What is the actual point in savings account interest?

grumiofoundation

Tackkers said:

^^^^^ oh wow! .  what a revelation, I'm in awe!!

Well considering the OP stated £100 a year is pretty inconsequential (lucky them) maybe it is actually worth stating what to you may seem obvious. 

steampowered

You say "anyone who can afford to maintain £10000 in a savings account" like it is unusual.

The vast majority of people can afford to have £10k in a savings account.

EthicsGradient

Tackkers said:

So am I, mines far more than that even with the 25% reduction, presumably property is cheaper in Scotland?

Council Tax Band C in Eastleigh, Hampshire, is between £1600 and £1700 a year. So, with a 25% single person deduction, around £100/month.

eastcorkram

steampowered said:

You say "anyone who can afford to maintain £10000 in a savings account" like it is unusual.

The vast majority of people can afford to have £10k in a savings account.

They may be able to afford it, but I doubt the vast majority of people actually have it .

P1Fanatic

OP - what is the risk free alternative you propose?

Tackkers

steampowered said:

You say "anyone who can afford to maintain £10000 in a savings account" like it is unusual.

The vast majority of people can afford to have £10k in a savings account.

I would say that's nonsense and the vast majority don't have £10k in savings.

[Deleted User]

Tackkers said:

So am I, mines far more than that even with the 25% reduction, presumably property is cheaper in Scotland?

Hi,

that's why it's getting invaded by Englanders, can buy twice the house in Scotland for half the selling price in England.

[Deleted User]

Tackkers said:

steampowered said:

You say "anyone who can afford to maintain £10000 in a savings account" like it is unusual.

The vast majority of people can afford to have £10k in a savings account.

I would say that's nonsense and the vast majority don't have £10k in savings.

Hi,

why, is it because they have a mortgage, two cars sitting in the driveway, maybe a caravan/boat, holidays abroad?

MEM62

Anakah6 said:

Stubod said:

...yes you are right, far better to keep it under the mattress and get nothing..?

At least the mattress isn't gonna make a dumbass investment decision and go bust. 

And neither will a savings account.  

Tackkers

[Deleted User] said:

Tackkers said:

steampowered said:

You say "anyone who can afford to maintain £10000 in a savings account" like it is unusual.

The vast majority of people can afford to have £10k in a savings account.

I would say that's nonsense and the vast majority don't have £10k in savings.

Hi,

why, is it because they have a mortgage, two cars sitting in the driveway, maybe a caravan/boat, holidays abroad?

Not at all.