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My Bank Advice.

PaigeElizabethTurnerPaigeElizabethTurner
edited February 2017 in Writing
Just received notification that my Lloyds Easy Saver account will change to a Standard Saver account because I've held it for 12 months. In effecting this change, the rate drops to 0.05%. I don't have massive sums, but what the heck? Half a percent? Now looking at AA Member savings or Post Office account. I am a firm believer in voting with our feet.

Comments

  • cheshirecheesecheshirecheese
    It's the only way. Loyalty is rarely rewarded.
  • heatherheather
    That's not half a percent. It is 1/20 of a percent. LLoyds always do this, but will let you open a new Easy Saver and transfer the money into that. Or at least they used to. It was a faff to do it every year though.
    National Savings do an income bond that currently pays .75% (was 1 % till last week), no limits on access and with a £500 minimum. Or a Direct Saver paying .7% with a £1 minimum.
  • boredrobotsboredrobots
    Meh - I'm never bothered about interest anyway. Even if I had £10,000 in my bank account and got 1%, I'd only have an extra hundred after a year - which yeah, is a lot of money, but not as much as £10,000 :P
  • doradora


    There is so much choice these days and its easy to switch to an account to work in yr favour


  • Baggy BooksBaggy Books
    Years ago I wrote articles for a credit card comparison website. Apart from what I was paid, I also earned from the savings made. I never pay interest on my credit card but I changed to one that paid me money for using it in supermarkets and garages. No annual fee, just money deducted from my normal balance each month - 2% off the qualifying spend. If you paid interest on the card it was high but as I never have, it's not relevant.

    Shop around - for anything connected to finance. And read the small print.
  • doradora
    Meh - I'm never bothered about interest anyway. Even if I had £10,000 in my bank account and got 1%, I'd only have an extra hundred after a year - which yeah, is a lot of money, but not as much as £10,000 :P
    Yes and after ten years you'd have 11,000 which a lot of money, much more than 10,000
  • PaigeElizabethTurnerPaigeElizabethTurner
    That's not half a percent. It is 1/20 of a percent.
    Yeah, sorry heather, you're right. I knew it was abysmal and just referred to it as 'half' instead of .05, which equals 50p per year on 10,000.

  • Baggy BooksBaggy Books
    Premium Bonds are a safe investment. You have the excitement of the monthly draws and the money's accessible within days if you want to make a withdrawal.
  • heatherheather
    That's not half a percent. It is 1/20 of a percent.
    Yeah, sorry heather, you're right. I knew it was abysmal and just referred to it as 'half' instead of .05, which equals 50p per year on 10,000.

    Actually it would be £5 a year on £10,000. (sorry- maths pedant reporting for duty!!)
  • ClaudiaClaudia
    How I've missed you talkbackers! Delighted to see it's business as usual.
  • WiltsWilts
    Are you home now Claudia? If so welcome back. Looking forward to hearing all about your adventures.
  • PaigeElizabethTurnerPaigeElizabethTurner
    edited March 2017

    Actually it would be £5 a year on £10,000. (sorry- maths pedant reporting for duty!!)
    Yep, you're still right. I think my English is better than my maths!
    *scrambles for manuscripts to re edit*

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