Mortgage Rate Rises

adam cool dude · 10 Jan 2023 at 21:10

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.

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.

RaXor77 · 10 Jan 2023 at 21:12

Stu999 said:
Application form? Have we gone back to 1995?

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.

RaXor77 · 10 Jan 2023 at 21:13

Curlyriff said:
Stop being a moron with your comments so far. Just cause you want to be a douche and that because you want to make out you have monies when others don't. Just get off the soap box.

Read my latest post.

Curlyriff · 10 Jan 2023 at 21:13

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.

Exactly. For some these interests are solid amounts extra for very little personal time or effort.

RaXor77 · 10 Jan 2023 at 21:16

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.

Hardly large sums of money. The point I'm making is that there are far better returns out there.

dlockers · 10 Jan 2023 at 21:31

RaXor77 said:
Hardly large sums of money. The point I'm making is that there are far better returns out there.

Post a screenshot of your bank account and I'll post one of mine

RaXor77 · 10 Jan 2023 at 21:32

dLockers said:
Post a screenshot of your bank account and I'll post one of mine

Like someone is going to post their personal bank account details to complete strangers on the internet. Lol.

danlightbulb · 10 Jan 2023 at 21:36

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.

That's 11% interest rate which account is this?

Richie · 10 Jan 2023 at 21:38

RaXor77 said:
Hardly large sums of money. The point I'm making is that there are far better returns out there.

Indulge me - where can a person with a small amount of savings if circa £3600 or less get better returns?

Uther · 10 Jan 2023 at 21:38

RaXor77 said:
Like someone is going to post their personal bank account details to complete strangers on the internet. Lol.

I think we just want to see how many millions ~~your mum-~~ you have in the bank to disparage other people like this.

413x · 10 Jan 2023 at 21:40

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

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

RaXor77 · 10 Jan 2023 at 21:44

Richie said:
Indulge me - where can a person with a small amount of savings if circa £3600 or less get better returns?

Not in a savings account. The money would be better spent improving your home, your business, your image.

adam cool dude · 10 Jan 2023 at 21:44

danlightbulb said:
That's 11% interest rate which account is this?

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.

413x · 10 Jan 2023 at 21:46

RaXor77 said:
Hardly large sums of money. The point I'm making is that there are far better returns out there.

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.

Richie · 10 Jan 2023 at 21:46

RaXor77 said:
Not in a savings account. The money would be better spent improving your home, your business, your image.

Said person rents their home, doesn't own a business.... What improvements to their image are you advising?

413x · 10 Jan 2023 at 21:47

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.

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

dlockers · 10 Jan 2023 at 21:47

Richie said:
Said person rents their home, doesn't own a business.... What improvements to their image are you advising?

Gucci belt, duhh

413x · 10 Jan 2023 at 21:48

Richie said:
Said person rents their home, doesn't own a business.... What improvements to their image are you advising?

Obviously a Gucci belt and a corner sofa in leopard print. Priceless. Ladies can't get enough.

Uther · 10 Jan 2023 at 21:48

dLockers said:
Gucci belt, duhh

Beaten

RaXor77 · 10 Jan 2023 at 21:48

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.

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.