Looking for some about stashing my "lost job" funds

renegade1

phillw said:

renegade1 said:

I have one month's emergency savings in an instant access savings account at 0.6%

You can get 2% on £1000 and 1% on £25000 if you open a virgin current account. So unless you have those maxed out, then you shouldn't have anything in 0.6%

I guess I could do that. Arent' those introductory rates though? Having to constantly open new accounts and close old accounts when the introductory rate ends seems a bit too much of a hassle for me. Then again I am lazy 🤣

NedS

On the basis it is an emergency fund and hopefully will not be required, I put a good chunk of my emergency fund into gold sovereigns in 2013 in the hope they would at least match inflation. I paid around £215 each, now selling for around £360 each 9 years later so they've not done a bad job of mitigating inflation. Not instant access, but I can certainly liquidate quicker than a 30-day access savings account. Of course the value of gold can drop as well as rise, so I certainly wouldn't recommend going all in, but I'd consider it as a diversifier from the guaranteed loss that is a low interest savings account (although ideally at lower entry prices as gold doesn't look cheap at present)

penners324

Chase as of this morning. 1.5% instant access savings account launched 

Alexland

penners324 said:

Chase as of this morning. 1.5% instant access savings account launched 

Chase are looking pretty attractive for the type of person who doesn't use a credit card with the 1% debit card cashback and 5% interest on a roundup savings account. There is some attraction to living like that without a big family credit card bill to settle each month.

jimjames

renegade1 said:

phillw said:

renegade1 said:

I have one month's emergency savings in an instant access savings account at 0.6%

You can get 2% on £1000 and 1% on £25000 if you open a virgin current account. So unless you have those maxed out, then you shouldn't have anything in 0.6%

I guess I could do that. Arent' those introductory rates though? Having to constantly open new accounts and close old accounts when the introductory rate ends seems a bit too much of a hassle for me. Then again I am lazy 🤣

No, they're not introductory rates but are variable so could change at any point. No end date is set so you're safe for a while.

VKE

I got made redundant May21 so I opened a Marcus account and put all redundancy £ in there and each month on my old pay date I'd transfer in £ but now I've got time on my hands I check MSE > Banking and move £ from various accounts to newly opened accounts from those paying higher interest rates ~ at the moment Chase 1.5% is favourable and I've maxed that one, my others are Virgin, Zopa, Atom, Cynergy.

I think with online banking being so quick and easy and interest rates being so poor I now monitor interest rates on a daily basis and will move my money accordingly and brand loyalty isn't high on my radar; if there is maximum FSCS protection, a higher interest % and it can be opened online/app then it gets my vote.

I do think in the coming months we will see improved rates so with that in mind I'm only looking at easy access accounts as I've got some fixed accounts which were good when opened but not so good compared to providers mentioned above ~ yes it drives my partner mad when they come home from work to be told 'I've found a better interest rate and you need to open an account and move funds' but hay its chase interest rates or do more baking!