Regular Savings Accounts discussion

System

humfer wrote:

Blimey - that is some serious organising. Well Done!!!

Ditto from me!! Dont you get in a fuddle with passwords and stuff?

mary

They are all SOs, so once they are set up, don't need to remember passwords etc. However, 5 of the Regular Savers are online, 5 are not. I use Egg Money Manager, which by and large is fine, so all passwords etc. are lstored on there, so I don't need to do it each time. However, all passwords are inevitably written down in a "secret location" - they have to be, otherwise I'd go stupid! What I find annoying, is that they don't all ask for the same info, some have to be a combination of letters and numbers, sometimes a minimum of 6, 8, 10 letters etc. As for a timetable, not too hot on spreadsheets, but print off a calendar for two consecutive months, write in the SO dates and then make sure I move whatever money is needed 4 days beforehand to guarantee it reaches Lloyds for transferring on, avoiding transfers over weekends etc. wherever possible.

A bit like kids really, once you've got the hang of one, then another is just putting the clock back two or three years and doing the same all over again. However we stopped at 6 kids, unlike the Regular Savers!

$17mma

My hat goes off to you. This is where I aim to be in a few years.

Well done you! :T

$17mma

Hello all you Regular Savers :wave:

I need help with the maths, I am trying to figure out which will get me the most for my money..

2X Regular Savers paying max £100 each per month @ 10% each for 1 yr
or 1X Regular Saver paying max £250 per month @ 7% for 1 yr

Thanks

steady__eddie

Principality v. Stroud & Swindon ?
I'd go for the 2 X £100. Interest = £96 net.
£200 @ 7% gives £84 net, so £12 more with the 2 x £100 (net)

The above calc. assumes that you're in the tax club, if you're not then, you're still better off with the 2 X £100 but by £15. (£120 v. £105)

$17mma

steady__eddie wrote:

Principality v. Stroud & Swindon ?
I'd go for the 2 X £100. Interest = £96 net.
£200 @ 7% gives £84 net, so £12 more with the 2 x £100 (net)

The above calc. assumes that you're in the tax club, if you're not then, you're still better off with the 2 X £100 but by £15. (£120 v. £105)

Thanks for the maths Steady_eddie (clap)Unfortuantley my smileys and thanks dont work at work so have to wait till I get home to thank you hun.You mention Principality v Stroud & Swindon, what are they offering and do you have any links?

mary

Regular Saver Bond. Principality 6% max p.m. £500
Stroud & Swindon Regular Saver max £1,000 p.m. 7%

mary

http://www.principality.co.uk/Default.aspx?page=1019&lang=en
http://www.stroudandswindon.co.uk/article/557,173,display.html

$17mma

mary wrote:

Regular Saver Bond. Principality 6% max p.m. £500
Stroud & Swindon Regular Saver max £1,000 p.m. 7%

Yeahhh my thanks button is working..Ok my head is really spinning now.

I have a surplus of £1200 per month after expenses monthly spend budget etc etc that I can save.

So from my searches and the info you have given me I have a few options but which will get me the most for my money? Here is what seems to be available.

2 x Regular Saver @ £100pm for 12 months @ 10% ( no tax)
1 x Regular Saver @ £250 per month for 24 months @ 8 % ( sorry steady_ eddie got the figure wrong)1 x Regular Saver @ £1000 per mnth for 12 months @ 7 % OR
1 x Regular Saver @ £500 per month for 12 months @ 6%

So should I mix and match some of these maybe the £500 pm @ 6% and maybe 2 x £100pm @ 10 % or just go for the £1000 pm @ 7%

Considering I will have to travel 1 hr to the nearest Swindon and Stroud, I do not have to open a current account to run with this and once set up can transfer funds via Bacs or Standing Order from one of the other regular savers where I have to open a curent account and service min £500 pm.

Principality is providing interest daily and can be opened via post.

All comments and thoughts are welcomed..

steady__eddie

From your posts, it would appear to me that you are seeking to maximise your interest, if so then I understand that there are reg.save a/c.s which offer higher rates than those under discussion here. Perhaps I am incorrect in my initial assumption ? You have probably looked at loads of sites and are getting a bit fed up by now but I quite like http://www.fsa.gov.uk/tables/ 'cos like this site it's ad free and updated pretty regularly. This weeks special offerings include Halifax @ 7% fixed I year term and Chorley and district 7% variable ongoing. Beware of Ipswich @ 6.75% as you have to live in their area to open an a/c. with them !
I only regularly save with the mutuals nowadays because they do offer some relatively decent deals and there may be the possibility an additional conditional bonus !