CatmanV2
Member
- Messages
- 48,836
Really? Last time I paid one in (with my phone) it took about 10 minutes.
And the fraud? That came along very much at the same time
C
Savings Interest Rates Getting Worse
- Thread starter rockits
- Start date
Really? Last time I paid one in (with my phone) it took about 10 minutes.
And the fraud? That came along very much at the same time
C
Oneball
Member
- Messages
- 11,129
Bloody hard to do a dd from the mattress ITYF
C
Probably difficult for the tax man to trace too.
RobinL
Member
- Messages
- 456
"2-4-6 is a clearing system brought in by the Cheque and Credit Clearing Company who carry out cheque clearing for UK Banks. 2-4-6 indicates the two days until the money is earning interest, the 4 days until you can withdraw, and the 6 days until you can be sure that the cheque funds have been applied to your account." (Quote from Santander)
So the act of paying in is quick enough. But availability is slower!
Sent from my ONEPLUS A5010 using Tapatalk
I presume you took this lying down? The interest rates on max deposit per month accounts are just headline marketing stuff designed to pull you in as the difference in ££ between a good account and a bad one is not a lot. Saving is a good thing but don't expect anything material on cash deposits.
CatmanV2
Member
- Messages
- 48,836
I can't set up new DDs but can transfer to either existing or new payees. With the cheque you take a photo with the app (at least with the HSBC)
C
CatmanV2
Member
- Messages
- 48,836
News to me. In any event, I didn't have to go to a branch and the money appeared to be there immediately. <shrug>
C
Oneball
Member
- Messages
- 11,129
Do you not have to present the cheque at a branch?
CatmanV2
Member
- Messages
- 48,836
Davidt99
Member
- Messages
- 184
Same with Lloyd's, it's an easy way to pay in a cheque, just take a photo from the app.
Wattie
Member
- Messages
- 8,640
I will indeed, (thank you for the fabulous introduction) and seeing as how you're 'pound cost averaging' your savings the risk is reduced even more.
GBP.
2 down years in the last 15- so 86.6% upside (so almost a 9/10 historically) with an average return of 12.2%pa. Last year 14.2%
Oh, and Gold is legally yours whereas a bank can immediately refuse to give you your money back or indeed restrict your access.
Last edited:
Wattie
Member
- Messages
- 8,640
I think I may know somewhere that delivers 86.6% of the time
Last edited:
rivarama
Member
- Messages
- 1,102
Can you please compare the return of the stock market over the same period? Just for the benefit of the public...
also please adjust both the gold and stock market appreciation from FX, and commission/cost of ownership/insurance.
That will be a fairer comparison
Wattie
Member
- Messages
- 8,640
No, you can do that if you want.
The stock market is far far riskier as a deposit alternative and is currently totally reliant on the Fed money printing to maintain the illusion all is just fine.
Golds returns whether derived from fx moves or whatever are still ‘returns’.
Solid ones.
Last edited:
Scaf
Member
- Messages
- 6,598
I think you did well to find the 4.5% and 5% in the first place and with some mortgages down to 1.4% I guess we can’t have it both ways.
Having said that, slashing the rate overnight feels harsh as does the hike in “agreed” overdrafts mentioned by someone else, an unintended consequence of the FCA’s ruling that you can’t charge more for of or arranged v arranged.
Having said that, slashing the rate overnight feels harsh as does the hike in “agreed” overdrafts mentioned by someone else, an unintended consequence of the FCA’s ruling that you can’t charge more for of or arranged v arranged.
JonW
Member
- Messages
- 3,262
Interesting thread...
So what’s the collective view on the best place to put some “spare” money?
When I say “spare” I mean money you wouldn’t want to lose, but stuff that is left over once you’ve done the sensible things like top up your pension, pay down the mortgage, stick some to one side for contingencies, etc...
So what’s the collective view on the best place to put some “spare” money?
When I say “spare” I mean money you wouldn’t want to lose, but stuff that is left over once you’ve done the sensible things like top up your pension, pay down the mortgage, stick some to one side for contingencies, etc...
rockits
Member
- Messages
- 9,175
I've no idea but I'm all ears and exploring the best options.
I might looking at adding some cash into my investment ISA that has sat static for a while. Then be a bit more pro active and buy some low risk stocks with decent dividends. Must return a much higher rate with little effort and lowish risk.
I might looking at adding some cash into my investment ISA that has sat static for a while. Then be a bit more pro active and buy some low risk stocks with decent dividends. Must return a much higher rate with little effort and lowish risk.
- Messages
- 21,211
I've been looking at this and have concluded that it's all shite. Honestly, there are no good rates. Even ISAs pay out sod all. You may as well just leave it in your current account. RPI is higher than most interest rates so the value of that saved money will fall in real terms. My thinking is that the priorities are:
- Some kind of pension. Could be an actual pension or enough liquidity to ride out a retirement
- Pay off all debts in descending order of interest rate
- Enough money in the war-chest to cope with xx months or not generating any income
- Blow it on cars.
The jury seems to be out on whether any spare cash should be thrown at the mortgage or put in the rainy day pot. As the rainy day pot pays feck all interest then it may as well go on the mortgage, which incurs a cost.
But that's a layman's opinion. Greater minds know far more about all this fun stuff than I do.