Mortgage Rate Rises

RaXor77 said:
It's pointless putting in such low amounts of money into a savings account. It's gonna cost you more in time just filling out the application form.
Click to expand...

It took me ten minutes to sign myself up and the missus to a Barclays rainy day savings account. We get £8 a month each (minus £5 for the blue rewards) for having a mortgage account and two direct debits. 5k in each account is giving us £46 a month in interest. That by itself is paying for our mortgage increase. Which has gone from £470 a month to £510.
 
Stu999 said:
Application form? Have we gone back to 1995?
Click to expand...

I haven't bothered to look in detail about the account in question, however some accounts do indeed require you to complete an application form and post it to them.

Even if you apply for this one online, why bother when you can easily earn a lot more than the interest yield with this account by investing not much more time elsewhere.
 
adam cool dude said:
It took me ten minutes to sign myself up and the missus to a Barclays rainy day savings account. We get £8 a month each (minus £5 for the blue rewards) for having a mortgage account and two direct debits. 5k in each account is giving us £46 a month in interest. That by itself is paying for our mortgage increase. Which has gone from £470 a month to £510.
Click to expand...
Exactly. For some these interests are solid amounts extra for very little personal time or effort.
 
adam cool dude said:
It took me ten minutes to sign myself up and the missus to a Barclays rainy day savings account. We get £8 a month each (minus £5 for the blue rewards) for having a mortgage account and two direct debits. 5k in each account is giving us £46 a month in interest. That by itself is paying for our mortgage increase. Which has gone from £470 a month to £510.
Click to expand...

Hardly large sums of money. The point I'm making is that there are far better returns out there.
 
adam cool dude said:
It took me ten minutes to sign myself up and the missus to a Barclays rainy day savings account. We get £8 a month each (minus £5 for the blue rewards) for having a mortgage account and two direct debits. 5k in each account is giving us £46 a month in interest. That by itself is paying for our mortgage increase. Which has gone from £470 a month to £510.
Click to expand...
That's 11% interest rate which account is this?
 
Last edited:
Mercenary Keyboard Warrior said:
the 3600 will also earn basically half the headline rate somewhere else though

eg if he has the 3600 now in a 3% account he can in effect average the two rates and achieve that
Click to expand...

This is the thing. I put a few k in a 4.75pc 3yr bond with nationwide

Which put me back down to sub 2k in current account
I also have the
Lloyd's 5.25pc 400ppm
First direct 7pc 300ppm
Im using both of those and rest going into S&S isa

All these are better than paying off the mortgage (1.9pc)

But yes. If you have the 3.6k now the rate is effectively half

I don't want to go below 2k really in cash due to life stuff
 
Last edited:
danlightbulb said:
That's 11% interest rate which account is this?
Click to expand...

We have sperate bank accounts. Rainy day saving account gives 5% up to 5k. You also get £3 cashback a month from having a mortgage account with Barclays with the Blue rewards which costs £5 a month but the £5 you get for two direct debits cancels this out.
 
RaXor77 said:
Hardly large sums of money. The point I'm making is that there are far better returns out there.
Click to expand...

Its the best guaranteed easy savings rate. And probably top. Of the market. Sure it isn't much. But it's over 100 in there, 175 for the switch, over 100 in the Lloyds, 200 from nationwide.
Hitting 500 for the year there. Not much but not to be turned down.
 
adam cool dude said:
We have sperate bank accounts. Rainy day saving account gives 5% up to 5k. You also get £3 cashback a month from having a mortgage account with Barclays with the Blue rewards which costs £5 a month but the £5 you get for two direct debits cancels this out.
Click to expand...

I almost went with this myself. It was a close call between the 4.75 3yr bond and the 5pc barclays. What swung me was barclays is variable
 
Uther said:
I think we just want to see how many millions your mum- you have in the bank to disparage other people like this.
Click to expand...

I haven't. I've simply made a point that any interest you will receive from relatively small amounts of money will always be peanuts. It's not my fault you're triggered by this fact.
 
You must log in or register to reply here.
Back
Top Bottom