Regular Savers, a waste of time...

Mr_K

LucyTheDwarf wrote: »

£128 is a lot to pay for peanuts :eek:

The £128 interest on my £3K would have been 'eaten up' by inflation over the year.

Sorry I haven't changed my mind guys. Regular Savers are a waste of time for serious investors.

sloughflint

Mr_K wrote: »

The £128 interest on my £3K would have been 'eaten up' by inflation over the year.

Sorry I haven't changed my mind guys. Regular Savers are a waste of time for serious investors.

So what would you have done differently with hindsight?

Mr_K

sloughflint wrote: »

So what would you have done differently with hindsight?

Probably put it all in my 6.3% Egg account, the interest would have been more than the 10% Regular Saver. And yes, I know I could have played around with the money not yet invested in the RS during the year but that takes too much effort for little reward (yes, I'm lazy, I like the money do the work, not me .....;) )

LittleVoice

Mr_K wrote: »

The £128 interest on my £3K would have been 'eaten up' by inflation over the year.

Sorry I haven't changed my mind guys. Regular Savers are a waste of time for serious investors.

What's a serious investor?

And putting money in a 6.3% account is not investing, it's saving.

sloughflint

Mr_K wrote: »

Probably put it all in my 6.3% Egg account, the interest would have been more than the 10% Regular Saver. And yes, I know I could have played around with the money not yet invested in the RS during the year but that takes too much effort for little reward (yes, I'm lazy, I like the money do the work, not me .....;) )

No it wouldn't. Agreed not for the lazy but if you were dripfeeding (????can't remember now), your interest on the £3000 would have been 8.3%.

(6.5*0.1+5.5*0.063)/12=8.3%

If you weren't drip-feeding 10%>6.3%

Re-reading your post, you weren't drip-feeding. Thinking about leaving the amount not yet saved in the RS in a 0.1% paying current account as an option is not serious 'saving'.
8.3% was probably better than any one year bonds available at the time.

RayWolfe

Mr K has a bee in his bonnet. That's fine, his absence from these accounts leave more available for those of us that think they are money for jam.

YorkshireBoy

Mr_K wrote: »

Regular Savers are a waste of time for serious investors.

If you substitute the word "savers" for "investors" (as you should do in this context?) then that's very much a contradictory statement.

By definition, a serious saver isn't "lazy" and is prepared to use regular savers with both monthly income and drip-feeding methods.

After all, an 8%+ aggregate rate is worth a 'little' effort IMHO.

j.martin3

Sloughflint,

How do you delete a row without mucking up the formulas? I don't need row 2, i.e., the payment on 27/11/06.

sloughflint

j.martin3 wrote: »

Sloughflint,

How do you delete a row without mucking up the formulas? I don't need row 2, i.e., the payment on 27/11/06.

You should be able to delete any row you like ( apart from the first one and the last one with the important date).
Oh and the one year anniversary row as it's a two year product. I'll go and take a look.

edit: I can see that you are working on it now so won't touch it. You can remove all rows that contain a zero ( didn't that account need minimum funding each month though? I can't remember the details).

Mr_K

If you could invest £1000 a month, over 2 years, at 10%, I certainly would be interested (!)
However the limitation on time frame and the amount you can deposit ensures the banks won't be paying much out, and that they'll retain your custom & money for a while.