Has anybody got a reds saver account with Barnsley building society?

If you have then did you realise that the value of your savings are shrinking simply by sitting in the account?

The interest that you are earning (after tax) is lower than inflation so whilst you may see the amount of money in your account rising every year it will buy you less and less each year

for example £1000 saved in the account might buy you 3000 apples when you put it in and after a year you might now have £1025 in the account but only be able to buy 2900 apples because the cost of apples has risen more than the amount of money you've gained.

If anybody is using their account as a serious savings account then I suggest you lok at changing to a different account. Some will pay upto almost 3 times as well as the reds saver account.

 

You must really like apples! nt

 

Only granny smith's nt

 

Ah, but if I want to buy any of the cheap tack they sell in the club shop...

I get a discount! BFC cufflinks, anyone?

 

Toby Tyke knickers are now £3 for 3 nt

 

Ah, but I'd only pay £2.70 'cos of my discount...

Now it's just a matter of thinking of reasons why I'd want Toby Tyke knickers (or any knickers, come to that matter before anyone gets clever)...

 

Are you saying that because you care about people's savings...

OR to try and belittle BFC further and lose some of the money that they get from Barnsley Building Society as a percentage of total funds held?

As if in some way having another dig at the club?

Just wondering... you can't blame me for asking.

 

the first option

I found the reds saver account on a list of 'losing accounts' on moneysavingexpert.com it's basically a list of accounts that you lose money by having.

on a slightly random note the reds saver account is the same as the millers and spirites too, all with barnsley building society and with the same rate.

 

RE: the first option

Fair enough.

ISAs are the way to go

 

RE: the first option

yeah but you can only store a small amount in an isa (as a side note, today is a new year for ISA's so you can open up a second [or third] one from today).

Alliance and lester do a good savings account at around 3 times the interest rate of the reds saver account and it comes with a £50 bonus for you when you say you were referred by another account holder.