The Top Easy Access Savings Discussion Area

Band7

jaypers said:

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.

I suspect it’s not grumpy old men but more likely keen younger things who have momentarily forgotten that at some stage in your life you can not reasonably expect to have 10-15 years left to ride out market fluctuations, and where you’d rather have the ready cash to pay for 2 or 3 years in a decent care home. This is, of course, only one scenario in which people decide to have large sums of cash rather than investments.

OceanSound

Is this still the thread on top easy access savings accounts ?

Edit: mind you the title does say 'discussion area', so it should offer us some leeway.

Mr._H_2

Just a heads-up for anyone moving savings to Chip - I had issues moving a large sum (>£60k) from Santander and had to go through the fraud department rigmarole, but even after Santander had turned off all their blocks, the transaction still wouldn't work (failed at Chip's end). I then split it up into several transactions of £20k or less and that worked.

Eirambler

Band7 said:

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.

50k isn't really the Premium bond max either though. If you're a couple it's 100k. If you have two kids under 16 it's 200k.

I've had more than 50k in premium bonds in the past this way, though cashed in a load last year to pay off the mortgage when my fix ended.

AmityNeon

[DELETED BY FORUM TEAM]

Your account & settings (top left user icon) > Important documents > Savings certificates > 2023 Instant Access Saver certificate of interest

Band7

Eirambler said:

Band7 said:

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.

50k isn't really the Premium bond max either though. If you're a couple it's 100k. If you have two kids under 16 it's 200k.

I've had more than 50k in premium bonds in the past this way, though cashed in a load last year to pay off the mortgage when my fix ended.

You may be of the view that you had more than £50k in PBs but nobody else is. The money in other people's PB accounts is legally theirs, even if they are members of your family, and even if the money originated from you and you had a legally unenforceable arrangement to get it back from them.

jimexbox

Band7 said:

Eirambler said:

Band7 said:

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.

50k isn't really the Premium bond max either though. If you're a couple it's 100k. If you have two kids under 16 it's 200k.

I've had more than 50k in premium bonds in the past this way, though cashed in a load last year to pay off the mortgage when my fix ended.

You may be of the view that you had more than £50k in PBs but nobody else is. The money in other people's PB accounts is legally theirs, even if they are members of your family, and even if the money originated from you and you had a legally unenforceable arrangement to get it back from them.

Ive just reminded the Mrs that the money I deposited in her account for tax purposes  is actually mine.

She said its hers 🤣

RG2015

jimexbox said:

Band7 said:

Eirambler said:

Band7 said:

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.

50k isn't really the Premium bond max either though. If you're a couple it's 100k. If you have two kids under 16 it's 200k.

I've had more than 50k in premium bonds in the past this way, though cashed in a load last year to pay off the mortgage when my fix ended.

You may be of the view that you had more than £50k in PBs but nobody else is. The money in other people's PB accounts is legally theirs, even if they are members of your family, and even if the money originated from you and you had a legally unenforceable arrangement to get it back from them.

Ive just reminded the Mrs that the money I deposited in her account for tax purposes  is actually mine.

She said its hers 🤣

I trust you didn’t tell her what her password was. 

grumbler

[DELETED BY FORUM TEAM]

Do you actually click 'My AccountS' button?

What you have to click is your profile button in the top left corner, then 'Important Documents'.

OceanSound

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. 

Just seen this:

https://www.express.co.uk/finance/personalfinance/1756458/savings-investing-inflation-interest-rates-wealth

Richard Ollive, a senior financial adviser at the Wesleyan, spoke exclusively with Express.co.uk about what Britons should be doing to protect and grow their money.

He explained: “While saving is a great way to ensure you’ve got money for a rainy day or towards a big purchase, investing offers the opportunity to grow your wealth and make your money work even harder.

.......

“Although money in a standard savings account will probably receive interest from your bank, that rate of interest likely to be below the rate of inflation – how fast the price of goods and services is rising.”
The finance expert warned that inflation is continuing to diminish returns for savers despite the wave of interest rate rises.

Seem to recall the express publishing some dubious finance related articles in the past, but this one seems to strike a chord. 

Wesleyan does have some good reviews on Trustpilot ( yes, I'm aware, some reviews may not be legit). However, I wonder if a financial expert that offers financial products presumably attracting a commission for himself/themselves is the best person/place to ask.