2020++ - smiling and waving and looking so fine

mark55man

Thanks EH 2% is not too bad and its the right sort of amount at £200/m and I have a N/W account.  So will add that to the list of options.  Separation of money, without adding another provider to my affairs, seems quite tempting.  But its still only 2% 

AntoMac

Thanks @EssexHebridean
I already have 4 current accounts with different providers and have just finished a Coventry Regular Saver which paid 1.3pc on 500 per month. I might look at opening a Nationwide and closing one of the others. 

It can be quite a faff keeping them all running but having seen certain Banks have problems with their technology I’ve always thought it worth having more than one current account. 4 is perhaps a bit excessive though! 

EssexHebridean

We’re had the Coventry ones for a few years, they’ve been among the best out there thanks to the £500 pay in level. 

mark55man

Thanks both - I might look into the Coventry - I'm not saying £200 a month is small change but looks a better place for building my EF whilst not totally being eroded away by inflation and being a bit more separate from day to day accounts than Nationwide

EssexHebridean

Not ideal for the “immediate” part of an EF because obviously being a regular saver it’s an access once a year thing, but would work for an amount over the “worst case” that you could need in the event of, say, a car needing a new clutch or the boiler going kaput. 

ohdearhowdidthathappen

Amazing news on the debt free front , nice way to start 2022

AntoMac

Cov has gone down to 1.05% now with the ref saver. There is instant access subject to loss of 30 days interest. My Club Lloyds pays 1.5% on 400/month but I think renewal will be at 1.00%.
With base rate ridiculously low it’s going to be very difficult to get a decent return. I don’t get why the base rate hasn’t gone up yet with inflation the way it is currently and the BoE inflation target. If base rate does rise I wonder if we’ll see a slight increase on what might be available on savings accounts. 

I won’t pretend to be an economic expert but I guess an increase in base rate means people’s debts become more expensive to service and with so much personal debt around and the whole house of cards could easily topple over. What do I know. The mumblings of a mad insomniac.

mark55man

my insomnia is at the other end of the night shift - woke up wide awake at 5am and pottered until I could catch the early train and I'm first in the office at 7am - and still on my own (hence MSE forums - .  I will think about savers, but for me post 55 I might just stick the money in my pension to get 40% (Higher rate) relief and I've already drawn down a little so its not a big deal to take a bit more if its a real emergency,  I mean you have to separate stuff out or you would depriving your older self, but that older self is only a year or 2 away so I won't be too bothered.  Am thinking this through when I stop work for the year, in terms of my 3 year timetable - which will be fun in a not traditionally fun sort of way

savingholmes

Sounds tantalisingly close

mark55man

gathering courage to pull the trigger - but there is still a lot of years to plan for, and I know its wishful thinking to stop work in under 2-3 years - but stranger things have happened, although I'm not sure I can think of any off hand