Coventry First Current Account

diamonds

A_Flock_Of_Sheep wrote: »

You mean the overspenders will get poorer and reposessed because they have borrowed too much at a low rate to get a house they could ill afford if (when) interest rates go up.

It is odd though how the interest rates have tumbled over time yet the interest rates on Credit Cards have remained fairly constant.

Yes the stupid^ demograph, but I was more thinking more of Osbourne's unsick and undisabled with cuts demograph, frozen benefits with interest and inflation climbing and climbing. I doubt most of them on DLA/PIP own their own place even those who work.


We will rejoice higher interest, they will suffer

YorkshireBoy

A_Flock_Of_Sheep wrote: »

Here's £250,000 in virtual cash - ££££££ - where will you put it to get 5% across the board average without palming any of it off onto a partner? Instant Access too,

You're not comparing like with like. Back in the summer of 2006 the BOE base rate was 4.5% (later that year up to 4.75% so your Coventry account would have increased to 5.35% due to its BOE+0.6% guarantee), and CPI was 2.5%.

At the moment, those figures are 0.5% and 0.3% respectively.

So, relatively, it's very easy to beat the returns of 10 years ago...even on your £250K figure...and even without resorting to multiple current accounts containing "pocket money" and monthly shuffling.

A_Flock_Of_Sheep

YorkshireBoy wrote: »

You're not comparing like with like. Back in the summer of 2006 the BOE base rate was 4.5% (later that year up to 4.75% so your Coventry account would have increased to 5.35% due to its BOE+0.6% guarantee), and CPI was 2.5%.

At the moment, those figures are 0.5% and 0.3% respectively.

So, relatively, it's very easy to beat the returns of 10 years ago...even on your £250K figure...and even without resorting to multiple current accounts containing "pocket money" and monthly shuffling.

According to Jim's reply he is getting 5% on his savings now. Not relative but I am guessing actual.

I am still waiting his magic formula.

And as of CPI etc my savings income was bigger in 2006 but my bills were much smaller than now. Phone landline rental alone has risen significantly since 2006.

diamonds

A_Flock_Of_Sheep wrote: »

According to Jim's reply he is getting 5% on his savings now. Not relative but I am guessing actual.

I am still waiting his magic formula.

And as of CPI etc my savings income was bigger in 2006 but my bills were much smaller than now. Phone landline rental alone has risen significantly since 2006.

Must be tarting the banks, unless he has a fixed rate 15 year bond, which I will be jealous of :rotfl:

A_Flock_Of_Sheep

diamonds wrote: »

Must be tarting the banks, unless he has a fixed rate 15 year bond, which I will be jealous of :rotfl:

Was there such a thing as a 15 year bond? LOL!

I think bonds paying 5% have long since gone.

diamonds

A_Flock_Of_Sheep wrote: »

Was there such a thing as a 15 year bond? LOL!

I think bonds paying 5% have long since gone.

Any long term investment with 5% is long long gone, like the early 2000's....


Now its a game of cat and mouse, and hope LBG does not catch up on transfers to and from accounts


I'm going for a fixed mortgage next year, its about the only way to get financial security at 4-5% on any kind of finance, ok its interest owed not gained but gaining a home thats always affordable is better than chasing interest rates to top up savings


In some ways some gain others lose, I intend to balance that out for my circumstances for a extended period, fixed mortgage and a game of cat and mouse

jimjames

A_Flock_Of_Sheep wrote: »

According to Jim's reply he is getting 5% on his savings now. Not relative but I am guessing actual.

I am still waiting his magic formula.

Yep, actual 5% and no magic, just current accounts that you appear to be aware of. Sorry to keep you waiting but there's been life outside MSE today

A_Flock_Of_Sheep wrote: »

Really? On every penny up to £250,000? Or is it spread across pocket money values in current accounts? And could you do it if you were single? With no partner to have multiple accounts with? I bet you also have to fiddle about moving money online in order to fulfill the Ts & Cs of getting the interest.

I guess if you're really lazy then a few minutes to setup a standing order is too much hassle but for me it's worth it. Some people might consider £15k to be pocket money but for the real world where 70% of people have £2000 or less in savings, it certainly isn't.

I can't see why anyone would need £250k in cash though for long term. I can get 5% on my cash savings of £15k and probably a similar return on investments for the remainder of the £250k. Even the FTSE pays around 4%.

A_Flock_Of_Sheep

jimjames wrote: »

Yep, actual 5% and no magic, just current accounts that you appear to be aware of. Sorry to keep you waiting but there's been life outside MSE today


I guess if you're really lazy then a few minutes to setup a standing order is too much hassle but for me it's worth it. Some people might consider £15k to be pocket money but for the real world where 70% of people have £2000 or less in savings, it certainly isn't.

I can't see why anyone would need £250k in cash though for long term. I can get 5% on my cash savings of £15k and probably a similar return on investments for the remainder of the £250k. Even the FTSE pays around 4%.

So you failed the challenege then? To find a 5% instant access return on every penny of £250,000 which was the core selling point of the Cov 1st account at the outset. Instead we learn that it is now just £15,000 that you can get 5% on. I need t do some sums as I recall not all current accounts pay 5%. Santander is just 3% so I a unsure where the 5% average across the board comes from.

So instead we now learn that you also have to risk your cash on the stock market.

So while you may be able to get 5% (TSB on a 2k wedge of pocket money ad Nationwide with a similar small sum) you are limited in the amount of wonga you can have getting it.

Can you get 5% on your own personal cash savings Jim (which seem below £250,000) if you don't have a partner to open up extra accounts with?

colsten

A_Flock_Of_Sheep wrote: »

So you failed the challenege then?

I don't think he did. He is just capable of thinking outside the box.

A_Flock_Of_Sheep

colsten wrote: »

I don't think he did. He is just capable of thinking outside the box.

Well he never came up with a 5% return on every penny of £250,000 for instant access which was my challenge. For a single person with no partner.

Just 5% on 15,000 which seems, from what I can ascertain, governed by the ability to palm amounts off onto a partner.

Then a deviation away from the challenge citing the risky stock market.

Jim may be getting 5% on savings but not on sums above 15k and not if he was completely on his own.

Anyway this seems to have slid a bit off topic which was the demise of the account in case no one else knew.