Are there any bank account "tarts" out there?

Herbalus

No you don't get it Colsten. Maximising interest is not the aim of the game here. My emphasis:

Doctor_Duke wrote: »

"Save the Change" oh come on you lot stop playing the oh my it's a low interest rate etc. Yeah we know that but it is but it is fun watching them round up transactions to the nearest pound. It all soon adds up but it's not a serious saving account. I leave that to all my regular savers! Sadly the change amounts are separate transactions so don't actually round up as single contactless transaction.

It's about fun, Colsten. Fun. No further explanation needed. :T

Vortigern

Herbalus wrote: »

No you don't get it Colsten. Maximising interest is not the aim of the game here.

It's about fun, Colsten. Fun. No further explanation needed. :T

Suddenly I see!

It's fun:
- like watching paint dry
- or watching the grass grow

I don't think I could cope with such excitement, or the need to enter all those extra transactions in my accounting software.

diamonds

Doctor_Duke wrote: »

"Save the Change" oh come on you lot stop playing the oh my it's a low interest rate etc. Yeah we know that but it is but it is fun watching them round up transactions to the nearest pound. It all soon adds up but it's not a serious saving account. I leave that to all my regular savers! Sadly the change amounts are separate transactions so don't actually round up as single contactless transaction.

I agree and disagree, its fun, its saving and its also funding me £25 minimum each month towards a 6% RS, some cant just allocate money to 1 RS every month never mind my 3, my STC account makes sure I can put the maximum in my 3rd and new M&S 6% RS ongoing

diamonds

colsten wrote: »

Alright, I accept your challenge.

Please demonstrate how you can make more (or anything like the same amount of money) with a "Save the change" scheme than you can with CC, or DD, cashback (not necessarily with TSB).

If that is too onerous, please demonstrate how "it soon adds up" if you transfer your own money from a 5% account to a ~1% account. To help you with your demonstration, here are the current TSB interest rates: http://www.tsb.co.uk/help/savings/savings-rates.pdf. To help you further, the TSB Monthly Saver is excluded from the "Save the change" scheme.

Once you have failed to demonstrate the better value of the "Save the change" scheme, can you please explain the value of "it is fun watching them round up transactions to the nearest pound"? Do you realise you are simply a victim of a bank's marketing machine that will rope you into more deals that are good (for them) and bad (for you) down the line? I could almost guarantee that "Save the change" savers are on TSB's/Lloyds' suckers' list, or whatever they call their list of un-savvy customers.

Read my above^ post, TSB are my sucker when you play the 5/5/5 game to win

STC just makes me a extra £25 minimum to transfer to M&S account monthly without having to really try, without it in my circumstances and a unjustified amount of even more budget squeezing it and effort on all counts.

Simply TSB saves and then pays me a contribution to max out my monthly M&S contribution, with no effort to round up every penny by penny to maximise saving.


Like anything financial it comes down to individual circumstances

What works for one budgeting and accounts may not work for another but information is education, thats why we all post questions and advice on MSE

diamonds

Vortigern wrote: »

Suddenly I see!

It's fun:
- like watching paint dry
- or watching the grass grow

I don't think I could cope with such excitement, or the need to enter all those extra transactions in my accounting software.

Well I watch my M&S RS maxed out monthly, its not fun, its satisfaction

Accounting software ? I guess for some that's a good thing, the financial inept certainly would benefit the most (if they can get their head around learning to use it), the part of my brain that deals with maths is nowhere as good as the english part and I do fantastically well without a calculator or software, nor a pen and paper...its all up 'there'

Again financial or the need for any kind of assistance outside the cranium is a very individual circumstance

Biggles

diamonds wrote: »

STC just makes me a extra £25 minimum

I've got some bad news for you: it doesn't make you anything - it's your own money, they aren't giving you anything at all, just taking a few pitiful pence out of your account, putting it into a different account, and paying you [STRIKE]1%[/STRIKE] 0.2% (less tax) on it.

Lloyds started doing that for weak-willed savers years ago.

colsten

diamonds wrote: »

STC just makes me a extra £25 minimum

£25 a month is £300 a year. At 1% interest, you would have to spend £30,000 in "lose change" a year, or £2,500 a month.

diamonds wrote: »

Simply TSB saves and then pays me a contribution to max out my monthly M&S contribution,

The "contribution" TSB pay you is a maximum of 1.1% interest on your money that got moved from a 5% account to a 1.1% account.

How is this a good idea? Why would anyone want to have any money in a 1.1% account?

(Text removed by MSE Forum Team)

colsten

diamonds wrote: »

....the part of my brain that deals with maths is nowhere as good as the english part.....

I agree with you on that.

diamonds wrote: »

I do fantastically well without a calculator or software, nor a pen and paper...its all up 'there'

going by your total misunderstanding of the "Save the change", perhaps you should try one, or all, of those?

Jotogo

Hi,
Anyone used the tsb £150 link from MSE?

I used it and followed all the rules regarding cookies but only received the basic £100. Still not bad but I like to get my money's worth!

ceredigion

Kind of wish I had kept :silenced: now.
It was just a :idea: moment with regard the 5% cash back.


For those youngsters that may not know "Save the change" was once profitable


https://forums.moneysavingexpert.com/discussion/371873