There is no point having savings in a bank, the interest rate is so low you might as well put it under the bed where you know it is safe.
But hold on, I have spotted an advert for a well known bank, (I won't name it as my in box has only just recovered from the abuse and obscenities I received from Carpet-right staff when I said they were crap, which kind of confirmed my point) but lets just call them Sand-and-air bank. They are offering a whopping 6% on money in a current account for one year, OK you have to be over 50 to take this account out but 6% is massive at the moment.
Lets read on, um, I see yes, you get 6% only on the first £2500 you have in the account, and there is the small matter of a £10 per month fee.
So let me get this right, 6% of £2500 is £150 interest, less the fee of £120, which you don't pay on most current accounts, leaves £30 interest less tax.
If my maths is correct that is an interest rate of 1.2% which if you forget to close the account after the year you lose in 3 months with the fee. Not such a good choice after all.
I guess that the Sand-and-air bank hope people over 50 don't read the small print.
Maybe in Spain reading glasses are not readily available. Oops has that given the bank away.
But hold on, I have spotted an advert for a well known bank, (I won't name it as my in box has only just recovered from the abuse and obscenities I received from Carpet-right staff when I said they were crap, which kind of confirmed my point) but lets just call them Sand-and-air bank. They are offering a whopping 6% on money in a current account for one year, OK you have to be over 50 to take this account out but 6% is massive at the moment.
Lets read on, um, I see yes, you get 6% only on the first £2500 you have in the account, and there is the small matter of a £10 per month fee.
So let me get this right, 6% of £2500 is £150 interest, less the fee of £120, which you don't pay on most current accounts, leaves £30 interest less tax.
If my maths is correct that is an interest rate of 1.2% which if you forget to close the account after the year you lose in 3 months with the fee. Not such a good choice after all.
I guess that the Sand-and-air bank hope people over 50 don't read the small print.
Maybe in Spain reading glasses are not readily available. Oops has that given the bank away.
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