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MSE News: Can you double your savings interest?

edited 30 November -1 at 1:00AM in Savings & Investments
5 replies 1.7K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Savings & Investments
"It may sound like nonsense, but many savers can more than double their interest using the savings fountain ..."

Replies

  • ConsumeristConsumerist Forumite
    5.5K posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Strikes me that if you can double your savings interest [on all your savings - or was that just reporter-speak to omit that qualifier] then you haven't been trying very hard.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • zerogzerog Forumite
    2.5K posts
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    Some people don't try very hard, but here it looks like Martin wants some clicks on his affiliate links.
  • MishomeisterMishomeister Forumite
    967 posts
    Tenth Anniversary 500 Posts Combo Breaker
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    Martin says:

    Start with ISA's
    This is contradicting his own words. You should start with 8% Regular saver and drip feed the money in to it every month from the top instant access saver available

    I think that ISA's deserve to much undeserved attention. In fact you can keep the money on Santander 3.3% ISA and drip feed to Regular Saver held with First Direct as when 12 months will be gone you will have a new ISA allowance.
    In fact I really regret that instead of withdrawing all my money from ISA and putting it in to 5% First Home Saver. I'd rather pay tax which will go towards hospitals, schools etc and will be better off than rely on that ISA scam
  • oldvicaroldvicar Forumite
    1.1K posts
    The first £85,000 per person saved in UK-regulated institutions (this includes all the biggies except Dutch-protected ING Direct) is guaranteed by the UK Government.
    How does the protection work?

    All UK- regulated deposits, which includes money saved and accumulated interest, in bank or building society savings products, are covered by the FSCS.

    This is an independent fund set up by UK financial bodies and regulated by the FSA, which promises that, in the event of a bank collapsing, you get some of your money back, though it's likely you'll lose access to the cash while compensation is being dished out.

    Spot the differences?

    People should feel comfortable that their savings are safe.

    But I do wish MSE would take particular care to avoid sloppy language which elevates a statutory but independent industry funded protection scheme into a UK sovereign guarantee.

    After all it was Martin who famously managed to extract promises from the last administration for government arranging liquidity to the FSCS, and I would hate for loose/exaggerated claims to come back and bite him, or those relying on his words, on the bum. At least the article (first quote) does refer to the guide (second quote).
  • innovateinnovate
    16.2K posts
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    That latest MSE article looks like it's been written to maintain the returns on those affiliate links.......

    Sad to see MSE go that low.
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