I have a dream...to be a MFW

lulabelle1

I signed up for the Nationwide 5% reg saver too...... Limit is £500 per month. DH opened one too - will be using his for the money we planned to OP on the mortgage for the next year and then either keeping it as an emergency fund or paying it off in a lump.

edinburgher

Regular savers are fine as long as you appreciate that you only earn the headline rate on the money that's actually in there. A lot of people open them, then multiply their end of year pot by the headline rate and end up disappointed that they have been 'underpaid'. A combination of a RS + the S123 account suggested by LIL works reasonably well (assuming you can cover the S123 fees with cashback on household bills).

Nice to catch up with your diary, you're seeming incredibly well organised at present

Do you have a Just Giving page or similar for your challenge? If so, could you PM me the link?

lulabelle1

edinburgher wrote: »

Regular savers are fine as long as you appreciate that you only earn the headline rate on the money that's actually in there.

If only there were savings accounts that paid interest on money you hadn't actually yet saved, that would be wonderful!

edinburgher

lulabelle1 wrote: »

If only there were savings accounts that paid interest on money you hadn't actually yet saved, that would be wonderful!

Baboom

You're forced to drip feed a RS, you can dump money into a 'regular' savings account at a rate of your own choosing.

I can think of at least one P2P site that pays you interest on money that you haven't actually paid in yet!

ajmoney

edinburgher wrote: »

Regular savers are fine as long as you appreciate that you only earn the headline rate on the money that's actually in there. A lot of people open them, then multiply their end of year pot by the headline rate and end up disappointed that they have been 'underpaid'. A combination of a RS + the S123 account suggested by LIL works reasonably well (assuming you can cover the S123 fees with cashback on household bills).

Nice to catch up with your diary, you're seeming incredibly well organised at present

Do you have a Just Giving page or similar for your challenge? If so, could you PM me the link?

I confess to being confused re the money post. If I am not being really thick I understand that I get interest on whatever I put in but the bonus with this regular saver seems to be that you get 5% regardless whereas some accounts are on a sliding scale.

Also, your comment suggests that I am not normally so organised :rotfl: I don't know what you mean :rotfl:

edinburgher

All I am saying is that you get 5%, but that you're limited to paying in a set monthly amount, so you need to keep your money somewhere else in the interim.

ajmoney

edinburgher wrote: »

All I am saying is that you get 5%, but that you're limited to paying in a set monthly amount, so you need to keep your money somewhere else in the interim.

I understand and thanks but I will put your mind at rest...I don't have more than £500 a month to put away :rotfl:

edinburgher

Less of that - I know you're minted!

ajmoney

Double edged sword of news today. My boss told me that I have not selected to go on the next promotion course which starts in May, I am going to make a phone call tomorrow to try and get some feedback as to why but it is likely that I will stay at this level for the rest of my career. It is likely that I will be moved back up to Scotland by the summer so the other side of the sword is I will be an hour and a half drive from home rather than an hour and a half flight so I will get home every weekend instead of once a month. It will be something very different and will bring about its own challenges but I will miss all the things I have taken up down here. I have other things in the pipeline too so I am hoping to get some information on the possible move during my phone call tomorrow. I am not sure how I feel about everything but I am quite gutted that I will not be doing the course next year at least.

selloptape

Oh no, that's a shame, will there be future chance to do the course?