Rate hunter

Tena

In terms of saving and investing, what do I look for? is it as simple as looking for the highest rate? If that is the case then why are there so many providers! surely no one would want a lower rate out of choice? yet all the majority of providers appear to offer different rates. Have I missed something here?

innovate

Oh dear.

Can we first clarify whether the question is about investing, or about saving? Or whether you would like to know the difference between the two?

Next question would be, who are the many providers you are complaining about? And which of the provider's products?

Tena

Very good thought. How do you actually do this? I'm guessing there is a website, do you call each provider (guessing not), read certain papers?

Tena

Hi Innovate; its both saving and investing. My question is asking what does one look for when investing and or saving funds? I like most people I ask say it's the rate that attracts them to XXX bank. Surely there's only 1 with the best rate or very few at least and the other have higher rates (for commercial reasons etc), so why would someone go to ABC bank offering say 5% interest on savings and someone else chose to go to XYZ bank offering 1% lets assume we're focusing on instant access savings accounts for £10,000 to make the convo simpler. Thanks

innovate

Tena wrote: »

How do you actually do this?

Do what?

BTW, your random posting of questions on multiple subjects in the space of a few minutes suggest you might be a troll.

Tena

Lol - I'm not sure what a troll is? doesn't sound very nice though
I just want to understand what experience investors and savers look for when handing over their cash? We all have to use banks, so not giving them negative publicity and not naming any either. I just want to know what one looks for, what Q's do you ask, s there a website where you can see the best banks to invest in. Hopefully my question makes more sense now? It's not a trick question...I guess I'm hoping for a response from someone who invests or saves frequently. I'm a car mechanic - I know what to ask and what to look for if I was to buy a certain car and this helps me decide what car to buy, but i don't know the "killer questions" to ask a bank or IFA when deciding to hand over my hard earned cash...

Ifts

First make sure the financial institution is regulated by the Financial Conduct Authority (FCA) so that it will be covered by the Financial Services Compensation Scheme (FSCS) if things go wrong.

With savings accounts it is best to go with the highest rate.

Then if you have more than £85k and want to keep it as savings it is wise to spread it between the top paying accounts to stay under the FSCS limit (£85K sole account & £170K joint account).

These links will provide answers to some of your questions -

This link on MSE provides information about savings protection:
http://www.moneysavingexpert.com/savings/safe-savings

MSE top savings accounts: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Compare best buy savings accounts (with bonus): http://moneyfacts.co.uk/savings/easy-access-savings-accounts/

bigadaj

So if you are just saving then you check it is covered by the uk Fscs guarantee, which most familiar banks are, and you are then covered for up to £85k. Then just search for the best rate, though this isn't great currently.

Best rates now are for current accounts and regular savers as the banks or building socities see these as a loss leader that allows them to sell you other services.

Investment is ore difficult, as whilst you what to minimise costs a Nd charges some people think that paying more to a paticular mama near can be worthwhile , this is individual preference. A bit similar to buying a Kia or skids if you want basic transport, to looking at a Beemer or a merc if you want the bells and whistles, performance etc.

Do some reading up on this site and then come back with more specific questions and people can then respond to your particular situation.

Archi_Bald

bigadaj wrote: »

Investment is ore difficult, as whilst you what to minimise costs a Nd charges some people think that paying more to a paticular mama near can be worthwhile , this is individual preference.

bigadaj, did your tablet write this for you? Or did your cat run over the keyboard?

Thanks for my first proper MSE chuckle in 2014, though!

innovate

You seem to be talking about savings, not investments. If you are indeed interested, it would probably be better if you started by asking questions about your personal requirements - i.e. how much do you want to save for what goal. What are your personal financial circumstances - do you have savings, pensions, mortgage, dependants, debts etc etc.

Don't try boiling the ocean, and don't worry about what other people are doing. There is probably nobody else who has the same circumstances and requirements as you have, thus it is irrelevant what others are doing. Focus on your own requirements.

If you just want a general chit-chat and don't fancy going to the pub in that foul weather, hop over to the Moneysavers Arms board.

innovate

Tena wrote: »

. I'm a car mechanic - I know what to ask and what to look for if I was to buy a certain car and this helps me decide what car to buy, .

OK, so as a car mechanic, would you find it strange if someone asked you whether there was a website to help people decide between a Boeing Dreamliner and a Ford Escort, or whether they should perhaps rather buy a bus or a boat? And would you buy a VW Golf because a lot of people buy a VW Golf, but you are actually looking for the best method of transport from London to New York?

Wouldn't you immediately ask people where they want to go, how many of them there is, how much money they have, how fast they need to go etc? I.e. wouldn't you want to know what their requirements are, so you can tell them whether a car is actually of use to them. And then, which one. No point in suggesting to a single pensioner with no relatives he needs a 12 seater SUV. Equally, no point in suggesting a Smart car to a mum of 4 who needs a car for the daily school run.

Hope that helps.

But I still think you are a troll.