And the point IS?

shengen

Ive just read on here that a cash isa through toytown bank is paying 0.03% more per year than trumpton bank which if you calculate it carefully works out at £4.50. Dont go out and spend it all at once , and if you have to go into the branch by the time you have taken account of petrol or diesel or electric (there is no discrimination here), plus parking charges, you may well be worse off.
Even if you can do it online by the time you have paid for the electricity and line rental and internet access (be aware limitations may apply) then you might be up to a 1p per day better off.
Lets put the kettle on to celebrate :beer:

shengen

sorry thats £4.50 on £15,000 other values may be lower

bowlhead99

I don't think you would want to put the kettle on too much to celebrate as the electricity or gas would probably use up the 1p interest you earned that day.

Are you enjoying your half-term holiday? If you invest your £15k through toytown bank at the rates you suggested, you will indeed have £4.50 extra at the end of the year compared to investing at trumpton bank.

As you're not old enough to spend it on a celebratory drink yourself, you could use that £4.50 to buy your mummy or daddy a pint of beer for putting up with you during the school holidays.

shengen

im 53 and these interest rates would be laughable if we were not making so much fuss over whether it pays 1.51 or 1.54% , i should be able to expect that £15000 saved tax free could earn more than enough to buy a bar of choccy and a large bottle of pop each week.

CLAPTON

a journey of a 1000 miles starts with one step


look after the pennies and pounds look after themselves

colsten

shengen wrote: »

And the point IS?

Very good question. What is the point of your post? If it is to demonstrate that you don't understand cash ISAs, and cash ISA alternatives, you have succeeded first time round.

shengen

I know very well the point of cash isas, what I dont understand is, IF there was a difference in all the interest rates that ranged from say 1.2% at the bottom end of the scale up to say 6.78% at the top end of the scale , ie there was a 5.58% real difference in rate thats a possible 465% increase then I could see the point in making a fuss about it. In real terms on a £15,000 isa that would be the difference between them of £837 a year. Worth talking about.
I have summarised the numbers below for anyone on school holidays that cant yet do Key stage 1 mathematics
Int rate Annual return 1.20% £180 1.30% £195 1.40% £210 1.50% £225 1.60% £240 1.70% £255 1.80% £270 1.90% £285 2.00% £300 2.10% £315 2.20% £330 2.30% £345 2.40% £360 2.50% £375 2.60% £390 2.70% £405 2.80% £420 2.90% £435 3.00% £450 3.10% £465 3.20% £480 3.30% £495 3.40% £510 3.50% £525 3.60% £540 3.70% £555 3.80% £570 3.90% £585 4.00% £600 4.10% £615 4.20% £630 4.30% £645 4.40% £660 4.50% £675 4.60% £690 4.70% £705 4.80% £720 4.90% £735 5.00% £750 5.10% £765 5.20% £780 5.30% £795 5.40% £810 5.50% £825 5.60% £840 5.70% £855 5.80% £870 5.90% £885 6.00% £900 6.10% £915 6.20% £930 6.30% £945 6.40% £960 6.50% £975 6.60% £990 6.70% £1,005 6.78% £1,017

ChesterDog

shengen wrote: »

im 53 and these interest rates would be laughable if we were not making so much fuss over whether it pays 1.51 or 1.54%.

I'm not making a fuss over it.

Can't say I have noticed anyone here doing so.

Investments are what we tend to make a fuss over, and the interest rates on some current accounts.

shengen

Thats exactly the point, looking on here used to be something that could save you or EARN you a lot of money but those days are long gone unfortunately, a good sift through here might now save you enough to boil the kettle. Is the point to save you money, make you money or just get you into LESS DEBT

shengen

I have a MSE neighbour who was boasting about the fact that they had bought a box of 48 whiskas cat food pouches because they were half price, what a bargain , THEY DONT HAVE A CAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!

bowlhead99

shengen wrote: »

I have summarised the numbers below for anyone on school holidays that cant yet do Key stage 1 mathematics
Int rate Annual return 1.20% £180 1.30% £195 1.40% £210 1.50% £225 1.60% £240 1.70% £255 1.80% £270 1.90% £285 2.00% £300 2.10% £315 2.20% £330 2.30% £345 2.40% £360 2.50% £375 2.60% £390 2.70% £405 2.80% £420 2.90% £435 3.00% £450 3.10% £465 3.20% £480 3.30% £495 3.40% £510 3.50% £525 3.60% £540 3.70% £555 3.80% £570 3.90% £585 4.00% £600 4.10% £615 4.20% £630 4.30% £645 4.40% £660 4.50% £675 4.60% £690 4.70% £705 4.80% £720 4.90% £735 5.00% £750 5.10% £765 5.20% £780 5.30% £795 5.40% £810 5.50% £825 5.60% £840 5.70% £855 5.80% £870 5.90% £885 6.00% £900 6.10% £915 6.20% £930 6.30% £945 6.40% £960 6.50% £975 6.60% £990 6.70% £1,005 6.78% £1,017

Wow, thanks for all those helpful calculations. And it is the other members of this board who you think are going over the top in overanlaysing things :rotfl:

If I ever need to do a calculation to see how much more 6.78% is than 4.90% on a sum of exactly £15,000, I'll certainly keep this thread bookmarked.

At the end of the day mate there are thousands of people who come on here to get guidance on whether they are better off with a 1.7% ISA or a 3% non ISA account that they pay tax on. Depending on your tax rate you might get a different answer but the method to do the calculation is straightforward and is often shared. Likewise if someone points out a 1.5% rate then someone else might point out a 1.55% rate at another bank that's just as easy to get so you might as well use the better rate for the extra few quid per day /month/ year.

The same questions and points come up all the time, but some people are using the info here to save thousands compared to what they would have come up with on their own. Whether the thousands get you more savings or LESS DEBT (not sure why you're shouting) is neither here nor there. I don't care two hoots about your financial situation but am happy to patiently explain concepts if you seem novice or incapable.

For those of us who have big chunks of savings or pensions to invest (or aspire to have), optimisation techniques can save bigger amounts of money than buying an annual pint or fill of the kettle. If your point is that with your 15k you can't make much money at all, why not try to get more than 15k, and then come back later.

Why not make your MSE neighbour an offer for the catfood at a cut down price. Supply and demand means they might let it go for less than they paid for it and then you could sell it on to someone with a cat. A commodities trader in our midst.