Where to save?

Albermarle

trickydicky14 said:

Janie2008 said:

I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.

Each to their own, but I do despair when I see the phrase “I must admit I can't be bothered” why spend time on a site like MSE if folks can’t be bothered. It’s nice to simplify life but at what cost? Most on MSE are happy to go the extra mile.

There is a point where the effort is just not worth it. We see numerous threads on here about problems opening new accounts, sitting in call centre queues etc 
That point is different for different people.

trickydicky14

RobM99 said:

trickydicky14 said:

Janie2008 said:

I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.

Each to their own, but I do despair when I see the phrase “I must admit I can't be bothered” why spend time on a site like MSE if folks can’t be bothered. It’s nice to simplify life but at what cost? Most on MSE are happy to go the extra mile.

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. If I really want to save cash, there are much more effective ways to do it.

On the other hand I have a friend who moved £thousands from a 0% current account toa 4% one-year fix. That's worth the effort!

I’m with you 100%, I would not move cash or set up a new account for 0.05% life’s too short for that. It’s just the throwaway statement “I must admit I can't be bothered”

I have found a number of modest changes over a year has given me a good return, so I make the effort.

RobM99

Band7 said:

RobM99 said:

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. 

How do you know that people on here are spending their time chasing an extra 0.05% or a few quid a year by opening extra accounts they really don't want?  I have not seen anyone saying they are doing this, or anybody who has criticised anyone for not doing this.

By reading threads on this site.

Band7

RobM99 said:

Band7 said:

RobM99 said:

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. 

How do you know that people on here are spending their time chasing an extra 0.05% or a few quid a year by opening extra accounts they really don't want?  I have not seen anyone saying they are doing this, or anybody who has criticised anyone for not doing this.

By reading threads on this site.

I missed those. Have you got links?

ColdIron

RobM99 said:

trickydicky14 said:

Janie2008 said:

I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.

Each to their own, but I do despair when I see the phrase “I must admit I can't be bothered” why spend time on a site like MSE if folks can’t be bothered. It’s nice to simplify life but at what cost? Most on MSE are happy to go the extra mile.

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. If I really want to save cash, there are much more effective ways to do it.

On the other hand I have a friend who moved £thousands from a 0% current account toa 4% one-year fix. That's worth the effort!

A bit of a straw man

There's a lot of space between 'chasing an extra 0.05% or a few quid' and 'I have my savings in one building society or my bank' which is what the post was responding to

I believe most on this site sit somewhere in between those two polar positions

maureen100

I recently opened a one year Fixed Rate Bonds account with Nationwide at 4%. It was easy to set up online. I checked a few days ago & that rate was still available.

Albermarle

Band7 said:

RobM99 said:

Band7 said:

RobM99 said:

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. 

How do you know that people on here are spending their time chasing an extra 0.05% or a few quid a year by opening extra accounts they really don't want?  I have not seen anyone saying they are doing this, or anybody who has criticised anyone for not doing this.

By reading threads on this site.

I missed those. Have you got links?

To be fair, you only joined the forum a couple of months ago. There have been posts in the past from people chasing very small amounts of extra interest. 
A similar 'issue' is people signing up for new investments accounts for £25/£50 bonus. Sometimes then having to chase the cashback with e mails, phone calls etc and/or having another set of passwords, issues logging on etc.

Dzza187

Thanks for all the advice,much appreciated and will be taken onboard. Do you think it’s worth waiting till February for the next review or move and set up asap? Thanks in advance!

noh

Albermarle said:

Band7 said:

RobM99 said:

Band7 said:

RobM99 said:

Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want. 

How do you know that people on here are spending their time chasing an extra 0.05% or a few quid a year by opening extra accounts they really don't want?  I have not seen anyone saying they are doing this, or anybody who has criticised anyone for not doing this.

By reading threads on this site.

I missed those. Have you got links?

To be fair, you only joined the forum a couple of months ago. There have been posts in the past from people chasing very small amounts of extra interest. 
A similar 'issue' is people signing up for new investments accounts for £25/£50 bonus. Sometimes then having to chase the cashback with e mails, phone calls etc and/or having another set of passwords, issues logging on etc.

Band7 may be a new profile but it is likely that the owner of that profile has been a user of this forum for a very long time!

phillw

Dzza187 said:

I came into some money last year and thinking it would be fine just left in my banks basic savings account until I could decide what I should do to make it work for me. I’ve only recently discovered that the rate is very,very low and I need to move it out to make it work a bit for me. I have £20000 I want to move but unsure if it’s best to go into one account all in or split between two different ones. I’m not too fussed about leaving it in somewhere longer term if needed as I’ll leave myself another £5000+ in an easy access account for emergencies (probably not with my current savings account-int rate currently at 0.40%.)
Just where or what do I do with it with the economy so unpredictable at the moment? 

Thanks.

Who do you currently bank with?

As that will change the answer a little. For example Barclays have a rainy day saver that pays 5% on £5000 (lower interest above that) which you can open if you have blue rewards (which ideally means you have two direct debits pay out every month, or they charge you a fee).

You may want to look at putting the £20000 in a fixed rate ISA. If you have all your savings in the highest rate, non isa, accounts then you're probably going to go over the £1000 a year personal savings allowance. Depending on how your specific circumstances work out, an ISA might be better (as it isn't taxable). The rates and your personal circumstances play an important roll.