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Chasing 'better' savings rates
verntern
Posts: 247 Forumite
Just wondering when switching instant saver accounts becomes a pointless drudgery for fractions of percentage points more. Accepted that when a 'bonus' rate is due to expire then essential to 'ditch and switch'. However, is the increased return between A paying 2.75%, B paying 2.8% or C paying 2.9% worth the hassle of switching? Miniscule differences. Maybe good for those with substantial funds. My experience is going through the usual online application forms. Finding that all the info you have entered has been lost because the website has gone down. Waiting for the inevitable snailmail paperwork to sign. Waiting for the various ID codes to arrive in the post. Closing and transferring your funds to a new account and the subsquent loss of less than inflation interest. All for a few quid more if any by the time you have switched. I become more convinced that if you are happy with the online, ease of use, facilities, fast payment services etc. of your instant saver account and it's one of the current, much the same, 'better' rates then stick with it. Unless of course you enjoy online application forms!
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It depends on how much we're talking about.
If its 3% to 3.05%, on £100 isn't going to matter. If we are talking about £50,000, is £25, which is worth it for me to jsut fill in a form.
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Started applying for the new Nationwide 2.99%. You'd think this would be trivial for existing current account customers - just say you want it and it's there. Instead, they've done a whole separate website for it, so you have to apply like a new customer.
I gave up when I got to the password and the memorable data, because they've put tight restrictions on everything. Password must be 8-10 characters, what's wrong with 11? None of my normal memorable data would fit, my memorable name was too short, my memorable place had a space in it, well places often do. Who created all this rubbish, and what were they thinking of? I was going to have to make up a whole new set of answers which I would then forget. At this point I thought sod it, I don't need this, there'll be other accounts."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Started applying for the new Nationwide 2.99%. You'd think this would be trivial for existing current account customers - just say you want it and it's there. Instead, they've done a whole separate website for it, so you have to apply like a new customer.
I gave up when I got to the password and the memorable data, because they've put tight restrictions on everything. Password must be 8-10 characters, what's wrong with 11? None of my normal memorable data would fit, my memorable name was too short, my memorable place had a space in it, well places often do. Who created all this rubbish, and what were they thinking of? I was going to have to make up a whole new set of answers which I would then forget. At this point I thought sod it, I don't need this, there'll be other accounts.
Well said. Nationwide have become another robotic institution. Agreed, sod them. I am gradually closing down accounts with them. They no longer represent 'members' who have supported them.0 -
Savings_Dave wrote: »Best to put all your money is the best one currently available and when another better one comes along, open that and put any new money into that one. I opened a Santander E-Saver @ 2.75% and then a few weeks later the Natwest E-Saver @ 2.89% came along - already had internet banking with Natwest so opening was a breeze. Only really worth doing on sums around £10k+ and if you already have multiple current accounts already setup.
You did well. From 2.75% to 2.89%. The 0.14% increase a good, additional return on your £10k+ ? I wonder. All this is a loser for savers. All we can do is cut down on expenditure.0 -
It is generally worth it.
As lokolo said it depends how much your saving. The way to work it out is percentage difference multiplied by capital minus days to transfer.
You have to decide what level of difference is worth filling in a form for 20 min (I never believe the people who says it takes 5 mins! Takes 5 mins to read the T&C).
The other consideration is that all these small differences when compounded over time turn into big differences.0
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