MSE News: Rates are pants - 10 tricks to boost your savings interest

Former_MSE_Paloma

10 tricks to boost your savings interest. Rates are pants, complaining does nowt, so become an active saver to win ...

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Rates are pants - 10 tricks to boost your savings interest




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jimjames

I'm sure this will still confuse people suggesting that they need to pay in SALARY. There is no requirement for salary on any account that I'm aware of.

What qualifies you to get the interest? You usually need to pass a credit check (though they're not normally too harsh), and meet the 'min monthly deposit' (how they ensure you pay your income in there eg, a £500/month pay in = £6,000/year salary)

It should be made clear that all you need to do is to pay in the relevant amount during the month - it does not need to be income.

Downside is that if too many people do it then the rest of us will suffer....

colsten

jimjames wrote: »

Downside is that if too many people do it then the rest of us will suffer....

This is very true, and that's why inaccurate articles are probably a godsend. MSE users onslaughts have killed too many good offers over the years. I have therefore deleted my earlier post and will also refrain from further suggestions on the subject and hope others will, too.

steelbru

Similar article in the Telegraph

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11614758/Pensioners-locked-out-of-best-current-account-deals.html

says that pensioners are "locked out" of best current accounts since their monthly pension is not enough to meet the minimum funding requirements

Herbalus

colsten wrote: »

This is very true, and that's why inaccurate articles are probably a godsend. MSE users onslaughts have killed too many good offers over the years. I have therefore deleted my earlier post and will also refrain from further suggestions on the subject and hope others will, too.

It's a funny time to start editing your posts out isn't it? The cat is quite out of the bag if one spends more than a little time on the forums.

What is a godsend in terms of these products, is that the average Joe lacks the inclination to use these products to their full potential. I told a chap exactly how simple it is to average above 4% on £50k+, and he still said it was too much effort. That's why MSE doesn't go there - they think we're all a bit nuts :rotfl:

colsten

Herbalus wrote: »

It's a funny time to start editing your posts out isn't it? The cat is quite out of the bag if one spends more than a little time on the forums.

It's been on the forum for donkey years but millions of people don't read the forum. Instead they read, and act, on MSE News.

Millions of people descending on interest paying current account will no doubt mean serious cuts in the existing offers. So nobody is winning. Apart from, perhaps, those that cash in on referral money.

Consumerist

steelbru wrote: »

Similar article in the Telegraph

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11614758/Pensioners-locked-out-of-best-current-account-deals.html

says that pensioners are "locked out" of best current accounts since their monthly pension is not enough to meet the minimum funding requirements

The difference, I think, is that the newspapers only want to promote the lenders who might pay for advertising space whereas MSE's mission should be to advise savers on how to get the best from what's available.

Only a couple of words missing from jimjames quote would have made all the difference.

. . . (how they try to ensure you pay your income in there . . .) might have been a better way to put it.

Archi_Bald

Consumerist wrote: »

Only a couple of words missing from jimjames quote would have made all the difference.

. . . (how they try to ensure you pay your income in there . . .) might have been a better way to put it.

jj quoted MSE

jimjames

Consumerist wrote: »

The difference, I think, is that the newspapers only want to promote the lenders who might pay for advertising space whereas MSE's mission should be to advise savers on how to get the best from what's available.

Only a couple of words missing from jimjames quote would have made all the difference.

. . . (how they try to ensure you pay your income in there . . .) might have been a better way to put it.

It should be but as a company sold for £80m (?) MSE is out there the same as papers to make money.

And yes the quote was from the article not my own words.

Herbalus

jimjames wrote: »

It should be but as a company sold for £80m (?) MSE is out there the same as papers to make money.

But it doesn't make them any less money if they told people they should have 249 current accounts. In fact, it might mean increased revenue through more affiliate referrals.

The sale of MSE included a very thorough contract that legally obliges them to continue their editorial independence. That's why I think they offer guides aimed at what the average person can handle, and more than one or two current accounts is something that most people don't seem to understand.

Having said that on MSE's consumer focus, they always neglect to say that topcashback/quidco give ~£100+ on broadband etc deals on top of their featured offer. But then MSE don't get (presumably) lucrative referrals there.

Consumerist

jimjames wrote: »

And yes the quote was from the article not my own words.

Yes, the quote was from the article. I didn't mean to imply it was your opinion. It was just a convenient place to pick up the quote.