Savings review since Covid-19 outbreak

cosh25

Evening everyone,
Since the Covid-19 outbreak - or more so the BOE interest rate reduction it has prompted me to take a more thorough look at my savings. Working from home has given me more spare time to look at it also, some may call it boredom?

In the last 4 weeks I have had 13 notifications of rate reductions - some accounts have been reduced twice in this time. The upside is it has allowed me to clear up my savings and close a few accounts and consolidate. I’ve also had a lot more time to review whats best and do some forward planning so feeling good about it!

Just wondering what everyone else has done in this time with their savings? Maybe I’m alone if feeling positive.

RetSol

I too am using the increased free time which I have at present in order to review my finances.  We are where we are.  Some things we can control and many we can't.  One of my current mantras is to keep things simple. This is a function of the stage of life that I'm at, as much as anything. I have closed some savings accounts and stopped chasing piddling "teaser rates" (not so many of those available now anyway) in favour of investing my efforts in more rewarding activities.  Don't know if this will help you but I do think that this is a time in which to review, consolidate and be grateful for what we have (if we have it). 

Stuart_W

I'd echo the keeping it simple mantra. Rates are now so low that if you're not careful you could be literally chasing pennies, and processing times for account changes are going to be much higher at the moment. For me personally, I just don't think the paperwork/online admin is worth it at the moment.
Certainly stepping into any variable rate products that haven't recently reduced is going to be a waste of time as they most likely will reduce straight after opening.
I would echo too the sentiment of being grateful for what we have, and in my case, still having a job, a paid off mortgage, good health and no debt.
I'm simplifying accounts down for now, making sure I know what I've got where, waiting for a better tomorrow.
   

cosh25

Will absolutely take on board about keeping it simple. This is something I probably haven’t done and like you have both said, its just chasing pennies at the minute.

With everything going on, being grateful for what we have sums it up. I guess I’m lucky to having savings to think about as I know many don’t. A job to do from home and mu health. 

RetSol

I think that Stuart_W makes some valuable points about the current situation.  I am reviewing my finances but not taking action where I think that I need to wait for things to pan out before doing anything or where it is just more trouble than it's worth in the present circumstances given eg postal delays.