Comments on: Why Rate Chasing is Worth It http://www.fivepencepiece.com/2009/09/why-rate-chasing-is-worth-it/ A British Man's Take on Debt, Saving & Investing Sat, 14 Nov 2009 14:08:36 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Leehttp://www.fivepencepiece.com/2009/09/why-rate-chasing-is-worth-it/comment-page-1/#comment-193 Lee Thu, 01 Oct 2009 13:15:55 +0000 http://www.fivepencepiece.com/?p=519#comment-193 You bring a valid point, Rob. When you start off saving then rate chasing does seem somewhat pointless; you may only realise a few extra pounds for the effort. But as you build a more significant sum (as we've seen with 'just' £10k in my example) then the numbers really do start to make it worthwhile! You bring a valid point, Rob. When you start off saving then rate chasing does seem somewhat pointless; you may only realise a few extra pounds for the effort. But as you build a more significant sum (as we’ve seen with ‘just’ £10k in my example) then the numbers really do start to make it worthwhile!

]]> By: Rob Lewishttp://www.fivepencepiece.com/2009/09/why-rate-chasing-is-worth-it/comment-page-1/#comment-180 Rob Lewis Wed, 30 Sep 2009 21:05:01 +0000 http://www.fivepencepiece.com/?p=519#comment-180 Hi Lee,Some interesting calculations - certainly does demonstrate the value in moving your money around, not being complacent or loyal to your bank!I wonder whether your friends' apathy stems from them not having as much money saved as the £10k example used - I'd have thought that most people in their 20s and 30s don't have anywhere near that amount in savings, if any at all, so for them, moving their money around may only make a few quid difference - and they might be right about it not being worth it.Give them £10k though and hopefully they would realise they need to give it a little thought to get more interest. Hi Lee,

Some interesting calculations – certainly does demonstrate the value in moving your money around, not being complacent or loyal to your bank!

I wonder whether your friends’ apathy stems from them not having as much money saved as the £10k example used – I’d have thought that most people in their 20s and 30s don’t have anywhere near that amount in savings, if any at all, so for them, moving their money around may only make a few quid difference – and they might be right about it not being worth it.

Give them £10k though and hopefully they would realise they need to give it a little thought to get more interest.

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