Skipton Building Society

wiseonesomeofthetime

0.65% will still be the leading rate on my easy access accounts.

Followed by 0.55% Limited Access with Coventry Building Society

Then 0.50% with Marcus, Saffron, and Atom, all of whom have reduced rates for new customers, so reductions inevitable.

RG2015

wiseonesomeofthetime said:

0.65% will still be the leading rate on my easy access accounts.

Followed by 0.55% Limited Access with Coventry Building Society

Then 0.50% with Marcus, Saffron, and Atom, all of whom have reduced rates for new customers, so reductions inevitable.

I have Skipton although the bonus drops off in September, Coventry, Marcus and a Virgin Money legacy reward account at 0.50%. In addition, there is also Premium Bonds with a current expectation of about 1%.

Sailtheworld

There's an artwork feature at the Lost Gardens of Heligan in Cornwall. It's a couple of tree trunks that's had thousands of coins hammered into them. Mainly two pences but plenty of tenpences and, hold your breath, twenty pence pieces too.

Getting a pair of pliers and pulling a few coins out wouldn't exactly be the Hatton Garden heist but it's always surprising just how much time and effort people will put into chasing pennies so I hope this of interest.

wiseonesomeofthetime

@Sailtheworld "Stay At Home" and the cost of fuel makes your suggestion a non-starter, but thanks for sharing.

😂😂😂😂😂😂😂

ivormonee

I had a feeling we'd bottomed out but, with Marcus now dropping to 0.4%, it looks like the downhill path is the one we're on, still.

colsten

Sailtheworld said:

There's an artwork feature at the Lost Gardens of Heligan in Cornwall. It's a couple of tree trunks that's had thousands of coins hammered into them. Mainly two pences but plenty of tenpences and, hold your breath, twenty pence pieces too.

Getting a pair of pliers and pulling a few coins out wouldn't exactly be the Hatton Garden heist but it's always surprising just how much time and effort people will put into chasing pennies so I hope this of interest.

Whilst that is funny and made me snigger: where do you suggest people hold their emergency funds?

Sailtheworld

colsten said:

Sailtheworld said:

There's an artwork feature at the Lost Gardens of Heligan in Cornwall. It's a couple of tree trunks that's had thousands of coins hammered into them. Mainly two pences but plenty of tenpences and, hold your breath, twenty pence pieces too.

Getting a pair of pliers and pulling a few coins out wouldn't exactly be the Hatton Garden heist but it's always surprising just how much time and effort people will put into chasing pennies so I hope this of interest.

Whilst that is funny and made me snigger: where do you suggest people hold their emergency funds?

I'd suggest they visit https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/, choose an account, and put their money in it. Make a diary note, revisit in six months time and, if there's a higher rate to be achieved, move the money.

If I found that + / - 0.2% interest was sufficiently significant to warrant a more frequent review I'd spend time looking at the reasons for that. Too much cash? Too much caution? FOMO? Am I in charge of my money or is it in charge of me?

If the money is over and above emergency savings but someone, for whatever reason, can't / won't take any additional risk then park it in 1 year / 3 year cash accounts etc. and review when they expire.

colsten

Not sure why waiting for 6 months to look for a better rate is 'acceptable' but doing it immediately is not? If you find a tenner in the road, do you first check your diary to see whether now would be a good time to pick it up?

Also not entirely sure that I would keep money over and above emergency fund in cash. Obviously it depends on the plans for spending the money, but if it's not for a number of years, investing it seems a better alternative.

ivormonee

I have to agree that moving money around for the sake of what really is a potentially additional negligible return is a somewhat fruitless exercise. Even on larger sums, a few hundredths of a per cent will hardle make cause for celebration.

Just for perspective, if one has £10k ready to deposit as a cash saving and finds that a new account has just become available offering 0.05% more than they're currently getting, based on observations on this forum I get a sense that many would be tempted, and indeed follow up, on moving their money - filling in the online forms, possible ID checks and/ or submitting documents, other hoops to jump through etc. And if, say three months later they find an account that pays maybe a further 0.02%, they go through the hassle again!

The difference in additional interest on the first move would have been ... £1.25. It will have taken perhaps thirty minutes to apply. At minimum wage, their time in doing so would be around £4. So, in terms of best use of time and quality of life, the whole "moving money around to chase the best interest" has yielded a net loss of £2.75.

Was it worth it? For some, perhaps yes. For others, rather not.

colsten

Sometimes it feels there are far too many people on this forum who seem to feel they should be telling others what they should and shouldn't do with their own money.