Regular savers

katejo

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

I don't buy such sauces but did you consider how much else she was buying and whether she could carry 2 bottles home. Not everyone has car transport. 2 for 1 offers are unfair to solo customers. Why can't we buy just 1 for half the price?

wiseonesomeofthetime

katejo said:

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

I don't buy such sauces but did you consider how much else she was buying and whether she could carry 2 bottles home. Not everyone has car transport. 2 for 1 offers are unfair to solo customers. Why can't we buy just 1 for half the price?

They didn't say take two bottles home. They suggested getting one for 30p cheaper and putting the second in the donations trolley in store 🤷‍♂️

I agree with your final question though, as a solo customer.

Bigwheels1111

katejo said:

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

I don't buy such sauces but did you consider how much else she was buying and whether she could carry 2 bottles home. Not everyone has car transport. 2 for 1 offers are unfair to solo customers. Why can't we buy just 1 for half the price?

She only had to wheel it to the checkout and put in the charity trolley and help the poor & homeless.

Plus save 30p.

bundoran

katejo said:

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

I don't buy such sauces but did you consider how much else she was buying and whether she could carry 2 bottles home. Not everyone has car transport. 2 for 1 offers are unfair to solo customers. Why can't we buy just 1 for half the price?

In the posting that you have actually quoted @Bigwheels1111 says they suggested that the woman put the second bottle "in the donations trolley".

So @Bigwheels1111 didn't need to consider whether she could carry the bottle home or if she needed a car, did they?

tightfist8art

Thank you for all the replies , some helpful some maybe less so......

To housebuyer143 : Yes as you say 7% is more then 3.75% . But at the end of the the year your 7% actually equates to 3.50 % . If you read the MSE article on regular savers this is explained in greater detail ; maybe help your understanding as to why the question is asked .

To Bigwheels111 : Not sure why you felt the need to imply a new member of the forum is in your word ' uneducated ' or why the Domino sauce scenario was relevant , but rest assured I don't need to take my socks and shoes off to count to 20 . I do hope though that  if one of my children who does struggle with maths and finance does ever ask a question on here she gets a reply from someone a bit more tolerant . 

To everyone else thank you for the advice . We've had regular savers with Hsbc and First Direct for years on and off , especially when interest rates on easy access rates were so poor . The gist of my question was that as saving rates are rising now , are regular savers still worth it ? 
Just looking at what First Direct quoted at the end of the 12 month period , there didn't seem a lot of difference in just leaving the money with Saga as the headline 7% actually is nearer half that at the end . 
What I hadn't factored in but has been pointed out here was the proportion of the money earning the higher rate while the bulk still  earned its own rate as well .

ColdIron

tightfist8art said:

But at the end of the the year your 7% actually equates to 3.50 %

No it doesn't

If you are going to manufacture an approximation you would be better to apply the advertised rate (which is actually paid) to the average balance over the year, just over half the final balance

You are not the first and won't be the last to make this mistake

ForumUser7

tightfist8art said:

Thank you for all the replies , some helpful some maybe less so......

To housebuyer143 : Yes as you say 7% is more then 3.75% . But at the end of the the year your 7% actually equates to 3.50 % . If you read the MSE article on regular savers this is explained in greater detail ; maybe help your understanding as to why the question is asked .

To Bigwheels111 : Not sure why you felt the need to imply a new member of the forum is in your word ' uneducated ' or why the Domino sauce scenario was relevant , but rest assured I don't need to take my socks and shoes off to count to 20 . I do hope though that  if one of my children who does struggle with maths and finance does ever ask a question on here she gets a reply from someone a bit more tolerant . 

To everyone else thank you for the advice . We've had regular savers with Hsbc and First Direct for years on and off , especially when interest rates on easy access rates were so poor . The gist of my question was that as saving rates are rising now , are regular savers still worth it ? 
Just looking at what First Direct quoted at the end of the 12 month period , there didn't seem a lot of difference in just leaving the money with Saga as the headline 7% actually is nearer half that at the end . 
What I hadn't factored in but has been pointed out here was the proportion of the money earning the higher rate while the bulk still  earned its own rate as well .

AER stands for Annual Equivalent Rate.

This means if you hold money in FD RS for 1 year, you get 7% on it. If less than 1 year, 7 percent divided by 365 x the number of days the funds were in the account.

They won't pay interest for time they did not have the funds.

DjangoUnchained

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

perhaps she thought she would be taxed at sauce.

Section62

DjangoUnchained said:

Bigwheels1111 said:

housebuyer143 said:

Why are people asking this? 7% is better than 4%... I don't understand why this gets asked over and over

The average person is obviously uneducated.

I was in Asda years ago, Dolmio sauce was £1.30.
The offer was 2 for £1.
I pointed this out to a lady who picked up just one.
She said I only need one.
I said but 2 will save you £0.30p and you can put 1 in the donations trolley.
But I only need one she said agin.
I gave up.

perhaps she thought she would be taxed at sauce.

Supper tax?

housebuyer143

tightfist8art said:

Thank you for all the replies , some helpful some maybe less so......

To housebuyer143 : Yes as you say 7% is more then 3.75% . But at the end of the the year your 7% actually equates to 3.50 % . If you read the MSE article on regular savers this is explained in greater detail ; maybe help your understanding as to why the question is asked .

To Bigwheels111 : Not sure why you felt the need to imply a new member of the forum is in your word ' uneducated ' or why the Domino sauce scenario was relevant , but rest assured I don't need to take my socks and shoes off to count to 20 . I do hope though that  if one of my children who does struggle with maths and finance does ever ask a question on here she gets a reply from someone a bit more tolerant . 

To everyone else thank you for the advice . We've had regular savers with Hsbc and First Direct for years on and off , especially when interest rates on easy access rates were so poor . The gist of my question was that as saving rates are rising now , are regular savers still worth it ? 
Just looking at what First Direct quoted at the end of the 12 month period , there didn't seem a lot of difference in just leaving the money with Saga as the headline 7% actually is nearer half that at the end . 
What I hadn't factored in but has been pointed out here was the proportion of the money earning the higher rate while the bulk still  earned its own rate as well .

7% does not equate to 3.5%. You get 7% on the money you put in the account. If you put the same money in your regular saver at 3.75%, you would get 3.75% on it.
Lots of people ask this question and my response is still, "I don't know why". The MSE article should be removed if it's misleading people.