Saving accounts

MAWK1

I am  disappointed with what I read as "recommended" saving accounts on MoneySavingExpert!. Some of the recommendations are just nonsensical ( for a serious saver). Example I read that the first direct regular saver account offers over 3% interest on savings, but then i read that it limits annual deposits to £3600!?  I read that the Yorkshire building society offers a good 5% rate on their saving account, but then I read that you must have held a current account with them for previous months, so I don't qualify!  All in all , my personal view is that , if there are no worthwhile saving accounts with decent interest rates, MoneySavingExpert should withdraw such trash recommendations, which when you dig deep into, appear worthless!!  Lets be honest and genuine with readers.

EthicsGradient

Maybe the problem is with your interpretation? You read these as "recommended", but that's not what MSE says. MSE doesn't know your personal circumstances (eg that £3600 is insignificant), so it's not tailored to your feelings. It's not an IFA.

Rollinghome

I assume the information is there for people who would be interested in those accounts and would qualify.  Not for someone like yourself who doesn't qualify.

eskbanker

MAWK1 said:

I am  disappointed with what I read as "recommended" saving accounts on MoneySavingExpert!. Some of the recommendations are just nonsensical ( for a serious saver). Example I read that the first direct regular saver account offers over 3% interest on savings, but then i read that it limits annual deposits to £3600!?  I read that the Yorkshire building society offers a good 5% rate on their saving account, but then I read that you must have held a current account with them for previous months, so I don't qualify!  All in all , my personal view is that , if there are no worthwhile saving accounts with decent interest rates, MoneySavingExpert should withdraw such trash recommendations, which when you dig deep into, appear worthless!!  Lets be honest and genuine with readers.

A serious saver would be prepared to open a current account with a financial institution in order to benefit from a linked savings account, and would also make use of multiple regular saver accounts to optimise interest return - many on here have done both, and more, to be considered serious savers.

Or are you actually meaning 'a lazy saver who's only interested in dumping all their pot into a single straightforward product'?

Daliah

There are a lot of serious savers on this board, and many of them have a number of Regular Saver accounts at any point in time. The discussion thread for these accounts is immensely popular, with nearly 815,000 views, and 5,300 posts. Worth your while having a look. Note this is not a recommendation, like MSE list of savings accounts is not a recommendation. Just a suggestion how you could learn more about people's practical experience with Regular Savers. 

Having one or more Regular Savers doesn't prevent you from also having other types of savings accounts - notice accounts, instant access account, fixed term savings, ISAs and non-ISAs.....

If your beef is with interest rates and inflation rates: these are not the responsibility of MSE or people on the MSE forum.

Albermarle

I am  disappointed with what I read as "recommended" saving accounts on MoneySavingExpert!. Some of the recommendations are just nonsensical ( for a serious saver).

MSE is a consumer focused website and for many people, £3,600 is a lot of money, and recommending to putting it in a regular savings account to get the best interest rate, is perfectly valid.

For someone with a lot more to save, they can also still be a very valid way to save part of your money. Although some may think it is not worth the bother having to deal with all these different accounts .

Anyway it is clear in the MSE info what the minimum and maximum deposits are, so easy to filter out any that do not suit your requirements.

redpete

I've signed up for both the first direct and YBS accounts that you mention.  A minor bit of effort to do so to get reasonable risk-free return on a small proportion of my savings.  So far from a 'worthless' for me.

jimjames

MAWK1 said:

 MoneySavingExpert should withdraw such trash recommendations, which when you dig deep into, appear worthless!!  Lets be honest and genuine with readers.

As per above comments these accounts and very far from worthless. The vast majority of people have under £10,000 and over 30% of people have under £1000 of savings which could well be lower with the current cost of living.

Just because you have a substantial amount of savings doesn't mean that everyone does and these accounts are extremely suitable for those building up their savings pots. If you have so much in savings you might actually be better looking at investments than savings accounts.

https://www.raisin.co.uk/newsroom/savings/better-saving-money/