The Top Easy Access Savings Discussion Area

wilh

It is becoming a real dilemma - relying on savings to provide a monthly income is becoming a somewhat appalling prospect. Since the banks in the UK now can get liquidity from the Government, they are even less likely to turn to savers for their liquidity. I can see a situation arising where it would be better to buy land or a house and sit it out - at least I would have something tangible rather than something in this virtual make believe money world. I am grateful to ADoc for a sensible answer.

luv_my_brass

I have always been more inclined to save rather than spend, but these recent turn of events, especially worrying whether or not I was going to get my money back from Icesave, I got to thinking that I would have been better off upgrading all my electrical equipment and at least have something to show for my hard earned money, rather than lose it to a bankrupt country. I am now prepared to shake out the moths and do a bit of spending, I'm also hoping that I will be paying less for everything now.... :rolleyes:

dobefan

Going by some of the posts ... I see the gov's plan is starting to work ... I for one will be spending no more than is necessary, as the wheel will come full cycle again, and I'd hate to be starting out from zero.

I've spread my money around various banks and building societies, and will add to it as best I can, fingers crossed it'll still be there.

Save Save Save thats the way forward :j

All IMHO of course.

Edit: best advice I was ever given ... 'Its not a matter of how much you earn, but a matter of how little you spend'


Cheers

:beer:

Primrose

david_harry AA and and Birmingham Midshires are covered by the same financial registration so don't put more than £50,000 altogether in these two organisations (or more than £100,000 if it's a joint account).

luv_my_brass

quote/Edit: best advice I was ever given ... 'Its not a matter of how much you earn, but a matter of how little you spend'

Couldn't agree more - also in being content with whatever you have. Thankfully, I have never been a 'keeping up with the Jone's' type, I have a 'if it ain't broke - don't fix it' sort of thinking. But the thought of nearly having lost years of hard savings, instead of having spent some of it, has changed my way of thinking a tad.

laroc

On nov 3rd filled out application form for AA Savings account and sent of £10 cq.
Today 4th Dec still waiting to receive log-in details for online working. Despite emails which all go unanswered I have today written to them cancelling account and to refund my opening balance.
Worst savings organisation I have dealt with in my 65 years.
Oddly enough, I have an account with Birmingham Midshires which runs 100%

Good job I am not waiting for the AA to come and rescue me from a car breakdown

eathcliff

laroc wrote: »

On nov 3rd filled out application form for AA Savings account and sent of £10 cq.
Today 4th Dec still waiting to receive log-in details for online working. Despite emails which all go unanswered I have today written to them cancelling account and to refund my opening balance.
Worst savings organisation I have dealt with in my 65 years.
Oddly enough, I have an account with Birmingham Midshires which runs 100%

Good job I am not waiting for the AA to come and rescue me from a car breakdown

My daughter had a similar experience when she tried to open an account with AA and Alliance & Leicester on November 1st.
6th December now and she's still waiting. Telephone to AA was a waste of time "we've got a backlog of applications, please phone again in a couple of weeks". Can't believe they don't want the custom!

Saver-Rob

Ohh! The AA!

It took me ages to get my account set up, only to find when it had been they had dropped the interest rate to a miserable amount. I quickly withdrew £9 of the £10 cheque deposit that I had sent. Left £1 in there just in case it ever gets a decent rate again.

Patr100

The way thinga re going it wil hardly matter what account we choose. Rates will be minimal and the loss in switching not worth it. As an ex-Icesaver, I'm just resigned to having a low return ( I need the interest as income as I have low part time earnings) at least it's stll there even it its value is severely eroded.
Thankfully Natwest seem to be passing on some of the rate cuts (still over 5% though) so I'll make up some there on my mortgage.

Mr._H_2

Patr100 wrote: »

The way thinga re going it wil hardly matter what account we choose. Rates will be minimal and the loss in switching not worth it. As an ex-Icesaver, I'm just resigned to having a low return ( I need the interest as income as I have low part time earnings) at least it's stll there even it its value is severely eroded.
Thankfully Natwest seem to be passing on some of the rate cuts (still over 5% though) so I'll make up some there on my mortgage.

Do you have the facility to overpay on your mortgage? If so, you should be paying it off with your capital rather than relying on interest on said capital "to live off". Look at it this way - would you borrow money from someone at 5% just so that you could invest it at, say, 3%?