The Top Easy Access Savings Discussion Area

bristolleedsfan

gwapenut said:

schiff said:

gwapenut said:

schiff said:

Except if you no longer have to work for a living 

If I no longer have to work for a lving, I won't be spending any time faffing around opening current acounts for no more than an extra tenner a year in interest.

£20

It's only £20 extra if you assume every other UK savings account pays 0%.

Even that is assuming rate does not get reduced during first 12 months of account opening

bristolleedsfan

I-LOV-MONEY said:

murphydavid said:

That's 2% on £1000 = £1.66 a month Max. So if you spend more than 9 minutes on setting it up at the UK average hourly working rate you already lost the first months interest.

Well I'm retired so I don't have a "working rate" !   What do you suggest otherwise?

How many TSB Current accounts have you opened via Quidco ??????

lhsecons

I really don’t understand the criticism here. It’s the best easy access account on the market. It’s rate is nearly double that of most  rivals albeit only on £1000. It is easy to open and doesn’t involve any hoop jumping. Have the people who worked out what proportion of their ‘wage’ it takes in time to open it, considered how much time they spend commentating on this board?

adindas

Marcus Saving Account. I just notice today the interest rate fro My saving account is dropping 1.35% to 1.05%. Is this 1.05% already includae bonus (mine is 0.15%e xpire in august 2020) or Just underlying interest ? E,gthe actual interest wuilll be 1.05+.15%=1.20% (?)

bristolleedsfan

lhsecons said:

I really don’t understand the criticism here. It’s the best easy access account on the market. It’s rate is nearly double that of most  rivals albeit only on £1000. It is easy to open and doesn’t involve any hoop jumping. Have the people who worked out what proportion of their ‘wage’ it takes in time to open it, considered how much time they spend commentating on this board?

Have you opened a VM Current Account ????? This thread does not indicate easy to open in the context of monetary gain on offer compared with what people are currently getting on Instant access accounts already held https://forums.moneysavingexpert.com/discussion/6081433/virgin-money-current-account/p23

BigBlueSky

adindas said:

Marcus Saving Account. I just notice today the interest rate fro My saving account is dropping 1.35% to 1.05%. Is this 1.05% already includae bonus (mine is 0.15%e xpire in august 2020) or Just underlying interest ? E,gthe actual interest wuilll be 1.05+.15%=1.20% (?)

Yes, it is the basic underlying interest rate.  Your bonus will be on top.

gwapenut

lhsecons said:

I really don’t understand the criticism here. It’s the best easy access account on the market. It’s rate is nearly double that of most  rivals albeit only on £1000. It is easy to open and doesn’t involve any hoop jumping. Have the people who worked out what proportion of their ‘wage’ it takes in time to open it, considered how much time they spend commentating on this board?

Commenting on here does not create extra clutter, paperwork and complication in my life.

murphydavid

I-LOV-MONEY said:

murphydavid said:

That's 2% on £1000 = £1.66 a month Max. So if you spend more than 9 minutes on setting it up at the UK average hourly working rate you already lost the first months interest.

Well I'm retired so I don't have a "working rate" !   What do you suggest otherwise?

Just trying to indicate that % numbers can be misleading and show other implications to opening current accounts. £20 a year and a chance the rate will drop before years end? If you look at MSE current account article you may find a current account from which you can get more than that. I think I get more than £20 a year from Santander 123 lite (returns on dd payments for my gas electric and rates less a £1 fee) . Nationwide pay 2% on £1500 = £30 a year. etc. Anyway sorry for posting current account info in the savings thread. 

polymaff

Return Achieved versus Time Expended has always been a rather stale issue on MSE.  Never more so than now.

Just shop more carefully if you want to be richer per hour expended - but pay out a bit of slack to the square pegs (me included) who see all this as a more worthwhile use of their time than the national pastime of lolling in front of the Gogglebox....

DoG1954

My Marcus saving a/c is only 1.05% now, with no bonus. Is it time to start thinking about buying gold?