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  • FIRST POST
    • FunLovinCriminal
    • By FunLovinCriminal 12th Feb 18, 5:47 PM
    • 369Posts
    • 408Thanks
    FunLovinCriminal
    Small steps for a little saver
    • #1
    • 12th Feb 18, 5:47 PM
    Small steps for a little saver 12th Feb 18 at 5:47 PM
    We are really trying yo get better at this.
    Hope you all can advise.
    OH currently saves 50 per month in a Tesco account. Earns 0.01% interest.
    All the accounts we look at need dd or losds more being paid in
    How can we make her account work harder?
    FLC
    Mortgage: 01/02/14 - 108k
    Mortgage: Current - 97k
    Mission: MF by 50
Page 1
    • Superscrooge
    • By Superscrooge 12th Feb 18, 7:31 PM
    • 1,067 Posts
    • 765 Thanks
    Superscrooge
    • #2
    • 12th Feb 18, 7:31 PM
    • #2
    • 12th Feb 18, 7:31 PM
    Are you sure you are only getting 0.01% interest with Tesco?

    Tesco savings accounts are listed on the below link and all seem considerably higher than this?

    https://www.tescobank.com/savings/compare-rates.html

    If you want to avoid minimum monthly pay ins and DD's, Tesco internet saver is currently paying 1.3% interest for first 12 months

    https://www.tescobank.com/savings/flexible/internet-saver/index.html
    • FunLovinCriminal
    • By FunLovinCriminal 12th Feb 18, 7:45 PM
    • 369 Posts
    • 408 Thanks
    FunLovinCriminal
    • #3
    • 12th Feb 18, 7:45 PM
    • #3
    • 12th Feb 18, 7:45 PM
    Its a very very old account. Over 10yrs old. Never changed.
    We looked into it and thats whar they told us.
    Mortgage: 01/02/14 - 108k
    Mortgage: Current - 97k
    Mission: MF by 50
    • PeacefulWaters
    • By PeacefulWaters 12th Feb 18, 8:01 PM
    • 8,251 Posts
    • 10,519 Thanks
    PeacefulWaters
    • #4
    • 12th Feb 18, 8:01 PM
    • #4
    • 12th Feb 18, 8:01 PM
    Its a very very old account. Over 10yrs old. Never changed.
    We looked into it and thats whar they told us.
    Originally posted by FunLovinCriminal
    And there is the first lesson.

    Know you're rate.

    Know what the best buys are.

    Switch regularly.
    • datlex
    • By datlex 12th Feb 18, 8:38 PM
    • 1,600 Posts
    • 1,492 Thanks
    datlex
    • #5
    • 12th Feb 18, 8:38 PM
    • #5
    • 12th Feb 18, 8:38 PM
    Why not put into a monthly saver, there are several out there. Some don't need you to have a linked main account.
    • Kim_13
    • By Kim_13 12th Feb 18, 9:44 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #6
    • 12th Feb 18, 9:44 PM
    • #6
    • 12th Feb 18, 9:44 PM
    Direct debits and minimum pay ins are required by current accounts, but not savings accounts. Unfortunately, current accounts are the go to place to get a decent rate of interest on an existing lump sum.

    You may find the MSE guide to Regular Savings accounts of use in terms of where to save going forward: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts. These accounts do tend to be for a fixed period after which they are converted to a standard savings account, but most providers will allow you to open a fresh account to continue saving. The lump sum from the last year can also be moved elsewhere for better interest.

    Current accounts with minimum pay ins can be satisfied by moving the required money in and then straight back out again to the account that it came from. TSB Classic Plus will pay 3% on 1,500 with no Direct Debits. You just need to have paperless enabled and cycle 500 through as above.

    If you prefer to avoid current accounts altogether, the MSE guide to savings accounts gives a round up of what's available: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest
    Last edited by Kim_13; 12-02-2018 at 9:55 PM.
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
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