Short Term Saving for 25k

ValiantSon

aj23 wrote: »

Excuse me, but you haven't seen their statement, so you are wrong to say I'm wrong.

No I'm not. It is impossible to get £30-£40 interest per month. I have given you the calculations to prove this!

aj23 wrote: »

Last months was £34, and they haven't got a mortgage.

It looks like you are including cashback in the figure. This muddies the water. One person's cashback will not be the same as everyone else's. The interest will be a maximum of £25.32 in any given month, and only those with 31 days.

aj23 wrote: »

By 'we' you mean 'you,' and the world doesn't revolve around you. It's you who replies to me.

Are you blind? There are other people who have corrected you and expressed a sense of exasperation.

aj23 wrote: »

Don't like it, don't reply to it. I don't post or ask for you to reply to me..

I don't like you giving incorrect information. I reply to correct the information for the benefit of anybody who may be swayed by it.

You don't get to decide who does and doesn't post. Grow up.

aj23 wrote: »

As I said, on the other thread, I said I agreed with your basic principle multiple times, yet you still continued to disagree with my agreeing.

You disagreed with what I had written and continued to argue with me about it even after I had proven the point.

aj23 wrote: »

Talk about pick a fight with yourself. Please, get over it..

You are the one who keeps harking on about it. I have simply corrected more of your mistakes.

Child.

aj23_2

ValiantSon wrote: »

No I'm not. It is impossible to get £30-£40 interest per month. I have given you the calculations to prove this!



It looks like you are including cashback in the figure. This muddies the water. One person's cashback will not be the same as everyone else's. The interest will be a maximum of £24.84 in any given month.



Are you blind? There are other people who have corrected you and expressed a sense of exasperation.



I don't like you giving incorrect information. I reply to correct the information for the benefit of anybody who may be swayed by it.

You don't get to decide who does and doesn't post. Grow up.



You disagreed with what I had written and continued to argue with me about it even after I had proven the point.



You are the one who keeps harking on about it. I have simply corrected more of your mistakes.

Child.

Wrong. Funny, because I just used Santander's calculator and got £34. It doesn't muddy the water at all. I said what you could potentially get and backed it up. I've only seen you who constantly replies to me. Seriously, stop stalking my posts. No, you don't reply to correct info. You've been combative from your very first reply.

Child.

tibbles209

Santander 123 seems horribly complicated for the sake of 1.5% interest, particularly when you are saving for such a short period.
If I were you I'd just stick it in Premium Bonds for 6 months; its completely safe, you have a reasonable chance of winning not too far off the 1.5% you'd get with Sandander 123 (average win is 1.4% annually, although given that takes into account the rare big prizes realistically it would be a bit less than this). And you never know, there is always that teeny tiny chance of winning big...

ValiantSon

aj23 wrote: »

If you have a 123, which has a monthly £5 fee, and you withdraw all the money from it, then yes it will cost you money as it charges regardless of your balance. You'd have to close it or switch it to avoid it. Anyone can work that out, except you. Use their calculator, it will tell you the same thing. If you use it for the cash interest only, and have less than £4k in it, you will be losing money. Fact. You're wrong.

Not a fact. Once again, you don't understand what facts are!

You didn't actually say that, and I have already dealth with this point.

aj23 wrote: »

If you want to contribute, reply to the OP and say what you have to say. Your constant quoting me is obsessive.

You don't get to decide what people can and can't do.

I quote you when I am correcting your mistakes.

Once again, grow up.

DrEskimo

tibbles209 wrote: »

Santander 123 seems horribly complicated for the sake of 1.5% interest, particularly when you are saving for such a short period.
If I were you I'd just stick it in Premium Bonds for 6 months; its completely safe, you have a reasonable chance of winning not too far off the 1.5% you'd get with Sandander 123 (average win is 1.4% annually, although given that takes into account the rare big prizes realistically it would be a bit less than this). And you never know, there is always that teeny tiny chance of winning big...

According to the probability calculator, there is a greater than 55% chance that the OP will earn less than the 1.5% that is guaranteed by the Santander account (this is for £25k over 6months).

There is a less than 1.5% chance they will win anything >£500 and an incredibly small chance (<0.5%) they will win anything >£1000...

I'm with VS, PB seem like a waste of time to me. I would sooner take the guaranteed interest from a current account, then the odds from PB.

aj23_2

ValiantSon wrote: »

Not a fact. Once again, you don't understand what facts are!

You didn't actually say that, and I have already dealth with this point.



You don't get to decide what people can and can't do.

I quote you when I am correcting your mistakes.

Once again, grow up.

So you clearly haven't checked out Santander's own cutback calculator. Lol.

You keep replying to me. You grow up!

ValiantSon

aj23 wrote: »

So you clearly haven't checked out Santander's own cutback calculator. Lol.

You keep replying to me. You grow up!

Yes, I reply because that is how discussion works.

I have no idea what you are laughing at. Your calculations are wrong. Santander does not have a "cutback" calculator. They do, however, have a cashback calculator, which has nothing to do with interest payments.

Is there a village somewhere that is missing you?

tibbles209

DrEskimo wrote: »

According to the probability calculator, there is a greater than 55% chance that the OP will earn less than the 1.5% that is guaranteed by the Santander account (this is for £25k over 6months).

There is a less than 1.5% chance they will win anything >£500 and an incredibly small chance (<0.5%) they will win anything >£1000...

I'm with VS, PB seem like a waste of time to me. I would sooner take the guaranteed interest from a current account, then the odds from PB.

That's why I worded it quite carefully "reasonable chance of winning not too far off the 1.5%"; I know the average person with £20k in premium bonds will win less than 1.5% annually, but the actual difference in pounds on a £20k saving over a 6 month period would be very modest, and it is much, much simpler than opening a Santander 123 account, setting up direct debits, cycling the correct amount of money through the account, and then switching to a Santander 123 lite account after 6 months.
I suppose it comes down to how much effort you are willing to put in for a small additional amount of interest. There's not really a right or wrong answer to that, will vary from person to person.

ValiantSon

tibbles209 wrote: »

That's why I worded it quite carefully "reasonable chance of winning not too far off the 1.5%";

How do you define "reasonable chance"? Someone with average luck could expect to win £100 on a £20,000 premium bond holding over six months. That equates to a 0.5% return, which is clearly substantially below the guaranteed 0.75% return from Santander. To win £150 and equal the Santander return, they would only have a 39.4% chance: the odds are clearly against this happening.

That is not to say that I think Santander 123 is necessarily the best option, but it if the account were used then it would almost certainly deliver a better return than premium bonds. Setting the account up is pretty straightforward, especially if an existing account is switched and, despite the protestations of some people on here, it would be just as easy to switch away again after six months, or, as I have already advised (and this would be my preferred option), downgrade the account to 123 Lite.