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AteMoose

Savings

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Coming up-to the end of my regular savings account, so I am hunting the market for a reasonable alternative. The only bank that offers me a good IR on my current account and a 'highish' regular savings account is Santander. Is it worth the hastle, I went through icesave problems and got my money back. Would you jump ships to santander, or would you make do with pants IRs?

Santander will give you £100 quid cashback for jumping ship, 5% current account, and 4% regular savings. I was with them before, you just need to be very careful about avoiding getting into an overdraft.

ARGH : I am so used to posting on OffTopic, this would have probably been better on the main forum, duhhh

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Coming up-to the end of my regular savings account, so I am hunting the market for a reasonable alternative.  The only bank that offers me a good IR on my current account and a 'highish' regular savings account is Santander.  Is it worth the hastle, I went through icesave problems and got my money back.  Would you jump ships to santander, or would you make do with pants IRs?

Santander will give you £100 quid cashback for jumping ship, 5% current account, and 4% regular savings.  I was with them before, you just need to be very careful about avoiding getting into an overdraft.

I can empathise. I'd feel much better if I could get even 4 or 5% (which wasn't so tricky only about a year ago), not to mention the 6% or 7% of the year before.

Savings interest rates these days really make many of the dividends of the relatively safe 'blue chip' stocks look pretty appealing. Getting a steady 6% out of share dividends is pretty much realisable, and, if you are in a position to buy and sell as you please, it's usually possible to get a few % growth out of the share price, too.

Given that you only have to beat about 2-3%, stocks are a good alternative.

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Savings interest rates these days really make many of the dividends of the relatively safe 'blue chip' stocks look pretty appealing.

....

Given that you only have to beat about 2-3%, stocks are a good alternative.

Tell that to BP shareholders!

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Tell that to BP shareholders!

My inane-reply-ometer is going haywire! ;)

If you have a self-select ISA (meaning you can be in and out at a whim) and you're risk averse, you could've been out of BP in a flash at the first hint of any doubts back in April. You'd've lost a few percent on that one stock, and the rest of your diversified portfolio would have kept your average returns still much higher than could've been achieved by a savings account.

I didn't say you should invest in stocks in a stupid way now did I? :)

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It seems everyone on here is raving about the NS&I index linked 3 or 5 yr certs. I may get some myself but still not sure.

Are Santander covered by the £50K government guarentee?

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I also had a A&L account, before they were bought by Santander. I had similar problems with overdraft charges and now I wouldn't touch them with a 10ft barge pole. Not because they are likely to go bust but because they f-ed me over with their stupid charges and customer service. If you keep going back they'll just keep behaving the same way.

You can get £100 by moving to First Direct anyway and they have a much better reputation for a current account.

Or Halifax, give £5 per month if you pay in £x'000 per month (can't remember if its £1000 or £1500). What's the interest on £2500 (above that it's 0%) @ 5% per month?

Rough calc: 2500 * 0.05 / 12 * 0.8 = £8.34 for a standard rate (20%) tax payer, or £6.25 for higher rate (40%). Which isn't that much better than Halifax anyway.

Forget Santander!

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Well thats decided, I'm ignoring everyone's advice and going back to Santander ;p Expect the failure of Santander within 3 months...

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Well thats decided, I'm ignoring everyone's advice and going back to Santander ;p Expect the failure of Santander within 3 months...

Probably for the best. I've entrusted my savings to the tranny in the local BS so there's no point me giving any advice.

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While a good interest rate is nice, that's never been the primary reason for saving. Even with 0% interest, if you save £100 a week for 30 weeks, you've got £3000. Surely that's what saving is primarily about. Interest is just icing on the cake.

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......

Or Halifax, give £5 per month if you pay in £x'000 per month (can't remember if its £1000 or £1500). What's the interest on £2500 (above that it's 0%) @ 5% per month?

Rough calc: 2500 * 0.05 / 12 * 0.8 = £8.34 for a standard rate (20%) tax payer, or £6.25 for higher rate (40%). Which isn't that much better than Halifax anyway.

Forget Santander!

I moved to Halifax for my current a/c banking last August. The 'Reward' a/c you mention needs £1000 per month. £5 per month is £60 per year (and it's net of tax). Equivalent to 4% net on £1500, so I think it's pretty good. O/D charges sound a lot if you're the type who does it a lot but £1 a day is acceptable since I don't plan to do it anyway.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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