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  • murphydavid
    murphydavid Posts: 832 Forumite
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    digbysbank wrote: »
    In the best buys savings account there is no mention of Aldermore. They are offering 2.85%, no bonus, guaranteed rate 1.80% above bank rate to March 2013.Is theere something I am missing, are they a good bank?

    Not looked at it closely but why do you think they are a best buy?
    Don't seem to be in the top interest rate band at the moment! Just an also ran.
    By all of us moving our money to the best buy's we encourage the others to up their rates.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    murphydavid wrote: »
    By all of us moving our money to the best buy's we encourage the others to up their rates.

    Lloyds made some interesting comments regards top rates the other day. It's their policy to *not* offer the best rate as they don't want all the hot money charging in just to clear off elsewhere when someone offers 150 basis points better.

    http://www.bloomberg.com/news/2011-11-08/lloyds-doesn-t-have-to-offer-highest-saving-rates-tookey-says.html

    As someone who's just moved money from a 3% esaver to a 3.15% Poppy, I guess Lloyds will have to do without my custom for now!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Jake'sGran
    Jake'sGran Posts: 3,269 Forumite
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    http://www.bloomberg.com/news/2011-11-08/lloyds-doesn-t-have-to-offer-highest-saving-rates-tookey-says.html

    As someone who's just moved money from a 3% esaver to a 3.15% Poppy, I guess Lloyds will have to do without my custom for now![/QUOTE]

    I was one of those who opened a few accounts with Lloyds; the Classic plus Vantage ones, but was disappointed when they reduced their interest rate to 3%. One of their staff set up the £1k in and out of each accounts every month for me.

    I decided to abandon them due to the messiness of their systems. They sent me a pile of statements plus 19 copies of a useless letter.
    Somehow they managed to reduce the balance on a couple of the accounts. Now I can't find my money! So much for chasing better rates!
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    Jake'sGran wrote: »
    Now I can't find my money! So much for chasing better rates!

    I hope you're making it clear that this is causing you considerable stress and financial difficulty, and that you'll seek redress via the ombudsman unless they provide swift resolution and adequate compensation.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Robert99
    Robert99 Posts: 26 Forumite
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    Please excuse the newbie post. I am an investor that has just lost his nerve on the markets and wants to go cash - especially for the money I am saving for kids. I am drawn to the RPI+ products rather than the fixed rate accounts as I just want something that doesn't erode vs inflation. Did the NS&I and was going to do the Postoffice but missed it.

    Can I ask whether you think I am missing something and also what you use to manage several pots of money in different places? i.e. is there something better than a spreadsheet?
    Getting more passionate about my investments the older I get. Should have got more into this when I was younger.
  • glaynjones
    glaynjones Posts: 3 Newbie
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    Hiiii every one
  • glaynjones
    glaynjones Posts: 3 Newbie
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    Nice posts
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    Robert99 wrote: »
    Please excuse the newbie post. I am an investor that has just lost his nerve on the markets and wants to go cash

    I'm sure you don't need me to tell you that exiting the market after everything has dropped is exactly why many investors lose money on equities.
    especially for the money I am saving for kids.

    When will the kids need this money? If it's over five years (but 10 would be better) then leaving it invested (but reviewing asset classes, sectors and territories) would be well worth considering.

    This is particularly true if you're continuing to drip-feed money in.
    Can I ask whether you think I am missing something and also what you use to manage several pots of money in different places? i.e. is there something better than a spreadsheet?

    I use spreadsheets to track savings (instant, term, RPI+), investments (shares, SIPPs, ISAs) and do also do all the "what if" projections for the next 20+ years.

    If you were tracking a lot of unwrapped equities, and needed to keep records for income tax and CGT purposes, then there might be a better tool for this than a spreadsheet, but I just use ... a spreadsheet!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • atush
    atush Posts: 18,726 Forumite
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    The above post is Spot on.

    If you sell after markets drop you never see the gains that inevitably come and lock in the losses of today.

    And for children, I invested in investment trusts, drip feeding in each month for ten years.

    Cash will lose to inflation year on year.
  • thor
    thor Posts: 5,483 Forumite
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    atush wrote: »
    The above post is Spot on.

    If you sell after markets drop you never see the gains that inevitably come and lock in the losses of today.

    That's a big assumption. As far as I am concerned, past history will not necessarily predict future behavior. It's all a big gamble.
    atush wrote: »
    Cash will lose to inflation year on year.
    or it might not.
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