Name Change

oap43

This site is named - moneysavingexpert.com

Should it not be renamed to - moneyspendingexpert.com - as it's mostly about spending money and not saving.

In keeping with many other retired folk, my income from a lifetime of saving, is now reduced to almost nothing.

There are special savings schemes for children and students, with advantageous interest rates, but I've yet to find one for the elderly.

So every few months when the best rate I've found is again reduced, I have to spend a lot of time finding what has become the best rate. Only to find shortly afterwards that it also drops.

Perhaps a few mentions about 'Best Savings for the Elderly' in the weekly e-mail should be introduced.

Martin could also campaign for banks and building societies to introduce higher savings rates for the over 65 etc.

Former_MSE_Wendy

Hi oap43

I thought you might find this work by Age UK interesting http://www.ageuk.org.uk/money-matters/money-management/age-uk-financial-services-commission/

Also, our savings guide is updated daily with all the new accounts so it may help when you're moving money next time http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Hope they help, MSE Wendy

oap43

Thanks Wendy for the two links.

The Age UK one is interesting, but will it produce meaningful solutions or just a bunch of words lifted from a dictionary that actually mean nothing.

I've already used the MSE link and yesterday opened a new sole Santander 123 current account. I've had a joint with my wife for a couple of years, but the limit is £20,000.

I produced a spread sheet showing the true interest rates for each thousand pounds of balance. To reach the 1% rate one needs over £4,000 balance. To reach 2%, one needs over £8,000.

With £20,000 the rate is 2.58%.

Not 3%, but getting close and can't find any better.