Savings ... chasing the piddly rates.....

wymondham

Hi All
My timing is, as ever, immaculate as I just closed two ISA's which were giving me 0.01% (or thereabouts!) and move these into NS&I Direct Saver & Premium bonds just before their notice to reduce. I don't move often and certainly not recently as the interest on accounts generally is so small its not really worth saving. I'm resigned to not really getting anything back anymore so have popped it all into the Premium Bonds so at least I can have the 'excitement' of it all - in this day and age is this stupid and I'm a glass half empty chap or do i need to pull my finger out and move my money every few months for that extra £2.50 interest?  I feel lazy and not money savvy so seeking views! 

rothers

I’m the same as you, filling up my premium bond accounts and leaving it there. 

Albermarle

PB's are OK if you need easy access and /or you have less than £50K .
Otherwise you still need to shop around /'go for longer term fixes.

stephenadarglas

Same here - premium bonds

PParka

The chase is over.....
I've decided to stop chasing the extra few quid every month.
Simplified everything... Regular savers have been closed...  Spare current accounts have gone...  0% credit cards are now paid off and Stoozing is over...   Emergency fund is in place... S&S ISA and pension are topped up...

How long it will last is another question.

quirkydeptless

PParka said:

The chase is over.....
I've decided to stop chasing the extra few quid every month.
Simplified everything... Regular savers have been closed...  Spare current accounts have gone...  0% credit cards are now paid off and Stoozing is over...   Emergency fund is in place... S&S ISA and pension are topped up...

How long it will last is another question.

coachman12

wymondham said:

Hi All
My timing is, as ever, immaculate as I just closed two ISA's which were giving me 0.01% (or thereabouts!) and move these into NS&I Direct Saver & Premium bonds just before their notice to reduce. I don't move often and certainly not recently as the interest on accounts generally is so small its not really worth saving. I'm resigned to not really getting anything back anymore so have popped it all into the Premium Bonds so at least I can have the 'excitement' of it all - in this day and age is this stupid and I'm a glass half empty chap or do i need to pull my finger out and move my money every few months for that extra £2.50 interest?  I feel lazy and not money savvy so seeking views! 

I couldn't agree more, wymondham.  The endless posts about moving savings' accounts every five minutes for a couple of pence are becoming slightly ridiculous. Whether you go for Premium Bonds or whether you just stick with a rate of 0.4, 0.5, 0.6-----it's better than running round in circles. The days of doing that are surely over for the foreseeable future ; and it's just too tedious to keep account-hopping, especially as BoE rates could well fall into negativity soon.

wiseonesomeofthetime

PParka said:

The chase is over.....
I've decided to stop chasing the extra few quid every month.
Simplified everything... Regular savers have been closed...  Spare current accounts have gone...  0% credit cards are now paid off and Stoozing is over...   Emergency fund is in place... S&S ISA and pension are topped up...

How long it will last is another question.

Cannot agree more. Nor with the meme that followed.

It has become a way of life, however, alas, not worth the effort any more imo.

In January 2021, I shall stop using my Amex as it resets. This year it will net me around £130 in new money.

Next year, without the £100 boost, that will equate to about £40. Little over £3pm.

I can save more than that using round-ups feature on my debit Mastercard. Admittedly, it is not new money (cashback), but at least I will not have to keep putting money aside to make sure I can pay the Amex off in full each month. I will know exactly how much money is available for me to spend every day.

For me, that will be easier on the mind. I still have credit VISA and Mastercard accounts for anything over £100.

steampowered

Given that you seem to be keeping this money for the long term, you should really consider investing rather than keeping it in savings accounts.

Keeping money in savings accounts over the long term presents a risk to capital - inflation erodes your capital each year.

You could consider putting the money into a stocks & shares ISA, perhaps in a medium risk investment fund. That will get you a far better outcome than savings accounts - a typical return might be 5-6% per year on average - and no need to waste your time moving money around every few years to get the best interest rate.

Stubod

...as above, having spent a few days in March shuffling all the accounts around (mainly when Santander dropped all their rates), I have more or less given up now. Just maxed out on PB's and a couple of Lloyds accounts with their respective monthly savers...

Xenon

It's just not worth the time and hassle chasing poor rates any more
I have money tied in Premium bonds and Marcus saving's account - i need easy access because i am saving for a deposit and ready to go anytime on that.

These are my priorities now
Emergency fund
Pension
S&S isa