Waste of time saving now...

DUTR

Just had a letter from Barclays saying the ISA interest rate is changing (I need not do anything!) well further reading concludes the interest rate is dropping again to 1% over £30k from 1.38% which had already dropped from 2%+ in the past :mad:

vacheron

Funnily enough I was just checking that exact same rate on the Barclays website yesterday but didn't notice the small print of: "These rates will change on 23 September 2015" underneath!

I was checking was to see if it was worth moving to the 1.49 rate HSBC are offering on their Loyalty Cash ISA.

It didn't seem to be yesterday, But it does now as I'll be losing £260/year from September.

Maybe the title should be "Waste of time saving with Barclays now"

Eco_Miser

Even at zero percent, saving isn't a wast of time. It means you've got cash to spend as you need it; cash to spend in large lumps, like a house deposit or car; cash to live on when you're not earning.

Have you used the £50k or so of 3% or more interest earning potential of current accounts and regular savers?

DUTR

Eco_Miser wrote: »

Even at zero percent, saving isn't a wast of time. It means you've got cash to spend as you need it; cash to spend in large lumps, like a house deposit or car; cash to live on when you're not earning.

Have you used the £50k or so of 3% or more interest earning potential of current accounts and regular savers?

Elaborate, I am one of the ignorant ones that thought the ISA was the 'best' place to have money once there is no mortgage and desired car already in the garage .

Archi_Bald

DUTR wrote: »

Elaborate, I am one of the ignorant ones that thought the ISA was the 'best' place to have money once there is no mortgage and desired car already in the garage .

If by "the ISA" you mean an S&S ISA, you might be right-ish. A pension would be another good place. Combined with some cash savings for instant access needs. If "the ISA" is a cash ISA, you are most likely not getting the best deal as there are about half a dozen places that pay better interest than cash ISAs do. There has been plenty of discussion about this on the forum for the last year or two.

ChopperST

You are beating CPI inflation by a whole 1% and matching RPI which currently stands at 1%

Not bad considering you are taking zero risk.

As the above posters have suggested have you helped yourself to the multitude of inflation busting accounts out there?

Maelwys

DUTR wrote: »

Elaborate, I am one of the ignorant ones that thought the ISA was the 'best' place to have money once there is no mortgage and desired car already in the garage .

See here

Personally I use a Santander 1-2-3 (Day to Day Current Account that also holds my Cash Buffer) and a Halifax Reward Account ("Spare" account that also basically pays £60 a year for having a few hundred pounds sitting in it for a few days every month), plus a S&S ISA and a SIPP.

jimjames

DUTR wrote: »

Elaborate, I am one of the ignorant ones that thought the ISA was the 'best' place to have money once there is no mortgage and desired car already in the garage .

Hopefully you'll have seen from many of the posts here that a cash ISA is far from the best place to hold cash.


Long term money is far better in S&S ISA or pension.

Pincher

Time IS money. If you have ten million pounds, you don't need to worry about pittances.


I waste a lot of time to save money.


By registering for the myWaitrose 20% off Pick Your Own Offer deal, I am expecting to save about £30 a year on yoghurt alone.
I buy it on Sunday, so I can get the Sunday Times for free. By getting the free coffee at the same time, I only need to pay about £5.40, and then I get 1.25% cashback from my Amex.


Doing a First Direct 6% Regular Saver generates about £100 interest a year. It's a lot less effort in comparison.

Eco_Miser

DUTR wrote: »

Elaborate, I am one of the ignorant ones that thought the ISA was the 'best' place to have money once there is no mortgage and desired car already in the garage .

Just reading the 'Quick Links' section at the top of each page would tell you it isn't any more, if you mean cash ISA.
The link Maelwys gave leads to a calculator to find the optimum selection of current accounts for your capital, and this link gives all the worthwhile accounts for regular monthly saving.
These links are not hard to find, nor are the multitude of threads about high interest current accounts.