I was about to post this in the Atom thread then I thought it might be better suited in its own thread. Currently I have savings spread across four “high” interest accounts
Club Lloyds - 1% (max £250 per month)
Club Lloyds - 1.5% (max £400 per month)
Virgin Money Current Account 2.02% (balances up to £1000)
RBS online saver - 3% (max £50 per month)
There is also my main Club Lloyds current account which pays 1.6% on certain balances up to £5000.
These all have limitations on terms of how much you can put in every month or maximum balances but I wondered if anyone else knows of any other instant access 1% or higher gems out there
I’m trying out the Dozens 5% bonds this month
I get £5 per month from Halifax Rewards and £3 per month (net) from Barclays Rewards, using the same £300, recycled weekly between the accounts.
high interest, however, £5 pm on a £300 balance hits about a 20% return over the year
Rbs ‘pay me’ £3 a month to bank with them. I haven’t bothered with the 3% saver not sure if it’s worth it.
If it’s a regular saver, the effective annual interest rate will be 1.5% on the total sum saved, anyway. So if 3% doesn’t cut it for you….
Chip pays 1.25% on their Chip+1 account
Can get this for free on balances up to £2k, but there’s a £1.50/month fee if you want to earn this on higher balances.
My view on this was that for the sake of a £50 per month standing order why wouldn’t I?
My current view is that interest rates are so appallingly low, why would I bother having any savings accounts at all? and that is my current situation, I have no savings accounts at all.
I don’t really trust myself with large balances in my primary account so that’s another reason to try and spread the money out
So you don’t bother with an emergency savings fund?
And I get that. God forbid you should see what’s currently in mine and the Wife’s joint account! We really really should do something with it.
No, we really, really don’t need one.
What would you do if you both suddenly lost your source of income? Sell assets?
I’m semi-retired, basically, I just work when I feel like it. I have a decent final salary pension.
Wife works in Government.
No kids, no pets.
Ah, so probably very different to what most others on here need to plan for.
Yes, absolutely. Because we never had kids, we were able to concentrate on planning and looking after our futures over 2 decades ago. Not only that, we’ve kept our carbon footprint down in the process!
My life goa
Don’t have kids, trust me, financially, it’s a dream
Don’t have kids,
Don’t have them, don’t want them
There’s a YBS Loyalty Saver for 3.5pc if eligible but currently have a comp in with them as they ballsed something up so think I’ll pass