MSE Poll: When did you last move your savings?

Sailtheworld

I'm shocked and stunned that on a board where women and children would be trampled for an extra 0.15% interest people change accounts so often. Not.

RG2015

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!

Yes, £100 at 0.1% is 10p and £100 at 1.50% is £1.50

However £1.50 minus 10p is £1.40 not £1.35.

newatc

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!

Of course it £1.40 per £100 but your thought process is welcomed by the Banks/Building Societys. That said, some people  will keep with the low rate for a number of reasons; I have many saving accounts but there are two I have kept at low rates because it is important to me to have money available within particular banks.

captainlongtoes

Last week I got a letter that my Cash ISA was dropping from 1.31% to 0.80%, so I moved it to a one year fixed rate Cash ISA paying 1.15%. I know I could possibly have got a higher rate but there's a branch not far from where I work. 

RobM99

Moved mine today from    0.35%   to    1.1%.    Happy with that, not much better about after all.

RG2015

Malchester said:

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

It is not worded very well. However, if you assume that the savings account is limited to easy access allowing relatively unlimited deposits, it makes more sense.

Up until 2018 I had my short term savings in a Santander 123 account but then Marcus came along. It offered 1.50% without the monthly fee so I moved my savings there where they remain to this day.

When Marcus falls below 1.15% I will move the funds to NS&I although I may leave some smaller amounts in Marcus for very quick and easy access.

colsten

RG2015 said:

..... although I may leave some smaller amounts in Marcus for very quick and easy access.

Depending on how small small is, a Virgin and/or TSB Plus current account might be a better choice for very quick and easy access

RG2015

colsten said:

RG2015 said:

..... although I may leave some smaller amounts in Marcus for very quick and easy access.

Depending on how small small is, a Virgin and/or TSB Plus current account might be a better choice for very quick and easy access

I have both but at 2% and 1.5% I will leave them fully funded with £2,500. The Marcus account will be for weekly peaks and troughs.