MSE Poll: When did you last move your savings?

MSE_Petar

Poll started 26 May 2020

Savings rates have plummeted since the UK base rate was cut to a historic low of 0.1% in March. So it's important to check your savings are earning as much interest as they can – and if not, move them (see Top Savings Accounts for the current best buys). 

Yet we know switching savings isn't everyone's top priority at the moment – so when was the last time you moved your cash into a higher-paying account?

Click here to vote in the poll

Did you vote? Are you surprised at the results so far? Have your say below.
If you haven't already, join the forum to reply.
Thanks!

XRAT

I can't see the results, nor could I see a box that said, "I don't have any savings, but my wife does!"

JaneandBeth

At a rate of 0.1% interest I calculate that for every £100 I keep in a bank FOR A WHOLE YEAR I will get 10p interest. Even at 1.5% interest I would only get £1.50, so unless someone is moving sums of several thousands, is it worth changing accounts for £1.35 per year? Or are my sums wrong - which is quite possible!

george4064

JaneandBeth said:

At a rate of 0.1% interest I calculate that for every £100 I keep in a bank FOR A WHOLE YEAR I will get 10p interest. Even at 1.5% interest I would only get £1.50, so unless someone is moving sums of several thousands, is it worth changing accounts for £1.35 per year? Or are my sums wrong - which is quite possible!

Your calculations are slightly off. £100 at 0.01% would earn 1p in interest over a year, whilst at 1.5% it would earn £1.50

The ‘is it worth the effort to switch?’ question is dependent in the individual, but the differences become more noticeable when you use a larger base figure say of £5,000 (50p at 0.01% vs £75 at 1.5%) or £25,000 (£2.50 vs £375) or even £85,000 (£8.50 vs £1,275).

AnotherJoe

I was surprised that so many were moving, especially when you consider that many will have their money in fixed term accounts and so can't move for that period anyway, something this poll doesn't take into account. 

But then again this is MSE so you'd expect to find a high proportion of savvy people, so now I'm surprised that I was surprised as I shouldn't have been, it's expected a high % would be moving. 

badger09

Just tried to see latest results which @AnotherJoe finds surprising. Greeted by this:

"Something went wrong

There was an error with the server, but rest assured, your data is still safe!

Some things to try:

Reload the pageCheck the status pageSubmit a ticket to our Support Team

Error ID: 9464b6a0-32ac-42eb-a2b3-070a06573d85"

Swipe

It failed to submit my answers

kuratowski

Seems to be back now

Malchester

Silly survey question really. I have many accounts, some easy access, some short term fixed, some longer term fixed. I change my accounts as necessary but not all at the same time. My answer to the question is - I changed one account last month, some a year ago, one 4 years ago, one 3 years ago, one 6 months ago. Too simplistic a question to mean anything. Not sure who set the question but needs to get some understanding of how to set questions

cattie

The only reason I've moved some savings in last 3 months is because fixed rate savings were maturing.

Albermarle

My ISA savings account dropped from 1.4 % to 0.25%. It was clear it would not be the only one so I moved to a 1.45% two year fix very quickly ( now long gone ) Over two years = a difference of just over £1000.