Am I being screwed by my bank?

2 Posts

Hi all.
Firstly, I'm mainly posting this out of ignorance so please bear with me with this. I don't have a head for numbers and all these percentage rates hurts my head. In fact, even though I love Martin Lewis, I do wish he'd slow down
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I was watching Martin Lewis' Money Show and he went into savings & that we're being diddled if we have a savings interest of less than 1%.
I'm going to go into my financials a bit here and I'm hoping you can confirm my workings out or if I'm losing my head.
I currently have a savings account of £10,513.
I see my monthly interest change each month. Probably because I've had to dip into it for the last couple of months.
Here's my interest for the last few months. The dates are the reference in the payment.
Sept/Oct = £2.48
1st Aug/31st Aug = £0.16
1st Jul/31st Jul = £0.16
1st Jun/30th Jun = £0.16
3 May/31st May = £0.15
For Period to 2nd May = £0.02
Interest Paid Gross (28th Apr) = £5.21
1 Mar / 31st Mar = £5.61
1 Feb / 28th Feb = £2.92
I'm unsure what interest rate this account is on but using a Bank of England calculator ( I can't post links because I'm new but it's the borrowing-savings-calculator ) I think I've worked out that my recent rate is 0.28%
I worked this out by putting my balance in and changing the % until the 'monthly earnings' matched £2.48
Again, I'm not sure if this is the correct - or accurate way to go about it.
BUT.
On the MSE site there's a bank called Aldermore offering 2.75%
Using the same process above, that'd mean I'd get £24/month.
That can't be right, can it?
I've been with Barclays for 30 years so don't want to go putting my money somewhere else until I'm sure I can trust it.
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Does anyone have any advice? And please, keep it simple 

Thanks,
Sean
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Have a good read through this section:
https://forums.moneysavingexpert.com/categories/savings-investments
I'm considering spreading my savings across probably max 3 banks.
For example:
Barclays Rainy Day Saver is 5.12% (up to £5000) - allows unlimited withdrawals
Aldermore is 2.75% - allows unlimited withdrawals
RCI Bank is 4.85% - Two year fixed
RCI says 'unlimited top-up for the first 14 days. I assume that means that I can't add to this account (after 14 days) so after that time I just forget about it for 2 years. So based on me adding £3000 I can expect an interest return of about £290.
It makes me wonder whether it's worth it and if I'd have better gains with just spreading the savings between Barclays and Aldermore....... or using something other than a fixed account.
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I read/heard somewhere that opening multiple accounts can affect your credit score or mortgage lenders don't really like it.
Yes MSE suggests doing it.
Does anyone have any views on this? At the moment a mortgage for a place is a bit of a pipe dream so may not be much of an issue.
To put it simply, a bank won't look after your savings, you have to do it (as we all do).
Examples (just to keep numbers easy and illustrate a point);
Your £10,000 could earn 4% p.a. - £400 a year or £33.33 a month. Not 16p which you were. Actual figures now;
Your £10,513 could earn 4.35% - £457 a year or £38.09 a month. No tax.
Anyone who is definitely saving for a house deposit should look at a Lifetime ISA, that will give an added bonus.
See here... https://www.moneysavingexpert.com/savings/lifetime-isas/?_ga=2.64781352.649100478.1673006564-441804136.1645727166&_gl=1*w6qouo*_ga*NDQxODA0MTM2LjE2NDU3MjcxNjY.*_ga_X74CWQS9F0*MTY3MzAwNjU2My43OS4xLjE2NzMwMDY5ODkuOS4wLjA.