The Top Easy Access Savings Discussion Area

adindas

From what you describe, Regular Saver Account seems to be the best option for you:

Have a look on the following list and choose one which fit you the best
https://forums.moneysavingexpert.com/discussion/608697

Wannabefree wrote: »

Could anybody help me. I am looking at saving around £200 a month but haven`t a clue where to put it can anybody help? I`m looking for something that has a high interest rate but also that i can add funds to it when required.

Can anybody help please.
Thanks

ACynic

AM I the only one who feels a bit uneasy about the way the 4.2% fixed rate offered by Newcastle BS has been dealt with?

Surely a true consumer champion would not look to punish a financial institution who offered an alternative to the normal inflexibility of fixed rate deals, which is effectively what will happen if the vast majority of those who take the deal then utilise the "loophole" publicised by MoneySavingExpert to withdraw their money after a year.

If an individual works out the "loophole" for him/herself and chooses to take advantage of it, that's OK. But when you have a following of millions, surely there is some moral obligation on a financial journalist not to advertise loopholes like this to the masses and pootentially risk the stability of a financial institution in the process.

MPs got castigated for the way the used the system and bent the rules, but I suppose if Martin Lewis had suggested it, it would have been OK??

Sceptic001

ACynic wrote: »

AM I the only one who feels a bit uneasy about the way the 4.2% fixed rate offered by Newcastle BS has been dealt with?

Surely a true consumer champion would not look to punish a financial institution who offered an alternative to the normal inflexibility of fixed rate deals, which is effectively what will happen if the vast majority of those who take the deal then utilise the "loophole" publicised by MoneySavingExpert to withdraw their money after a year.

If an individual works out the "loophole" for him/herself and chooses to take advantage of it, that's OK. But when you have a following of millions, surely there is some moral obligation on a financial journalist not to advertise loopholes like this to the masses and pootentially risk the stability of a financial institution in the process.

MPs got castigated for the way the used the system and bent the rules, but I suppose if Martin Lewis had suggested it, it would have been OK??

Newcastle BS have done this several times previously and it has been flagged up here, so presumably they know how some people use these accounts. I suspect that most people do let their deposits run the full term, but know that they can get access if necessary. Of course that may change if interest rates rise significantly.

MPs with snouts in the trough is not really comparable with savers trying legitimately to maximise interest on their own hard-earned savings...

saintalan

ACynic wrote: »

...
Surely a true consumer champion would not look to punish a financial institution who offered an alternative to the normal inflexibility of fixed rate deals, which is effectively what will happen if the vast majority of those who take the deal then utilise the "loophole" publicised by MoneySavingExpert to withdraw their money after a year....

If these institutions didn't hide behind bonus rates etc and then leave people with poor rates we wouldn't have to go through all this ditching and switching so often!

It would be fascinating to know the ratio of a) applications and b) total invested for those who got the info from MSE and those who didn't.

[Deleted User]

ACynic wrote: »

AM I the only one who feels a bit uneasy about the way the 4.2% fixed rate offered by Newcastle BS has been dealt with?

Surely a true consumer champion would not look to punish a financial institution who offered an alternative to the normal inflexibility of fixed rate deals, which is effectively what will happen if the vast majority of those who take the deal then utilise the "loophole" publicised by MoneySavingExpert to withdraw their money after a year.

If an individual works out the "loophole" for him/herself and chooses to take advantage of it, that's OK. But when you have a following of millions, surely there is some moral obligation on a financial journalist not to advertise loopholes like this to the masses and potentially risk the stability of a financial institution in the process.

MPs got castigated for the way the used the system and bent the rules, but I suppose if Martin Lewis had suggested it, it would have been OK??

This is a very interesting point.
MPs were unethical when they made false statements, such as where they lived. These were not 'loopholes'.

If somebody makes confidential information public then it may be unethical.
Surely in this case we are dealing with terms and conditions that the Newcastle BS has made public. Not everybody has the time to study the small print. If I had studied the small print I would warn a friend about terms and conditions that could be to his disadvantage. Equally I would point out advantages that he may not have seen on first reading.

Newcastle BS employ professionals to formulate their terms and conditions and they deliberately decided to include the notification of withdrawal facility. A professional would have calculated the risks to their stability of allowing 180 days notice. It is public information, not confidential.

I do not regard this site as simply the work of 'a financial journalist' but a facility that is availble for all of us to freely contribute helpful information to each other. Surely this is the essence of freedom of information in a free society.

Ask yourself.
Would I tell one of my family this information?
Should only the lucky few in your family get the benefit and blow everybody else?
Why is it OK that someone good at understanding financial documents should benefit but not those who are less savvy?
I am 82 and often meet elderly widows who lose income because they have nobody to help them. Is it moral not to help them because Newcastle BS assumed old ladies would not be well advised?

One solution to your moral dilemma is for Martin to limit his site so that only elderly widows can access it. :rotfl:

foreign_saver

Do I stand any chance of being compensated for the interest rate decreasing from 5%pa in Autumn 2008 to 0.6%pa in 2010 from a major Britiish Bank and losing 35% on the exchange rate? They should not have mislead me into thinking the interest ratae could be maintained as high and must have know that the exchange rate was on the slide.
Your comments would be much appreciated.
Thank you

ses6jwg

foreign_saver wrote: »

Do I stand any chance of being compensated for the interest rate decreasing from 5%pa in Autumn 2008 to 0.6%pa in 2010 from a major Britiish Bank and losing 35% on the exchange rate? They should not have mislead me into thinking the interest ratae could be maintained as high and must have know that the exchange rate was on the slide.
Your comments would be much appreciated.
Thank you

You've probably got more chance of winning a seat on the next shuttle to the moon.

Sceptic001

foreign_saver wrote: »

Do I stand any chance of being compensated for the interest rate decreasing from 5%pa in Autumn 2008 to 0.6%pa in 2010 from a major Britiish Bank and losing 35% on the exchange rate? They should not have mislead me into thinking the interest ratae could be maintained as high and must have know that the exchange rate was on the slide.
Your comments would be much appreciated.
Thank you

If you have a written guarantee from your bank that the interest rate and exchange rate would not decline, then you can surely take them to the cleaners.:rotfl:

[Deleted User]

joeraman wrote: »

Its informative post gives a ots of data on topic also provides more information related to topic.

Would joerman please clarify what he is commenting on.

Mr._H_2

Deleted_User wrote: »

Would joerman please clarify what he is commenting on.

it's almost certainly a spam bot. Just report the post.