Things have been moving slowly on the financial train recently for me. I've finally got over being back at work after a recent holiday (http://www.rubii.co.uk/content/blog/read/travel-and-abroad/credit-crunch-and-holidays/130) and the consistent rain is a struggle. Although there is a sun in the sky this morning :)
On a more positive note! I've just read Toby's blog on the idea of a social network driven bank and the 'what if' suggestion got me thinking about a regular situation I find myself in and that's making comparisons between products.
Now I'm not talking about one the many financial product comparison sites out there - I'm on about a situation like this...
Let's say I have £10,000 in savings with a 2.5% interest rate. Jo Blogs bank introduces a new offer with an interest rate of say 5% for 12 months, but you can only put in a maximum of £100 per month. Am I better off leaving the lump sum of £10,000 in at 2.5% or dripping out £100 a month into the 5% account? In this example it might not work out - but when would it work out?
We often find ourselves in this sort of situation and never know what to do. The calcualtions seem just too crazy! Toby's calculator and 'what if' idea, I think, would overcome this constant problem. Keep the ideas going Toby!
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