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Check your bank accounts!

Discussion in 'Personal' started by Marshall, Aug 16, 2019.

  1. Marshall

    Marshall Lead commenter

    On a mission to check my bank accounts - cancelled so many direct debits that will save me lots of money per month. Not had the time to do this before and it didn't matter too much because of income.

    Also had a bank account that had a monthly fee and this is still being charged despite my account being changed to a better one two years ago! At a cost of approx. £200 over the time. Spoke to them today and they gave me a 'goodwill' payment of £30 and have raised a complaint for me to get the whole amount back.

    Also looked at my savings accounts - absolute derisory rate on my savings account and a good one on my current account. Transferring the whole amount to current account immediately and now looking for better savings accounts.

    Should have done this before - hate to think of the wasted money over the years:(
     
    chelsea2, eljefeb90 and FrankWolley like this.
  2. Ivartheboneless

    Ivartheboneless Star commenter

    All savings rates are pathetic and way below inflation. We (the investors) are still paying for the banks in 2008. And they will not tell you if you can get a better rate. I discovered I could have been on a "loyalty saver" because I had been with mine for over ten years and the rate went up from 01% to 0.7% (still peanuts).
     
    Marshall likes this.
  3. Marshall

    Marshall Lead commenter

    Any websites recommended to look for good savings rates?
     
  4. FrankWolley

    FrankWolley Star commenter

  5. Dunteachin

    Dunteachin Star commenter

    "Cancelled so many direct debits"... did you just forget about them? I can't imagine not knowing what's going out of my account every month. Or earning that much that I don't notice them!o_O
     
  6. grumpydogwoman

    grumpydogwoman Star commenter

    A bank account with a fee??? WHY???

    Money Saving Expert is the site to go to. Always.
     
    mothorchid and Marshall like this.
  7. Marshall

    Marshall Lead commenter

    Dunteachin - no they were for items like charity subscriptions, life insurance (no longer needed for Hubs), BT mobile - changed subscriptions, Sky, changed subscriptions, etc.
     
    emerald52 and Dunteachin like this.
  8. Marshall

    Marshall Lead commenter

    I need to admit that I've never been too good with money:(
     
    chelsea2 likes this.
  9. grumpydogwoman

    grumpydogwoman Star commenter

    Well, you've let yourself down. I hope you've learned your lesson, young lady.

    *nods sagely*
     
  10. HelenREMfan

    HelenREMfan Star commenter

    I feel your pain. I admit I do get letters from Lloyds.... all look the same and I don't or didn't pay much attention. However hearing that my cash ISA (in excess of £25K) was now only "earning" .2% I decided I needed to take action. Not easy. The best probable route was to change it to another bank.... but once in the branch I saw I could transfer it to a 2 year fixed earning .6% so I set about doing that online - not an easy process as I discovered. I then attacked the NatWest in case it was the same. As it happened the rate there on the cash ISA was better so have left it. I need to get a 3rd bank really but don't have the energy to go traipsing around.
    I so have to say I disagree with Martin Lewis (the way he speaks/shrieks really irritates me) and the best thing I have found is premium bond. I did buy in 2 batches though which is important. I usually have a win most months ranging from £25 to £75/£100. In the past I have had 2 larger wins....not huge but enough to beat these pathetic 'saver' rates are despicable banks are 'offering'.

    i will paste again one of the best scenes in a film from modern times....

     
    afterdark likes this.
  11. Ivartheboneless

    Ivartheboneless Star commenter

    Stuff ISAs, the best rate I found is Family Building Society with an account at 1.5% (alll easy online). ISA providers are taking the hiss! Even 1.5% is still way below inflation, so even after your interest everything you have is worth less that you started with, and its only going to get worse if we Brexit! Sometimes I think I'll just spend it on loose cars and fast women!
     
  12. dumpty

    dumpty Star commenter

    Worry not too much, interest rates have been abysmal since 2008 and especially the last many years anyhow.

    Still are, unless you want to lock it away for ages and/or take a risk with shares investments.
     
  13. lanokia

    lanokia Star commenter

    This will make people laugh...

    But I have finally got my banks app on my phone and I can just check them right there, no hassle, straight away, whenever I want.

    Seems like such a no-brainer but... I was all worried about data and security... then my little transaction code generating machine went flat and they said I needed the app to generate codes.
     
  14. lanokia

    lanokia Star commenter

    And the way some of the indicators are going... that might be quite a big risk right now.
     
    dumpty likes this.
  15. Scintillant

    Scintillant Star commenter

    Always worth a quick check...

    The Stone Roses' Mani has revealed that he was left speechless after becoming 1.8million pounds richer overnight.

    The bassist said he had no idea the funds had been transferred as an advance for the band's shows and world tour this summer.

    "It's madness. I only went out to buy milk and things,'' he told The Sun.

    "I went to the cashpoint and someone has stuck nearly 2million in while I wasn't looking.

    "The whole world's gone crazy. I could have fallen over backwards when I saw the balance."
     
    bombaysapphire and primarycat like this.
  16. Ivartheboneless

    Ivartheboneless Star commenter

    It always has been. The only way (apparently) to make money that way is by insider trading.
     
    HelenREMfan likes this.
  17. lanokia

    lanokia Star commenter

    My dad manages to do fairly well ... no idea what his secret is. But he watches it all daily...
     
  18. magic surf bus

    magic surf bus Star commenter

    The price of gold has gone a bit silly in recent months after some considerable time in the doldrums. An indicator of looming recession? Safe havens and all that.

    Depends on the interest rate surely. The Santander 1-2-3 current account pays 1.5% then claws back a £5 a month fee, but if the account is full, the fee drops the interest rate to 1.2% which is still fairly competitive. Plus there's cashback on some transactions.
     
  19. Doitforfree

    Doitforfree Star commenter

    We've put a small amount of money in Speer to peer lending scheme. In the first coyote of years we've made between five and seven percent. It's not guaranteed, but neither have we gone for the riskiest choices, and we've been really pleased with the whole set up.
     
  20. neddyfonk

    neddyfonk Established commenter

    In the words of a certain Mr Dickens: Mr Micawber's famous, and oft-quoted, recipe for happiness:
    "Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
    I set spending limits on all food items because I eat to live, not live to eat. Avoid 'posh shops' like Waitrose, M&S and branded fashion goods - Nike, Adidas etc. The only area where I am extravagant is science, I could not resist a £80 gyroscope because it was so well engineered.
     
    bombaysapphire likes this.

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