Enjoying Life's Indulgences Together Everyday

locarr

Savvybuyer wrote: »

Hmm...wondering why the savings accounts though? (Unless they are regular savings paying better rates, linked to the ownership of a current account.) Given that the interest rate on a lot of savings accounts seems to be worse than the teaser current accounts (providing you keep to their terms). I've gone through the 'savings accounts' section of this website earlier when I was choosing what to do with my money, and wondered why bother with savings accounts at the moment when these current accounts seem far better. Also I don't know why this site keeps saying ensure you use your ISA allowance. For me my ISA is now placed bottom of the pile, for any surplus after all of the current accounts have been used. Put 2.75% (the Newcastle ISA rate) into the checker and it comes up with savings account (or current account?:)) would need to pay 3.4% to beat it. As the current accounts are paying 5%, 4%... they seem to beat even the best ISA rates (that aren't available anymore) unless locking your money away with more stringent terms, am I missing something?:think:

It seems to me to be only higher rate taxpayers that would benefit from using ISAs as a primary store for their money at the moment.

All of my Yorkshire, Halifax, Nationwide, Lloyds, TSB accounts are accessible at any moment. They all have cashcards and online access to transfer money into/out of instantly. Of course I try to keep most of them at their interest rate limit (the Halifax I run down as just has a fixed 'reward') and (self-evident!) take from the lower-rate interest ones first.

Have you considered a stock & shares ISA? mine has increased by 30% compounded over 5 years, I don't have the full details at hand as I manage it from work;) the risks are greater and it can go up and down (and has:eek:) but overall made much more than low risk/low interest current account (5% is too low for me) :cool:

DODO_2

Tw1nb0ys wrote: »

But what about the cake?

Tiny, if you use your JL cards aren't you guaranteeing you can continue to get free cake?

Thought I read it somewhere about them requiring you to spend a certain amount in a certain period? Not sure as unfortunately don't have an JL near me.

Might be worth considering?

Nooo use my JL card then I can carry on getting cake.......

Imdebtfree

Reading all the bank stories with interest. But very confused.
Surely in order to get the interest, the money needs to be in the account? Not just transferred in then transferred out immediately?

Ii've had the same account for the last 25 years, think its about time for a change! And beginning to build up some savings so any advise greatfully received.

karlie88

Chrisv wrote: »

Hi Karlie Can I pick your brains - We've got up and running 6 x Vantage, 6 X Enhance and 4 x Plus. I'm looking at 2 X Club - problem is the 4 DD's. I was thinking 2 of the Tesco savers. Can you suggest another 2 quick / easy ones? Thanks.

https://forums.moneysavingexpert.com/discussion/4168667

Savvybuyer

karlie88 wrote: »

Number 1 on the Amazon bookcharts!

:rotfl::rotfl:

What!?!:huh:

:eek::eek:

:rotfl::rotfl::D

Savvybuyer

locarr wrote: »

Have you considered a stock & shares ISA? mine has increased by 30% compounded over 5 years, I don't have the full details at hand as I manage it from work;) the risks are greater and it can go up and down (and has:eek:) but overall made much more than low risk/low interest current account (5% is too low for me) :cool:

Very good point.
Yes, I have, and I'll think about it carefully again (not too carefully though I hope:o).

Chrisv

karlie88 wrote: »

https://forums.moneysavingexpert.com/discussion/4168667

Thanks Karlie

TrulyMadly

Chrisv wrote: »

Hi Karlie Can I pick your brains - We've got up and running 6 x Vantage, 6 X Enhance and 4 x Plus. I'm looking at 2 X Club - problem is the 4 DD's. I was thinking 2 of the Tesco savers. Can you suggest another 2 quick / easy ones? Thanks.

Why is everyone suddenly talking secret squirrel:rotfl:

Chrisv

TrulyMadly wrote: »

Why is everyone suddenly talking secret squirrel:rotfl:

I've just had to google 'secret squirrel' :rotfl:

Savvybuyer

Imdebtfree wrote: »

Reading all the bank stories with interest. But very confused.
Surely in order to get the interest, the money needs to be in the account? Not just transferred in then transferred out immediately?

Ii've had the same account for the last 25 years, think its about time for a change! And beginning to build up some savings so any advise greatfully received.

Yea I do have money in the accounts (apart from the Halifax one that is just a fixed 'reward'). The £1000 to the Nationwide this month actually made it go from £2500 to £3500 (they only pay interest on £2500) so that's why the £1000 went back to Halifax (and also qualified for their £5 'reward')* and thence onto each TSB (for me). TSBs built up now to £2000 each, £2500 still in the Nationwide. Then it's Lloyds, and Yorkshire to be built up soon. Without going into the detail of my finances...:rotfl:

*It could have gone from £1500 to £2500 (the Nationwide account) and then the £1000 (or £750) for the Halifax I would have brought into that from elsewhere. But that's the idea: just depended on what money I'd got and in what accounts (as well as where my salary initially went to). Obviously the precise movements of what and to/from where will vary for each person.