted to cancel and after them trying to talk into keeping it ,they decided that they were flogging a dead horse my mum said if they went on anymore about it she was going to set Martin onto them Grrr. ;D
So apparently they have told her that they will still take the payment for August as its really July's and that at the end of September they will take another £9 as this is August's as they appear to be doing it in arrears. ???

I would just like to know if this is correct can they do this Martin. ???
My mum asked me to post this on here for her she is 73 yrs old and i don't like to think of these people at the bank taking advantage of her (that was a pun but did'nt mean it) and i don't know enough about this ???

Any help appreciated

Swattie

Pat___

If your Mum is 73 and doesn't travel overseas she's unlikely to take advantage of the 'benefits' of an Advantage accounts so her bank in recommending it wasn't acting in her best interest offering her that account.

I would recommend she challenge her bank on the 'advise' she was given when she moved to an advantage account and that she ask for all of her monthly fees to be reimbursed (as long as she hasn't actually used any of the benefits of the account).

She could always threaten to take the matter further - to the financial ombudsman (if there is one!)

Pat__3

Thanks Swattie, I'll look into that sounds good ::)




;D ;D

PurtyinPlym

Yeah, again would just like to say a big weldone and thankyou to all moneysavers. After the programme I felt so empowered I closed down an old barclays a/c and about 3 redundant Credit cards!!!!

Come on the little people!!! ;D ;D ;D :-*