biotechpete Posted June 1, 2016 Share Posted June 1, 2016 .......why do you think banks are paying 5% on balances up to £2k.........when for £100k you might only get less than 1.5% Frankly I don't really care, but it makes sense for them to attract customers who they can then sell products to. Anyone stupid enough to put 100k in a current account gets exactly the interest they deserve. Link to comment Share on other sites More sharing options...
foxy lady Posted June 1, 2016 Share Posted June 1, 2016 I have had premium bonds for around ten years, generally just a £1,000 worth, or so; never won a sausage. But you could be buting a lottery ticket every week and not winning either. You get to keep your stake with premium bonds, and just might win a million. I think I'm due this month. Link to comment Share on other sites More sharing options...
biotechpete Posted June 1, 2016 Share Posted June 1, 2016 Most of these accounts are not worth the effort. You usually have to pay in big amounts every month, and only get interest on a tiny balance, so you have to keep drawing money out and sticking it elsewhere. At the end of a year you've got about £60 in interest and had to work jolly hard for it. I have a separate account which my fixed household bills go out of, that amount t of money goes in and out each month and I get 5% interest in the rest which for cash savings isn't bad. It's more than I pay for my mortgages. Link to comment Share on other sites More sharing options...
foxy lady Posted June 1, 2016 Share Posted June 1, 2016 I have a separate account which my fixed household bills go out of, that amount t of money goes in and out each month and I get 5% interest in the rest which for cash savings isn't bad. It's more than I pay for my mortgages. But how much is that in terms of profit after tax? Link to comment Share on other sites More sharing options...
mossdog Posted June 1, 2016 Share Posted June 1, 2016 Frankly I don't really care, but it makes sense for them to attract customers who they can then sell products to. Anyone stupid enough to put 100k in a current account gets exactly the interest they deserve...........Barclays currently are about to pay 0.25% on balances over £100k on an instant access account............but I do not know anyone that stupid as you refer to.Generally to achieve £1.5% you have to lock your money away for a period of time.........it's still rubbish as the government want you to spend not save! Link to comment Share on other sites More sharing options...
Cyclone Posted June 1, 2016 Share Posted June 1, 2016 .........just imagine if you had bought £1000 of Apple shares a decade ago.. You'd have approximately multiplied your money by 10*, or a 900% profit. About 26%/annum compounded... Link to comment Share on other sites More sharing options...
mossdog Posted June 1, 2016 Share Posted June 1, 2016 You'd have approximately multiplied your money by 10*, or a 900% profit. About 26%/annum compounded... .........correct!........hindsight,if only!........but a little trustworthy bird tells me ,sell shares and buy physical gold! Link to comment Share on other sites More sharing options...
biotechpete Posted June 1, 2016 Share Posted June 1, 2016 But how much is that in terms of profit after tax? I know its not a fortune in savings terms. It's 5% of 2000. Minus tax, which if you pay 20% tax is equivalent to 4% interest. That's £80/yr. Yeah it's not a fortune but 4% on instant access cash savings is pretty good and certainly better than a kick in the teeth. I don't have any other products with tsb so it's a win for me. Link to comment Share on other sites More sharing options...
El Cid Posted June 1, 2016 Share Posted June 1, 2016 You'd have approximately multiplied your money by 10*, or a 900% profit. About 26%/annum compounded... I have increased my money over the years, bought shares in Morrisons, Car phone warehouse, interserve, Sainsburys and more; a few bad ones too, RBS, Skypharma. I like a gamble. Link to comment Share on other sites More sharing options...
Cyclone Posted June 1, 2016 Share Posted June 1, 2016 .........correct!........hindsight,if only!........but a little trustworthy bird tells me ,sell shares and buy physical gold! Seems like a bad bet to me at the moment, buy gold the next time we're into a full on recession and it all looks incredibly gloomy for the future. At the moment the brexit vote is making everyone jumpy, but if we stay in shares will bounce and gold will probably fall. Link to comment Share on other sites More sharing options...
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