The Top Easy Access Savings Discussion Area

PixelPound

Stargunner said:

I don't understand some people that are obsessed with having to have the highest paying interest easy access account, which they only keep a few hundred/thousand  pounds in to pay their monthly direct debits, when the extra interest that they earn is only pennies per day/month over another account that is 0.1 or 0.2% lower. I can understand it for those that have £80K in them. 

How do you know it's those who have a few hundred/thousand that are obsessed? You do see posts about moving tens of thousands.

By the same sentiment if it's just a few hundred/thousand then why bother to move it to a good rate, leave it in your current account or linked savings even in a percent or two less than the top ones. More so if its going to be used for that months DD. You are talking pennies per day/weeks before its spent.

There's the old saying, look after the pennies and the pounds will look after themselves.

inkydolphin

Stargunner said:

I don't understand some people that are obsessed with having to have the highest paying interest easy access account, which they only keep a few hundred or thousand  pounds in,  when the extra interest that they earn is only pennies per day/month over another account that is 0.1 or 0.2% lower. They seem to be constantly switching accounts. I can understand it for those that have £80K in them. 

I find it's quite easy to get drawn in to the mindset of "oh my goodness I'm losing £1 a month by not switching" and have to rein that in in favour of "I could gain an extra £1 a month if I switched". 

No real difference I know but the thought of actually losing money (as opposed to just not gaining money) seems far worse.

Zopa_Trooper

If some people remained where they were didn't chase rates and switch, why would any provider ever raise their rates which the rest of us benefit from? God bless them I say.

jaypers

I quite like the sport of finding the best rates and moving cash around. Feel that I’m doing my bit to keep these institutions on their toes!

2010

If the government hadn`t kept giving the banks (via the BoE) dirt cheap borrowing rates, savers might have got  better rates years ago.
When it was cheap and sometimes zero % borrowing for the banks they didn`t need savers money and so paid derisory rates for years.
Even now they are trying to get away with paying any more than needed and dragging their heels on the time taken to do so.
Keep switching, money exiting from their coffers is the only thing they understand.

jaypers

Not really sure why people knock the mindset of chasing the best rates. First thing Martin Lewis always says is ‘ditch and switch’ etc. Are these people saying the great man is wrong? And without people with that mindset, communities such as this probably wouldn’t be worthwhile either as with apathy there wouldn’t be any updates in here. Those who are happy to accept second or third best should carry on enjoying themselves too, leaving those of us who are more astute to keep playing our games!

2010

subjecttocontract said:

I suspect the collective efforts of people with your mindset has a tiny affect on any bank decision to raise or lower interest rates. But if it makes you feel better carry on enjoying yourself.

Better than sitting on your hands and getting buttons.
Apathy and inertia that seems to be your mindset is playing right into their hands.
I guess there`s always one.

Enjoy your weekend sitting still.

BestSeagull

Stargunner said:

I don't understand some people that are obsessed with having to have the highest paying interest easy access account, which they only keep a few hundred or thousand  pounds in,  when the extra interest that they earn is only pennies per day/month over another account that is 0.1 or 0.2% lower. They seem to be constantly switching accounts. I can understand it for those that have £80K in them. 

Because my main current account has a daily transfer out limit of £25K, it takes the best part of a week to move £85K from one savings account to anther so I do leave it a good bit longer than I would if I were able to move the whole lot in one day. 
I'd be much more likely to move a smaller amount more often.

oz0707

When did aldermore decide to up their game? I'm kind of glad I didn't chase highest rates now and move money out the other week. I just keep a spreadsheet with the different accounts I use and an average of the interest rate. As long as the average is somewhere up around the top 10 I'm happy enough.

oz0707

Can anyone tell me what the skipton double access online has gone up to recently? I can't access from my home internet connection