Whatever happened to the interest on savings accounts?

[ColinJ]

aye... that's the only option really. Was just a bit surprised at how non-existent the interest rates are as I've not looked into savings accounts since about 1993.

No, it isn't!

As has already been suggested... PREMIUM BONDS!

I have done a rough calculation... I have averaged about 1 win per 20k bond-months.

If you averaged something similar, you would win about £25 for every 10 months that your £2k remained invested. You can get the money out in 8 working days.

 

[vickster]

My shares isa is running at around a 10% gain tax free right now, opened after the pandemic stock market crash when the previous one dropped like thousands
...obviously Brexit could fubar it again!

I have a regular savings account paying 1.85 and a fixed term cash isa doing similar, not sure you’d get that now though

 

[Brains]

I think you need a good bit of luck to get that, my premium bonds have not won a penny in the 53 years I have owned them.

How many have you got ?
Statistically if you buy £10k's worth you will get something most months.
Which is why Financial Advisors suggest they are the best place to stash cash that you know you will need within a few months or a couple of years.

Maximum amount you can purchase is £50k

 

[MontyVeda]

I'll post this very recent video regarding premium bonds...

 

[screenman]

How many have you got ?
Statistically if you buy £10k's worth you will get something most months.
Which is why Financial Advisors suggest they are the best place to stash cash that you know you will need within a few months or a couple of years.

Maximum amount you can purchase is £50k

Let me count them, two.

 

[steveindenmark]

Jannie and I have had a shuffle around of our savings recently. The banks are now talking about charging interest over a certain amount you keep in the bank. Im glad I have plenty of suitcases in the loft because that is where the excess will be going. 😁

 

[sheddy]

If anyone has suggestions do let us know. I had a 2% rate, but finishes after Christmas.
Not PB.

 

[ianrauk]

I think you need a good bit of luck to get that, my premium bonds have not won a penny in the 53 years I have owned them.

I'm very surprised at that. I get 4 or 5 wins a year. But thats the luck of the draw I suppose.

Edit. Just seen the following posts re PB's

 

[ianrauk]

That's why I decided to pay my mortgage off yesterday.

March will be my turn.

 

[MontyVeda]

I'm very surprised at that. I get 4 or 5 wins a year. But thats the luck of the draw I suppose.

have you got more than 2 though?

If i did go the PB route, I'd be putting in £1000 to begin with and building up to £2000 (that being the minimum financial safety net that i feel i need to squirrel away). According to Martin Lewis, my initial grand's worth of bonds will win bugger all, and my target will get me double bugger all.

Maths isn't my strong point.

 

[ianrauk]

have you got more than 2 though?

If i did go the PB route, I'd be putting in £1000 to begin with and building up to £2000 (that being the minimum financial safety net that i feel i need to squirrel away). According to Martin Lewis, my initial grand's worth of bonds will win bugger all, and my target will get me double bugger all.

Maths isn't my strong point.

Yep, slightly more than 2
£1000 is a good start, you'll sure to win something with that at least a couple times a year.

 

[Salty seadog]

Back in the 90s i had a savings account which gave 5 or 6% interest, but I had to give 60 days notice if i wanted to make a withdrawal... I've recently been looking for a similar savings account but the interest is barely above 1%... which is sh!te in comparison.

Why? Where, and when did the interest go?

They lost interest..

 

[Juan Kog]

Jannie and I have had a shuffle around of our savings recently. The banks are now talking about charging interest over a certain amount you keep in the bank. Im glad I have plenty of suitcases in the loft because that is where the excess will be going. 😁

Sorry the suitcase plan is rubbish . I'm going to invest in titanium , it really is the only option

 

[steveindenmark]

Sorry the suitcase plan is rubbish . I'm going to invest in titanium , it really is the only option

I already have titanium 😁

 

[Profpointy]

My mortgage is barely over 2% so give them maybe 2% less than that to run the bank, cover risk of default and so on, the savers' rate is going to be pretty low. Also inflation is pretty low these days, so getting 5% back in thr day when inflation was 10% was an even worse deal