What do you do with interest earned

elantan

Hi all,

just curious really, but was sitting here today looking at the accounts that pay money every month, they don't amount up to much £2 with Halifax a couple quid with TSB etc and was thinking every month I just absorb the money into something else ( bill's spending etc) as it isn't much at all. I was curious as to what others do with theirs.

So if you feel like sharing what you do with yours I am curious to know

Cheers

eskbanker

elantan wrote: »

every month I just absorb the money into something else ( Bill's spending etc)

Who's Bill and why do you subsidise his spending?

I'm much the same, it just gets absorbed into routine spend - with rates at the levels they are, nobody's going to get rich from savings interest!

elantan

he he he he ... Bill just seems to get most of my money for some reason ... it doesn't even feel like I get much in return lol

Alistair31

I send mine to Marcus

talexuser

Those few £ just get into the main current account and spent as usual (not many left now with Tesco closing in June). Once I have a over a hundred or two spare it travels to Mr Marcus.

elantan

was just looking at Marcus there, 1.5% ain't great, there are so few decent rate accounts about just now ... sight

YorkshireBoy

elantan wrote: »

was just looking at Marcus there, 1.5% ain't great

Drip-feeding 2.5% regular savers gets you an aggregate 2%.

Drip-feeding 5% regular savers (current accounts required also) gets you an aggregate 3.25%.

Neither as good as the good old days of 3/4/5% current accounts or, further back (2005-08), 5% 'ordinary' savings accounts or 7% ISAs, but we are where we are!

bowlhead99

elantan wrote: »

was just looking at Marcus there, 1.5% ain't great, there are so few decent rate accounts about just now ... sight

Au contraire. If the competition isn't paying very much more than 1.5% for instant access on large amounts of money, then you can't say it ain't great. If it's pretty much the best around for what it is, it is great. Even though it's less than inflation.

But why would you deserve to get paid inflation or more, for them looking after your money without you being willing to take any risk?

elantan

I suppose it's one of those frustrations in life, you save for something and whilst not looking for brilliant returns your also not wanting to have to save even more just because the value of what you have saved has went down.

I suppose cheap loans could work in those instances.

Sea_Shell

If it's interest that takes the holding account over it's balance threshold, it gets swept up and moved to the highest paying account with room. Which at the moment is my Club Lloyds (since I've just made payments into about 11 Regular savers - between us) as I've cleaned out my Tesco 1.42% saver too.

The interest then just becomes part of the overall savings pot...not with specific purpose, other than FIRE!

bspm1

Monthly savers for grandchildren