The Top Easy Access Savings Discussion Area

Eirambler

A couple can open two separate accounts with Zopa and save a fully protected £170,000 that way though, easily saving north of £400 per month.

Band7

Eirambler said:

A couple can open two separate accounts with Zopa and save a fully protected £170,000 that way though, easily saving north of £400 per month.

Sure, you can save more than £400 a month in Zopa. Don't even need to be a couple for that.

But not even a couple would be able make £400 a month from £50k. £50k is the reference amount for this discussion because the comparison is between Zopa and Premium Bonds, where £50k is the maximum. So you don't even need to bring a couple into the equation because FSCS covers more than £50k.

At present, the max Zopa interest per annum from £50k is £1,775 a year, or just under £148 a month.

jimexbox

Unless you're buying a house, I don't know why you'd need a huge amount of cash on instant access or 95 day notice with zopa. 

Band7

jimexbox said:

Unless you're buying a house, I don't know why you'd need a huge amount of cash on instant access or 95 day notice with zopa. 

different people will have different reasons and needs for holding large amounts of cash in different kinds of accounts

Silverbullet036

jimexbox said:

Unless you're buying a house, I don't know why you'd need a huge amount of cash on instant access or 95 day notice with zopa. 

Just because you dont want to doesnt mean someone else wont want to. I personally hold several hundred k in cash but you dont know my situation or anyone elses for that matter

jimexbox

Silverbullet036 said:

jimexbox said:

Unless you're buying a house, I don't know why you'd need a huge amount of cash on instant access or 95 day notice with zopa. 

Just because you dont want to doesnt mean someone else wont want to. I personally hold several hundred k in cash but you dont know my situation or anyone elses for that matter

In an instant access account? My point being of course everyone needs whatever cash readily available that they see fit. If anyone needs 200k ready to access, thats up to them, I couldnt care less. For most people a balanced fixed bond investment & shares would be a better longer term investment.

Like I said I couldnt care less if folk keep 200k in account paying 0.5%, which I'm sure some do. Its their money.

Nick_C

Many people would rather have savings losing 6pc of their value each year because of inflation than risk investing their capital.

These same people think they are better off now with interest rates at 3.5% than they were two years ago with interest rates effectively at zero.

Its a funny old world. 

RG2015

Nick_C said:

Many people would rather have savings losing 6pc of their value each year because of inflation than risk investing their capital.

These same people think they are better off now with interest rates at 3.5% than they were two years ago with interest rates effectively at zero.

Its a funny old world. 

I cannot understand why people repeatedly make snide comments about others saving rather than investing larger sums of money.

As far as I can see, the only purpose is to mock their behaviour because this does not conform to their own views on financial propriety.

2010

It` s all about personal circumstances and personal inflation.
If you`re 70 plus with £200k it`s unlikely you`ll want to put it in the stock market long term.

You might say people are losing 6% having it in cash but you could easily lose that with investments.
Even buying a property in the past has lost money short term.

Each to their own.

jaypers

RG2015 said:

Nick_C said:

Many people would rather have savings losing 6pc of their value each year because of inflation than risk investing their capital.

These same people think they are better off now with interest rates at 3.5% than they were two years ago with interest rates effectively at zero.

Its a funny old world. 

I cannot understand why people repeatedly make snide comments about others saving rather than investing larger sums of money.

As far as I can see, the only purpose is to mock their behaviour because this does not conform to their own views on financial propriety.

It’s a strange one this, and something I keep trying to get my head around. Everyone is different and these forums are invaluable for trying to get the best out of any spare cash available. Inflation, as we all know, is a huge issue and will inevitably devalue what we have. We can never keep up with it, unless you’re open to higher risk investments, and then things can go either way. For me personally, I am retired and am in the very fortunate position to have absolutely no debts now. The fact that I am not paying anyone any interest makes a huge difference. About 35% of my non-pension money is in a stocks and shares ISA with a mix of funds and shares. I really enjoy that part. The rest is in a 60/40 split of fixed and easy access accounts (ISA and non-ISA). Ended up with accounts all over the place. I’ve always enjoyed finances and getting the best return I can. We are all paying more for energy and food in particular and thanks to these forums I’ve picked up some handy advice. I’m also not sure why anyone would knock that as a concept and sure there must be some grumpy old men forums that would suit them better! Thanks for the advice on here to the majority anyway.