MSE News: Car giant Ford gears up to launch market-leading regular savings

Ashen

I am somewhat amused that, last week, we had the discussion on maximising deposits in accounts to try to get 4% for a year being dismissed as "theoretical" and "simply not practical", despite not being willing to admit the number of accounts opened.

Yet it was "worthwhile" to open and make one months deposit for 10 days of interest - can't have been much!

colsten

EachPenny wrote: »

The interest alone made it worthwhile

The clue is probably in your name but I shall ask anyway: what do you consider worthwhile? The daily interest for £250 in a 4% account amounts to less than 3p. For ten days, we are talking 30p per account. 10 accounts = £3. 100 accounts = £30. 1,000 accounts = £300. Minus the interest you presumably would have got anyway in the account the money came from.

EachPenny

EachPenny wrote: »

The interest alone made it worthwhile as the T&C's suggest the funds should have been returned without interest added.

The amount of interest is trivial - it is the fact they decided to pay anything, contrary to the T&C's, which some people might see as slightly ironic and possibly even amusing in the circumstances. I could see some humour in that, but I'm willing to accept I might be the only one.

adindas

Ed-1 wrote: »

So did anyone open more than one Regular Saver ISA other than adindas who I believe has 7? If so, how many?

If you read this thread there are quite a few based on the discussion last week. It might be much more but they just keep it quiet. Also people might already delete their posts.

https://forums.moneysavingexpert.com/discussion/608697

If my memory serves well EachPenny has around ten of them :D:D

EachPenny

adindas wrote: »

If my memory serves well EachPenny has around ten of them

No, it was far fewer than that. Ten would mean finding £30k to fund them all by the end of the year, which would mean dropping out of other regular saver accounts during the year. Although earning £652.60 sounds attractive, it doesn't fit with my medium-term saving strategy and would leave me with £30k to find a new home for in 12 months time. If things stay as they are that would mean £30k sitting at 1% until it can be dripped back into other RS accounts, so the average interest rate over the whole period would be a lot less than 4%, and may not beat sticking with other accounts at 2.25, 3 and 5% in the first place.

Mr_K

Don't know why everyone wets their pants over regular savers, peanuts, as can be seen from the max. £65 from this poor offering. Even HSBC offer 5%, not that it makes much difference. My stocks and shares isa has made 20% over the last year, with a little risk a maybe, but that would be £600 increase on a the same £3k over the year. Forget cash savings atm, particulalrly the waste of time that reg. savers are.

ctdctd

Mr_K wrote: »

Don't know why everyone wets their pants over regular savers, peanuts, as can be seen from the max. £65 from this poor offering. Even HSBC offer 5%, not that it makes much difference. My stocks and shares isa has made 20% over the last year, with a little risk a maybe, but that would be £600 increase on a the same £3k over the year. Forget cash savings atm, particulalrly the waste of time that reg. savers are.

It's all a risk balance. Next year, your S&S ISA could easily lose 20% - as could mine.
Having some of my investments in cash largely earning inflation at zero risk allows me to sleep at night!

EachPenny

Mr_K wrote: »

Forget cash savings atm, particulalrly the waste of time that reg. savers are.

And if you need that £3k in a hurry to fix your car, house, medical bill, (buying new pants) etc would you be taking it out of your S&S ISA, regardless of fees/charges and any drop in value since you invested?

Having some cash savings is all part of the balanced approach - Regular Savings right now give the best returns on cash savings.

Mr_K

EachPenny wrote: »

And if you need that £3k in a hurry to fix your car, house, medical bill, (buying new pants) etc would you be taking it out of your S&S ISA, regardless of fees/charges and any drop in value since you invested?

Having some cash savings is all part of the balanced approach - Regular Savings right now give the best returns on cash savings.

Well actually you could out of a S&S isa, it only takes a couple of days to sell. But you can't with a reg. saver, another drawback of these over rated accounts.

greenglide

But you can't with a reg. saver, another drawback of these over rated accounts

But many of the regular savers WILL let you withdraw many at any time without penalty and thus provide an excellent home for a cash buffer.