Regular Savings or DirectSavers?

BSingh

Any answers to my questions anyone?

BSingh

Either I am really eager or no-one wants to reply!

Well, Since my last post, I have been doing further research (think I am getting addicted to this!). As you can see from my posts above, I was after some kind of calculator where you could compare which option below would generate the most interest:
1. Put £10K in DirectSaver and set up regular savers to have your savings going into (from our wages)
or...
2. Put £10K in DirectSaver and keep on adding to that everymonth as opposed to the regular savers (on the assumption that you may get a greater interest as there is already £10k lump sum in there)

So.... I was searching on the internet and found some useful links that people in a similar situation/dilemma to myself may like to look at.

http://www.incademy.com/tools/calculators/calc.htm?Calculator=2&Sid=00000

http://img.thisismoney.co.uk/calculators/calcLongTermSave.html

http://www.gov.im/youngconsumers/tools/SavingCalculator.aspx

http://www.lcplc.co.uk/Interest_Payment_Calculator_1.aspx?id=1:31266&id=0:21991#

http://www.moneymatterstome.co.uk/Interactive-Tools/GeneralInterestCalculator.htm

http://www.thisismoney.co.uk/mortgages/mortgages/article.html?in_article_id=406142&in_page_id=58

http://www.incademy.com/pages/tools.htm

Check these out and let me know what you think.

Also...if anyone has got any more input with my dilemma.. please post!

Thanks

Phoenix79_2

tom188 wrote:

Im currently running at 25 RS's and have to say its the ones with a linked current ac funding requirement that are the ones that are the greatest headache to make sure you meet their requirements on funding whilst minimising lost interest through transfers. The rest you can more or less forget about for 10 months of the year (or more in some cases).

25?! Out of curiousity.....how?! You must be very organised!

Afahmaep

Phoenix79 wrote:

25?! Out of curiousity.....how?! You must be very organised!

I've also got 25 currently running Regular Savers of which 22 are now after December 1st paying 6.00 % Gross or over.
The other 3 namely Skipton BS (5.30%), Chelsea BS (5.25%), and a long standing Principality BS Easy Saver (5.70%) are only open to provide a valid qualifying account should the respective Building Society be taken over and thus qualify for a windfall payment (hopefully).
These have been opened over a 2 year period and my calculations show a prospective cumulative total of £88,000 would be necessary to fill these up BUT as their opening times have been staggered ROUGHLY HALF that amount is necessary becauses when one matures another will be opened so operating capital peaks at approximately £50k (in my case in March 2007).
As far as organisation goes I could leave well alone for about 6 weeks and everything would run smoothly due to sufficient Overdraft Limits on the Current Accounts I use to service the Standing Orders. After then the 'you know what' hits the fan.

RayWolfe

I only have 12. :-(
BUT I never use standing orders, that could leave me with cash in transit over w/ends and b/hols. So I DO have to be well organised but with modern on-line banking, it's not really a problem because you can set up a months worth of transfers at one sitting.