Savings interest rate thread
Discussion
Teatowell said:
2HFL said:
Fix for 12 months seemed to pay the highest rate.
Virgin are offering 5.25% Fixed 1yr ISA at the moment, some 25bps above most others which is worth a look; otherwise expect rates in that space to continue to trickle downward. 1yr rates are otherwise pretty similar to variable at the moment, even slightly below. rossub said:
Santander 5.2% dropping to 4.2% in May apparently
Thanks for the heads up.Quite a drop, but most of us will have shifted into FRBs last year anyway.
Two months seems like a lot of notice compared to what others have done, almost as if they have given other banks a period of time to work to for them to do the same, so the savers don't all migrate.
2HFL said:
Will open Secure Trust Bank unlimited access @ 5.1 % soon... RSTurboPaul said:
Are any of these 5%+ rates actually beating inflation, though?
By which I mean real life inflation, not the government statistics inflation. lol
Probably not, but I would have thought the way to look at it is something is better than nothing, call it damage limitation.By which I mean real life inflation, not the government statistics inflation. lol
Turbojuice said:
RSTurboPaul said:
Are any of these 5%+ rates actually beating inflation, though?
By which I mean real life inflation, not the government statistics inflation. lol
According to Truflation, the current inflation rate in the UK is 3.07%. Government reported rate is 4%.By which I mean real life inflation, not the government statistics inflation. lol
981Boxess said:
RSTurboPaul said:
Are any of these 5%+ rates actually beating inflation, though?
By which I mean real life inflation, not the government statistics inflation. lol
Probably not, but I would have thought the way to look at it is something is better than nothing, call it damage limitation.By which I mean real life inflation, not the government statistics inflation. lol
I've never understood the "but it's less than inflation" comments, savings rates are neither advertised nor intended as a means of beating inflation. Aside from the above, if you have money in savings it's likely to be for a bigger purchase that you can't currently afford; it's not to buy your Waitrose delivery 12 months from now, or next year's Taylor Swift vinyl. In that context the inflation figure is an irrelevance, you just need the most interest you can achieve.
If you're just saving with nothing much in mind, most people are better off keeping enough to cover a few months salary as an emergency fund and putting the rest into investments anyway. Should you ever need to touch the emergency fund, you're no worse off than if you'd been spending directly out of your income at that point.
LH. said:
2HFL said:
Will open Secure Trust Bank unlimited access @ 5.1 % soon... edit: just opened an account with them. Didn't take long to do and have tried a test transfer. Hasn't appeared yet but all fairly straightforward otherwise.
Edited by g4ry13 on Wednesday 13th March 10:44
g4ry13 said:
LH. said:
2HFL said:
Will open Secure Trust Bank unlimited access @ 5.1 % soon... edit: just opened an account with them. Didn't take long to do and have tried a test transfer. Hasn't appeared yet but all fairly straightforward otherwise.
Edited by g4ry13 on Wednesday 13th March 10:44
981Boxess said:
LH. said:
Not opened yet,noticed they have an app also...
I have both a FRB maturing this week and an easy access account, both managed via website perfectly well.Not everything works better with an App.
LH. said:
Apps for Hsbc/tandem/santander/marcus have been perfect for me cant remember last time went on the PC carry out banking...
If I only dealt with a few banks I would probably be tempted to do the same - it isn't one size fits all.I have to confess I am a little reluctant to hand over that level of control over that amount of money to a mobile (old school)
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