Pay 'leccy in advance - better rates than saving accounts?!

britboy4321

britboy4321

britboy4321

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Phoned up Scottish power.

If you pay your electricity bill a year in advance, they promise that the price of your leccy and gas will always be 5% cheaper than their best other tariff.

This is effectively tax free savings. Of 5% (or 2.5% average through the year) .

Why don't people do this rather than bother with savings accounts? It only takes one phone call with a credit card - no forms whatsoever! And this is a better interest rate than virtually all savings accounts - AND tax free! Easy peesy!

Is my logic sound? Why doesn't everyone do it?
 
britboy4321 said:
Phoned up Scottish power.

If you pay your electricity bill a year in advance, they promise that the price of your leccy and gas will always be 5% cheaper than their best other tariff.

This is effectively tax free savings. Of 5% (or 2.5% average through the year) .

Why don't people do this rather than bother with savings accounts? It only takes one phone call with a credit card - no forms whatsoever! And this is a better interest rate than virtually all savings accounts - AND tax free! Easy peesy!

Is my logic sound? Why doesn't everyone do it?
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Because its not tax free savings, its paying your electricity in advance for a discount.
 
britboy4321 said:
It sounds BETTER than tax free savings to me -- that's kinda the point ..
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People dont like paying for things in advance which is why people dont do it, we know you have plenty of money (you never stop banging on about it), but for most people, they dont have £2000 sitting around to pay their bills up front and its hardly worth it to save £50-100 anyway.
 
So what happens when the next best competitor raises prices by 10%. You save 5% but it's hardly comparable to a high street savings account. The tariff could go up multiple times per year, this would wipe our any savings/interest you are expecting to accumulate.
 
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Metalface Mark said:
for most people, they dont have £2000 sitting around to pay their bills up front
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So if I raise a thread saying 'I've heard people can get their private pilots license for half the price in New Zealand, is this true? Sounds awesome'

You'll answer

'Most people don't want their PPL, and can't afford it anyway. We know you have loadsa money stop banging on about it'

!

er .. ok. Kinda entirely irrelevent to the entire thread. But, post what you want. I'll skim-read. And not reply any more :)
 
britboy4321 said:
So if I raise a thread saying 'I've heard people can get their private pilots license for half the price in New Zealand, is this true? Sounds awesome'

You'll answer

'Most people don't want their PPL, and can't afford it anyway. We know you have loadsa money stop banging on about it'

!

er .. ok. Kinda entirely irrelevent to the entire thread. But, post what you want. I'll skim-read. And not reply any more :)
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Probably the worst and most irrelevant answer to any thread anywhere, but since you wont read this, theres no need to comment back. cool. :p
 
Hi my name is Britboy4321 and im an attention seeker gone OTT.
 
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arknor said:
has he ever proved he has this money? cos he doesnt seem like he has the wits to keep it if he does.

lottery winner?
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I've never even said I had money.

People presumed it because I said 'earning 50K in the 'city' isn't that big a deal for someone that is half way through their career'

:)
 
he has so much money that he's going to pay for his leccy bill in advance on a credit card. Probably negatting any saving unless he pays the credit card off in one go, in which case, use a debit card instead.
 
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