Coventry limited access/double access reducing rate to a 'market leading' 0.55%

phillw

TheAble said:

None of it is worth the effort. Having all these cash savings earning peanuts is a huge waste of money.
0.55%, 1.2%, 0.78%, who cares? None of these rates is beating inflation.

If you are going to leave it in cash then its worth getting the best rate. If it is taking a load of time that you could be earning more money then do that. If you can handle the stress of investing in shares then do that.

VXman

where_are_we said:

VXman - you will surely get an email soon about your 1.04% DA saver . I have had the 1.2% DA saver downgrade to .55% email this morning.

Yep - email arrived this am. Debating whether to romove it all before the end of the month to catch march Premium Bond draw. 

Anyone know the cut off date for PB to make the next draw? i.e. for March?

wiseonesomeofthetime

@VXman - Anyone know the cut off date for PB to make the next draw? i.e. for March?

31 January 2021, so may be best to get it in today.

EthicsGradient

TheAble said:

None of it is worth the effort. Having all these cash savings earning peanuts is a huge waste of money.
0.55%, 1.2%, 0.78%, who cares? None of these rates is beating inflation.

CPIH is 0.8%; CPI 0.6%; RPI 1.2%. So yes, some are beating (or equalling one measure of) inflation.

TheAble

EthicsGradient said:

TheAble said:

None of it is worth the effort. Having all these cash savings earning peanuts is a huge waste of money.
0.55%, 1.2%, 0.78%, who cares? None of these rates is beating inflation.

CPIH is 0.8%; CPI 0.6%; RPI 1.2%. So yes, some are beating (or equalling one measure of) inflation.

The spending power of your capital is going to be eroded in the long term. Obviously I get and agree with the need to have some cash on hand, and if you're buying a house or something then clearly you want the deposit in cash, irrespective of how poor the rate. But to just hold a big wedge of cash over the long term I don't understand.
So a few thousand pounds? A 0.5% diff on £10,000 is £50. Not worth stressing over.

milton1970

TheAble said:

The spending power of your capital is going to be eroded in the long term. Obviously I get and agree with the need to have some cash on hand, and if you're buying a house or something then clearly you want the deposit in cash, irrespective of how poor the rate. But to just hold a big wedge of cash over the long term I don't understand.
So a few thousand pounds? A 0.5% diff on £10,000 is £50. Not worth stressing over.

My view is that most are just trying to maximise as best they can in current low interest rate environment and trying to mitigate inflation - I am not even sure what other options there are without putting capital at risk other than spending ££ or PBs

I do agree that we must be close to the “can’t be bothered with that” point though ... unfortunately can’t see this changing for a while

wiseonesomeofthetime

milton1970 said:

TheAble said:

.... But to just hold a big wedge of cash over the long term I don't understand....

.... I am not even sure what other options there are without putting capital at risk other than spending ££ or PBs
...

This 👆

I spent decades paying in to my pension and, now that I have a decent amount of cash in hand, so to speak, I am not prepared to risk it in investing as the term would only likely be between 5 and 10 years.

Perhaps others are like-minded, risk-averse.

VXman

TheAble said:

EthicsGradient said:

TheAble said:

None of it is worth the effort. Having all these cash savings earning peanuts is a huge waste of money.
0.55%, 1.2%, 0.78%, who cares? None of these rates is beating inflation.

CPIH is 0.8%; CPI 0.6%; RPI 1.2%. So yes, some are beating (or equalling one measure of) inflation.

The spending power of your capital is going to be eroded in the long term. Obviously I get and agree with the need to have some cash on hand, and if you're buying a house or something then clearly you want the deposit in cash, irrespective of how poor the rate. But to just hold a big wedge of cash over the long term I don't understand.
So a few thousand pounds? A 0.5% diff on £10,000 is £50. Not worth stressing over.

'Not worth stressing over'. No probably not - but if you can do it without getting stressed £50 is £50. Nice meal out, a good solid shop at Aldi. Like the saying 'look after the pennies....' On 40K its £200.

Aidanmc

HansOndabush said:

According to the World Economic Forum, by 2030 we won't own anything.

Where has this been stated/said?

Niv

Aidanmc said:

HansOndabush said:

According to the World Economic Forum, by 2030 we won't own anything.

Where has this been stated/said?

I think it could be this article being referred to:
https://www.weforum.org/agenda/2016/11/how-life-could-change-2030/ 
edit: or this one:
https://countercurrents.org/2020/11/own-nothing-and-be-happy-being-human-in-2030/