Shocked at annual interest on savings

kangoora

Our view is that these accounts are our emergency funds, total of about £8.5k, spread over 4 accounts with us treating £3k in the Santander as our zero balance.

They're all 'fire and forget' for us. One of the TSBs has £500 going in at the start of the month to meet the 'feed' requirement and at the end of the month £510 goes into DWs pension so it'll drop by a few quid a month. Same for Nationwide although in this case the account fee takes out £10/month from the interest. This actually saved us £6 month as our old Barclays account used to charge £16/month for almost identical account 'perks' so we could add another £72/year saving on top of our new interest - so actually around £430/ year better off in real terms.

Admittedly, we don't get to see £430 in a lump sum so the odd £60 to £100 on each account over a year doesn't seem that significant until you add them all up. It's similar to that one about buying a posh coffee every day for £3 a time. It's peanuts but £3 x 5 (days) x 52 (weeks) = £780/year spent on a cup of coffee a day. :rotfl:

jimjames

kangoora wrote: »

Admittedly, we don't get to see £430 in a lump sum so the odd £60 to £100 on each account over a year doesn't seem that significant until you add them all up. It's similar to that one about buying a posh coffee every day for £3 a time. It's peanuts but £3 x 5 (days) x 52 (weeks) = £780/year spent on a cup of coffee a day. :rotfl:

The old saying look after the pennies has never been truer.

I find it really frustrating to see people posting in different places (not just MSE) about not having any money but they take no action to actually improve their situation. For a few minutes work with several hundred pounds benefit there aren't many ways you can earn that much for so little effort.

Of course if everyone did it the offers would go so from a selfish point of view I'm glad that most people don't bother.

Thrugelmir

kangoora wrote: »

It's peanuts but £3 x 5 (days) x 52 (weeks) = £780/year spent on a cup of coffee a day. :rotfl:

Rounded up in a pension with basic tax relief that's a £1,000. Over 25 years that's £25k in the pension pot with no growth.

When did people become so dumb?

DiamondLil

Thrugelmir wrote: »

When did people become so dumb?

When we became a society of consumers and borrowers. (Not necessarily in that order).

talexuser

Thrugelmir wrote: »

When did people become so dumb?

Maybe in the 80s when persuaded that you needed to buy "special" water in bottles that hadn't otherwise been needed up till then?

ffacoffipawb

Thrugelmir wrote: »

When did people become so dumb?

May 1997 I would guess.

AbbieCadabra

jimjames wrote: »

True.

However TSB doesn't and allows transfers between 2 accounts to count as the funding requirement and they pay 5%.

i opened 2 a/c's each for me & husband in April, they only have internal transfers funding them & all are receiving interest each month, has this condition changed recently then?

we've currently got -
Tesco current a/c's, 4no., 2.37% net
TSB current, 4no., 3.91% net
Sainsbury E Saver Special, 1no., 1.04% net

majority of our savings are in cash ISA's earning a paltry 1.75%, but we'll need to dip into them within 18 months or so so i don't think there's much better for non-fixed term/allowing transfers in.

i could do with a better instant savings a/c as i should be putting more aside this coming year, but access required at short notice again.

it's a bit of a faff setting a/c's up, but better than sitting back & earning next to nothing.

eskbanker

AbbieCadabra wrote: »

i opened 2 a/c's each for me & husband in April, they only have internal transfers funding them & all are receiving interest each month, has this condition changed recently then?

I think you may have misread jimjames's post and in particular the "and" between "doesn't" and "allows", i.e. he was rightly saying that internal transfers are fine, the same as you are!

kidmugsy

Thrugelmir wrote: »

When did people become so dumb?

When they started speaking Merkin.

AbbieCadabra

eskbanker wrote: »

I think you may have misread jimjames's post and in particular the "and" between "doesn't" and "allows", i.e. he was rightly saying that internal transfers are fine, the same as you are!

correct, well spotted! i'd completely missed the 'and' & had mis-read it, apologies